[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4590 Introduced in Senate (IS)]
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118th CONGRESS
2d Session
S. 4590
To amend the Securities Exchange Act of 1934 to prohibit national
securities exchanges from listing securities issued by certain
entities, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 18, 2024
Mr. Scott of Florida (for himself, Mrs. Blackburn, and Mr. Rubio)
introduced the following bill; which was read twice and referred to the
Committee on Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To amend the Securities Exchange Act of 1934 to prohibit national
securities exchanges from listing securities issued by certain
entities, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Timely Rejection of Adversarial and
Dangerous Enterprises and Securing American Financial Exchanges Act''
or the ``TRADE SAFE Act''.
SEC. 2. NATIONAL SECURITIES EXCHANGES.
(a) In General.--Section 6(b) of the Securities Exchange Act of
1934 (15 U.S.C. 78f(b)) is amended by adding at the end the following:
``(11)(A) The rules of the exchange prohibit the listing of
any security issued by any of the following:
``(i) An issuer that--
``(I) is (or, at any time during the most
recent 3-year period, has been) included on--
``(aa) a list required under clause
(i), (ii), (iv), or (v) of section
2(d)(2)(B) of the Act entitled `An Act
to ensure that goods made with forced
labor in the Xinjiang Autonomous Region
of the People's Republic of China do
not enter the United States market, and
for other purposes', approved December
23, 2021 (Public Law 117-78; 135 Stat.
1527) (commonly referred to as the
`Uyghur Forced Labor Prevention Act');
``(bb) the list of entities
identified by the Secretary of Defense
under section 1260H(a) of the William
M. (Mac) Thornberry National Defense
Authorization Act for Fiscal Year 2021
(Public Law 116-283; 10 U.S.C. 113
note) as Chinese military companies
operating directly or indirectly in the
United States; or
``(cc) the Consolidated Screening
List of the Federal Government;
``(II) produces or provides (or, at any
time during the most recent 3-year period, has
produced or provided) covered communications
equipment or services, as defined in section 9
of the Secure and Trusted Communications
Networks Act of 2019 (47 U.S.C. 1608); or
``(III) at any time during the most recent
3-year period, the Commission has identified
under section 104(i)(2)(A) of the Sarbanes-
Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)).
``(ii) A subsidiary, affiliated holding company,
contract affiliate, or consolidated variable interest
entity of an issuer described in clause (i).
``(B) Subparagraph (A) shall not apply with respect to a
security that is listed on an exchange, as of the day before
the effective date of this paragraph.''.
(b) Effective Date.--The amendment made by subsection (a) shall
take effect on the date that is 180 days after the date of enactment of
this Act.
(c) Study and Report.--
(1) Definitions.-- In this subsection:
(A) Commission.--The term ``Commission'' means the
Securities and Exchange Commission.
(B) Covered issuer.--The term ``covered issuer''
means an entity described in clause (i) or (ii) of
paragraph (11)(A) of section 6(b) of the Securities
Exchange Act of 1934 (15 U.S.C. 78f(b)), as added by
subsection (a) of this section.
(C) Exchange; security.--The terms ``exchange'' and
``security'' have the meanings given those terms in
section 3(a) of the Securities Exchange Act of 1934 (15
U.S.C. 78c(a)).
(D) National securities exchange.--The term
``national securities exchange'' means an exchange
registered in accordance with section 6 of the
Securities Exchange Act of 1934 (15 U.S.C. 78f), as in
effect on the day before the date of enactment of this
Act.
(2) Study.--The Commission shall conduct a study regarding
which covered issuers have securities listed on national
securities exchanges, as of the day before the date of
enactment of this Act.
(3) Report.--Not later than 180 days after the date of
enactment of this Act, the Commission shall submit to Congress,
the Committee on Banking, Housing, and Urban Affairs of the
Senate, the Committee on Financial Services of the House of
Representatives, and the Committee on Oversight and
Accountability of the House of Representatives, and shall make
publicly available, a report that contains the results of the
study conducted under paragraph (2).
SEC. 3. CONGRESSIONAL NOTIFICATION.
The President shall notify Congress not later than 15 days before--
(1) an entity is removed from a list described in item
(aa), (bb), or (cc) of paragraph (11)(A)(i)(I) of section 6(b)
of the Securities Exchange Act of 1934 (15 U.S.C. 78f(b)), as
added by section 2 of this Act;
(2) the Federal Communications Commission removes any
covered communications equipment or services from the list
published by the Commission pursuant to section 2(a) of the
Secure and Trusted Communications Networks Act of 2019 (47
U.S.C. 1601(a)); or
(3) the Securities and Exchange Commission determines that
a covered issuer that the Commission had previously identified
under section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002
(15 U.S.C. 7214(i)(2)(A)) is no longer described in such
section 104(i)(2)(A).
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