[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1357 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 1357
To amend the Securities Exchange Act of 1934 to address the issuance of
securities by Chinese entities, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 8, 2025
Mr. Scott of Florida (for himself, Mrs. Blackburn, Mr. Cassidy, Mrs.
Hyde-Smith, and Mr. Kennedy) 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 address the issuance of
securities by Chinese 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 ``Secure America's Financial Exchanges
Act'' or the ``SAFE Act''.
SEC. 2. SECURITIES.
(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) The rules of the exchange require an issuer, before
the initial listing of any security of the issuer on the
exchange, and in each annual report filed with the Commission
and the exchange under section 13(a), to disclose the following
information:
``(A) Whether the Government of the People's
Republic of China has provided the issuer with any
financial support, including--
``(i) any direct subsidy, grant, loan, loan
guarantee, tax concession, or benefit with
respect to procurement policy; or
``(ii) any other form of support.
``(B) If the Government of the People's Republic of
China has provided support described in subparagraph
(A), the conditions under which that Government
provided that support, including whether that
Government required the issuer to--
``(i) satisfy certain requirements with
respect to exports;
``(ii) purchase items from certain
entities;
``(iii) use certain intellectual property;
or
``(iv) employ members of the Chinese
Communist Party or other employees of that
Government.
``(C) Whether there are any committees of the
Chinese Communist Party established within the issuer,
which shall include the disclosure of--
``(i) which employees of the issuer
comprise that committee; and
``(ii) the roles played by the employees
described in clause (i).
``(D) Information regarding each individual who, as
of the date on which the disclosure is made, is an
officer or director of the issuer (or a subsidiary of
the issuer) and holds, or previously held, a position
with the Chinese Communist Party or the Government of
the People's Republic of China, including the title of
that position and the geographic location in which the
individual holds or held that position, as
applicable.''.
(b) Rules.--Not later than 180 days after the date of enactment of
this Act, the Securities and Exchange Commission shall make any
amendments to the rules of the Commission that are necessary as a
result of the amendments made by subsection (a).
<all>