S.1968 - Business Supply Chain Transparency on Trafficking and Slavery Act of 2015114th Congress (2015-2016)
|Sponsor:||Sen. Blumenthal, Richard [D-CT] (Introduced 08/05/2015)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||08/05/2015 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.1968 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (08/05/2015)
Business Supply Chain Transparency on Trafficking and Slavery Act of 2015
This bill expresses the sense of Congress that: (1) legislation is necessary to provide consumers information on products that are free of child labor, forced labor, slavery, and human trafficking; and (2) businesses and consumers, by means of publicly available disclosures, can avoid inadvertently promoting or sanctioning these crimes through production and purchase of raw materials, goods, and finished products that have been tainted in the supply chains.
The bill amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC), within one year after enactment of this Act, to promulgate regulations requiring any covered issuer of a registered security to include in its mandatory annual report a disclosure of whether the issuer has taken any measures during the year to identify and address conditions of forced labor, slavery, human trafficking, and the worst forms of child labor within the issuer's supply chains. The term "covered issuer" means an issuer that has annual worldwide global receipts in excess of $100 million.
The regulations shall mandate that the required information be disclosed on such issuer's Internet website through a conspicuous and easily understandable link to the relevant information labeled "Global Supply Chain Transparency."
The SEC must make available to the public in a searchable format on its website: (1) a list of covered issuers required to disclose such information, and (2) a compilation of the information disclosed.