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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Holding Foreign Companies Accountable Act

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Sarbanes-Oxley Act of 2002 to require certain issuers to disclose to the Securities and Exchange Commission information regarding foreign jurisdictions that prevent the Public Company Accounting Oversight Board from performing inspections under that Act, and for other purposes.


Actions Overview (1)

Date Actions Overview
05/22/2020Introduced in House

All Actions (2)

Date All Actions
05/22/2020Referred to the House Committee on Financial Services.
Action By: House of Representatives
05/22/2020Introduced in House
Action By: House of Representatives

Cosponsors (0)

No cosponsors.


Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Financial Services05/22/2020 Referred to

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Latest Summary (1)

There is one summary for H.R.7000. View summaries

Shown Here:
Introduced in House (05/22/2020)

Holding Foreign Companies Accountable Act

This bill requires certain issuers of securities to establish that they are not owned or controlled by a foreign government. Specifically, an issuer must make this certification if the Public Company Accounting Oversight Board is unable to audit specified reports because the issuer has retained a foreign public accounting firm not subject to inspection by the board. Furthermore, if the board is unable to inspect the issuer's public accounting firm for three consecutive years, the issuer's securities are banned from trade on a national exchange or through other methods.

Foreign issuers of securities that use such a firm to prepare an audit report must disclose for each non-inspection year

  • the percentage of shares owned by governmental entities where the issuer is incorporated,
  • whether these governmental entities have a controlling financial interest,
  • information related to any board members who are officials of the Chinese Communist Party, and
  • whether the articles of incorporation of the issuer contain any charter of the Chinese Communist Party.