Array
(
[actionDate] => 2020-05-20
[displayText] => Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text of amendment in the nature of a substitute: CR S2520)
[externalActionCode] => 17000
[description] => Passed Senate
[chamberOfAction] => Senate
)
Passed House
Array
(
[actionDate] => 2020-12-02
[displayText] => Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H6031-6032)
[externalActionCode] => 8000
[description] => Passed House
[chamberOfAction] => House
)
To President
Array
(
[actionDate] => 2020-12-08
[displayText] => Presented to President.
[externalActionCode] => 28000
[description] => To President
[chamberOfAction] =>
)
Became Law
Array
(
[actionDate] => 2020-12-18
[displayText] => Became Public Law No: 116-222.
[externalActionCode] => 36000
[description] => Became Law
[chamberOfAction] =>
)
A bill 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.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H6031-6032)
05/20/2020
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text of amendment in the nature of a substitute: CR S2520)
05/20/2020
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
03/28/2019
Introduced in Senate
12/18/2020 Became Public Law No: 116-222.
12/18/2020 Signed by President.
12/08/2020 Presented to President.
12/02/2020 Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H6031-6032)
05/20/2020 Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text of amendment in the nature of a substitute: CR S2520)
05/20/2020 Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
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.
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.
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.
Shown Here: Passed House (12/02/2020)
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.
Shown Here: Passed Senate (05/20/2020)
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.
Shown Here: Introduced in Senate (03/28/2019)
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.
