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Public Law116th CongressFinance and Financial Sector
S. 945Became Law

Holding Foreign Companies Accountable Act

This bill became law

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Law

What it doesSummary public law (Dec 18, 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.

What just happenedDec 18, 2020

Became Public Law No: 116-222.

Who’s behind it

Sen. Kennedy, John [R-LA](R-LA)Sponsor
4 cosponsors1 D3 R
Read on Congress.gov
4cosponsors1committees24actions1amendments2related bills9subjects
  1. Dec 18, 2020President

    Became Public Law No: 116-222.

  2. Dec 18, 2020BecameLaw36000

    Became Public Law No: 116-222.

  3. Dec 18, 2020President

    Signed by President.

  4. Dec 18, 2020BecameLaw36000

    Signed by President.

  5. Dec 8, 2020Floor

    Presented to President.

  6. Dec 8, 2020President28000

    Presented to President.

  7. Dec 2, 2020FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  8. Dec 2, 2020FloorH37300

    On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H6031-6032)

  9. Dec 2, 2020Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H6031-6032)

  10. Dec 2, 2020FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on S. 945.

  11. Dec 2, 2020FloorH30000

    Considered under suspension of the rules. (consideration: CR H6031-6035)

  12. Dec 2, 2020FloorH30300

    Mr. Clay moved to suspend the rules and pass the bill.

  13. May 22, 2020FloorH15000

    Held at the desk.

  14. May 22, 2020FloorH14000

    Received in the House.

  15. May 22, 2020Floor

    Message on Senate action sent to the House.

  16. May 20, 2020Floor

    Passed Senate with an amendment by Unanimous Consent. (text of amendment in the nature of a substitute: CR S2520)

  17. May 20, 2020Floor17000

    Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text of amendment in the nature of a substitute: CR S2520)

  18. May 20, 2020Floor

    Measure laid before Senate by unanimous consent. (consideration: CR S2519-2520)

  19. May 20, 2020Discharge

    Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.

    Banking, Housing, and Urban Affairs Committee
  20. May 20, 2020Committee14500

    Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.

    Banking, Housing, and Urban Affairs Committee
  21. Dec 10, 2019Committee

    Committee on Banking, Housing, and Urban Affairs. Hearings held.

    Banking, Housing, and Urban Affairs Committee
  22. Jun 4, 2019Committee

    Committee on Banking, Housing, and Urban Affairs. Hearings held.

    Banking, Housing, and Urban Affairs Committee
  23. Mar 28, 2019IntroReferral

    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  24. Mar 28, 2019IntroReferral10000

    Introduced in Senate

Public LawDec 18, 202049

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.
Passed HouseDec 2, 202053

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.
Passed SenateMay 20, 202055

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.
Introduced in SenateMar 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.

Holding Foreign Companies Accountable Act — Informed