S 945 · 116th Congress · Finance and Financial Sector
Holding Foreign Companies Accountable Act
Bill Progress
1
Introduced✓
Committee✓
Senate Vote✓
House✓
EnactedLatest: Became Public Law No: 116-222.(2020-12-18)
Plain Language Summary
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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.…
Summarized by Claude AI · Non-partisan · For informational purposes only
Cosponsors (4)
1 Democrat3 Republicans