H.R. 6285 · 117th Congress
Accelerating Holding Foreign Companies Accountable Act
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
ShermanSponsor2 cosponsors · 2 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill revises provisions related to the required certification to the Securities and Exchange Commission by certain publicly traded companies that they are not owned or controlled by a foreign government.
What it does: CRS summary · Introduced in House · Dec 14, 2021
Accelerating Holding Foreign Companies Accountable Act
This bill revises provisions related to the required certification to the Securities and Exchange Commission by certain publicly traded companies that they are not owned or controlled by a foreign government.
Under current law, a company must make this certification if the Public Company Accounting Oversight Board is unable to audit specified reports because the company has retained a foreign public accounting firm not subject to inspection by the board due to a position taken by an authority in that foreign jurisdiction. Under this bill, a company must submit this certification if a position taken by any foreign government (not only the foreign government in which the firm is located) prevents inspection of the firm.
Furthermore, under current law, if the board is unable to inspect the company's public accounting firm for three consecutive years, the company's securities are banned from trade on a national exchange or through other methods. The bill reduces this time to two consecutive years.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Accelerating Holding Foreign Companies Accountable Act
Latest action (Dec 14, 2021): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Dec 14, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.