S. 3203 · 118th Congress
Index Provider Transparency and Accountability Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
RubioSponsorNo cosponsors.
This bill establishes requirements for an investment company related to its (1) use of market indices, and (2) investment in Chinese securities.
What it does: CRS summary · Introduced in Senate · Nov 2, 2023
Index Provider Transparency and Accountability Act
This bill establishes requirements for an investment company related to its (1) use of market indices, and (2) investment in Chinese securities.
The bill requires an investment company to disclose information related to the company's use of a market index. (A market index is calculated based on a set of investments for the purpose of tracking the changes in the market represented by the investments. For example, the S&P 500 Index is generally used as an indicator of the U.S. stock market. Investment companies may use these indices for developing index funds, among other uses.) Specifically, an investment company must disclose whether it intends to track the returns of, or benchmark against, a specific market index and if so, disclose certain interactions between the company and the index provider.
Additionally, the bill requires an authorizing vote by the board of directors of the investment company in the event of certain deviations from investment policy relating to an index, including a deviation involving securities issued by a company headquartered or incorporated in China or listed on a Chinese exchange.
Finally, an investment company must annually disclose to stockholders specific information regarding securities owned by the company and issued by a company headquartered or incorporated in China or listed on a Chinese exchange.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Index Provider Transparency and Accountability Act
Latest action (Nov 2, 2023): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Nov 2, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.