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Accelerating Holding Foreign Companies Accountable Act

USA117th CongressHR-6285| House 
| Updated: 12/14/2021
Brad Sherman

Brad Sherman

Democratic Representative

California

Cosponsors (2)
Victoria Spartz (Republican)Andy Barr (Republican)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline

Bill from Previous Congress

HR 116-7000
Holding Foreign Companies Accountable Act
Dec 14, 2021
Introduced in House
Dec 14, 2021
Referred to the House Committee on Financial Services.
  • Bill from Previous Congress

    HR 116-7000
    Holding Foreign Companies Accountable Act


  • December 14, 2021
    Introduced in House


  • December 14, 2021
    Referred to the House Committee on Financial Services.

Finance and Financial Sector

Related Bills

  • S 117-2184: A bill to amend the Sarbanes-Oxley Act of 2002 to institute a trading prohibition for certain issuers that retain public accounting firms that have not been subject to inspection by the Public Company Accounting Oversight Board, and for other purposes.

Accelerating Holding Foreign Companies Accountable Act

USA117th CongressHR-6285| House 
| Updated: 12/14/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 116-7000
Holding Foreign Companies Accountable Act
Dec 14, 2021
Introduced in House
Dec 14, 2021
Referred to the House Committee on Financial Services.
  • Bill from Previous Congress

    HR 116-7000
    Holding Foreign Companies Accountable Act


  • December 14, 2021
    Introduced in House


  • December 14, 2021
    Referred to the House Committee on Financial Services.
Brad Sherman

Brad Sherman

Democratic Representative

California

Cosponsors (2)
Victoria Spartz (Republican)Andy Barr (Republican)

Financial Services Committee

Finance and Financial Sector

Related Bills

  • S 117-2184: A bill to amend the Sarbanes-Oxley Act of 2002 to institute a trading prohibition for certain issuers that retain public accounting firms that have not been subject to inspection by the Public Company Accounting Oversight Board, and for other purposes.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted