Bill Sponsor
House Bill 6285
117th Congress(2021-2022)
Accelerating Holding Foreign Companies Accountable Act
Introduced
Introduced
Introduced in House on Dec 14, 2021
Overview
Text
Introduced
Dec 14, 2021
Latest Action
Dec 14, 2021
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
6285
Congress
117
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
California
Republican
Kentucky
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

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.

Text (1)
December 14, 2021
Actions (2)
12/14/2021
Referred to the House Committee on Financial Services.
12/14/2021
Introduced in House
Public Record
Record Updated
Mar 8, 2023 7:58:39 PM