A bill to amend the Sarbanes-Oxley Act of 2002 to require certain issuers to disclose to the Securities and Exchange Commission information regarding foreign jurisdictions that prevent the Public Company Accounting Oversight Board from performing inspections under that Act, and for other purposes.
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 or through other methods.
Foreign issuers of securities that use such a firm to prepare an audit report must disclose for each non-inspection year
Read twice and referred to the Committee on Foreign Relations.
Referred to the House Committee on Financial Services.
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
Senate Committee on Banking, Housing, and Urban Affairs discharged by Unanimous Consent.
Measure laid before Senate by unanimous consent. (consideration: CR S2519-2520)
Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.(text of amendment in the nature of a substitute: CR S2520)
Passed Senate with an amendment by Unanimous Consent. (text of amendment in the nature of a substitute: CR S2520)
Message on Senate action sent to the House.
Received in the House.
Held at the desk.
Mr. Clay moved to suspend the rules and pass the bill.
Considered under suspension of the rules. (consideration: CR H6031-6035)
DEBATE - The House proceeded with forty minutes of debate on S. 945.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H6031-6032)
Enacted as Public Law 116-222
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On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H6031-6032)
Motion to reconsider laid on the table Agreed to without objection.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 116-222.
Became Public Law No: 116-222.