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HR 7000 116th Congress House Finance and Financial Sector Accounting and auditing Administrative law and regulatory procedures Asia China Corporate finance and management Foreign and international corporations Government information and archives Securities Securities and Exchange Commission (SEC)

Holding Foreign Companies Accountable Act

Introduced: August 25, 2020 Introduced by: Sherman, Brad Democratic · California See on congress.gov
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 22, 2020
Referred to the House Committee on Financial Services.
May 22, 2020
Introduced in House
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 Plain-English summary Congressional Research Service

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

  • the percentage of shares owned by governmental entities where the issuer is incorporated,
  • whether these governmental entities have a controlling financial interest,
  • information related to any board members who are officials of the Chinese Communist Party, and
  • whether the articles of incorporation of the issuer contain any charter of the Chinese Communist Party.
What's happening now May 22, 2020

Referred to the House Committee on Financial Services.

 Related & companion bills 2
  • S 4629 Related bill America LEADS Act
  • S 945 Identical bill Holding Foreign Companies Accountable Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 1
D
Foster, Bill
Illinois · Sep 22, 2020
Gonzalez, Anthony
· Aug 25, 2020
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 7000: Holding Foreign Companies Accountable Act. 116th Congress. Open America. https://openamerica.io/bill/116-HR-7000/
MLA
"H.R. 7000: Holding Foreign Companies Accountable Act." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-HR-7000/.
Bluebook (legal)
H.R. 7000, 116th Cong. (2026), https://openamerica.io/bill/116-HR-7000/.
Markdown link
[H.R. 7000: Holding Foreign Companies Accountable Act](https://openamerica.io/bill/116-HR-7000/)
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