United States 116th Congress Status: Died 1 D cosponsors

HR 7000 — Holding Foreign Companies Accountable Act

Last action — Referred to the House Committee on Financial Services.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 7000 on the official United States source →

Action History

  1. Referred to the House Committee on Financial Services.

  2. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

Finance and financial sector Accounting and auditing Administrative law and regulatory procedures Foreign and international corporations Government information and archives Securities Securities and Exchange Commission (SEC) Asia China Corporate finance and management
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Frequently asked questions

What does HR 7000 do?
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.
Who sponsors HR 7000?
HR 7000 is sponsored by Brad Sherman (D).
What is the current status of HR 7000?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 7000?
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Last checked for changes about 15 hours ago · updated continuously

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