Transparency in Chinese Government Investment Act of 2020
The source supplies the latest action, but no lifecycle stage.
Latest action (4 Aug 2020): Referred to the House Committee on Financial Services.
What this bill does
H.R. 7924, the Transparency in Chinese Government Investment Act of 2020, would amend the Securities Exchange Act of 1934 to add new disclosure requirements for companies ("issuers") that file annual reports or prospectuses for initial public offerings with the Securities and Exchange Commission. Covered companies would have to disclose participation in specified Chinese government industrial policies or development programs (such as Made in China 2025 and Military-Civil Fusion), any financial support received from the Chinese government through such programs or otherwise (subsidies, tax breaks, procurement preferences, and similar benefits), conditions attached to that support, any Chinese Communist Party committees the company has established and their membership, and the identities of officers, directors, or beneficiaries who hold or held positions in the Chinese Communist Party or Chinese government bodies. IPO prospectuses making these disclosures would also have to state whether the company offers more than one class of voting stock.
The bill would affect publicly traded companies subject to SEC reporting requirements, particularly those with ties to Chinese government programs, funding, or personnel, as well as investors and regulators who rely on these disclosures. It is aimed at giving investors more information about Chinese government involvement in companies listed in U.S. markets.
The bill was introduced on August 4, 2020, by Rep. Andy Barr, with two cosponsors, and referred to the House Committee on Financial Services. It did not receive a vote and did not become law during the 116th Congress.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Transparency in Chinese Government Investment Act of 2020
This bill requires an issuer of securities to disclose in certain annual reports and in an initial public offering involvement with China. Specifically, issuers must report participation in certain Chinese policies or plans, financial support from China, and certain individuals' involvement with the Chinese government.
Timeline
4 Aug 2020
Referred to the House Committee on Financial Services.
Common questions
- What does H.R. 7924 do?
- H.R. 7924, the Transparency in Chinese Government Investment Act of 2020, would amend the Securities Exchange Act of 1934 to add new disclosure requirements for companies ("issuers") that file annual reports or prospectuses for initial public offerings with the Securities and Exchange Commission. Covered companies would have to disclose participation in specified Chinese government industrial policies or development programs (such as Made in China 2025 and Military-Civil Fusion), any financial support received from the Chinese government through such programs or otherwise (subsidies, tax breaks, procurement preferences, and similar benefits), conditions attached to that support, any Chinese Communist Party committees the company has established and their membership, and the identities of officers, directors, or beneficiaries who hold or held positions in the Chinese Communist Party or Chinese government bodies. IPO prospectuses making these disclosures would also have to state whether the company offers more than one class of voting stock. The bill would affect publicly traded companies subject to SEC reporting requirements, particularly those with ties to Chinese government programs, funding, or personnel, as well as investors and regulators who rely on these disclosures. It is aimed at giving investors more information about Chinese government involvement in companies listed in U.S. markets. The bill was introduced on August 4, 2020, by Rep. Andy Barr, with two cosponsors, and referred to the House Committee on Financial Services. It did not receive a vote and did not become law during the 116th Congress.
- Has H.R. 7924 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 7924. Check the latest action and official source below.
- Who sponsored H.R. 7924?
- H.R. 7924 was sponsored by Rep. Barr, Andy [R-KY-6] (R-KY), with 4 cosponsors.
- What's the latest action on H.R. 7924?
- Referred to the House Committee on Financial Services. (4 Aug 2020).
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