Transparency in Chinese Government Investment Act of 2020
Latest action (11 Sep 2020): Introduced
What this bill does
H.R. 8197, the Transparency in Chinese Government Investment Act of 2020, would direct the Securities and Exchange Commission (SEC), working with the Treasury Department, to study whether certain information about ties between Chinese-organized companies and the Chinese government should be required in securities filings. Within 360 days of enactment, the SEC would have to report to Congress on whether disclosure of items such as an issuer's participation in specific Chinese industrial policies (like "Made in China 2025" or "Military-Civil Fusion"), financial support received from the Chinese government, and officers or directors who also hold positions in the Chinese Communist Party or government bodies is "necessary or appropriate" under existing securities law. Within 180 days after that report, the SEC would be required to issue regulations mandating disclosure of whatever information it determined met that standard.
The bill would primarily affect companies organized under Chinese law that file annual reports or prospectuses with the SEC, as well as investors and regulators who rely on those disclosures. It would not itself create new disclosure requirements but would set up a process for the SEC to study the issue and then act.
The bill was introduced by Rep. Andy Barr on September 11, 2020, and referred to the House Committee on Financial Services during the 116th Congress. It did not receive a vote and did not become law; it would need to be reintroduced in a subsequent Congress to be considered further.
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 the Securities and Exchange Commission (SEC) to report on whether certain disclosures by an issuer of securities organized under the laws of China are necessary or appropriate under investor protection and fair dealing requirements. Specifically, the SEC must report on the necessity of disclosures by these issuers regarding their material financial support for certain Chinese policies or plans, material financial support received from China, and certain individuals' involvement with the Chinese government. If these disclosures are found to be necessary or appropriate, the SEC must prescribe regulations requiring such disclosures.
Common questions
- What does H.R. 8197 do?
- H.R. 8197, the Transparency in Chinese Government Investment Act of 2020, would direct the Securities and Exchange Commission (SEC), working with the Treasury Department, to study whether certain information about ties between Chinese-organized companies and the Chinese government should be required in securities filings. Within 360 days of enactment, the SEC would have to report to Congress on whether disclosure of items such as an issuer's participation in specific Chinese industrial policies (like "Made in China 2025" or "Military-Civil Fusion"), financial support received from the Chinese government, and officers or directors who also hold positions in the Chinese Communist Party or government bodies is "necessary or appropriate" under existing securities law. Within 180 days after that report, the SEC would be required to issue regulations mandating disclosure of whatever information it determined met that standard. The bill would primarily affect companies organized under Chinese law that file annual reports or prospectuses with the SEC, as well as investors and regulators who rely on those disclosures. It would not itself create new disclosure requirements but would set up a process for the SEC to study the issue and then act. The bill was introduced by Rep. Andy Barr on September 11, 2020, and referred to the House Committee on Financial Services during the 116th Congress. It did not receive a vote and did not become law; it would need to be reintroduced in a subsequent Congress to be considered further.
- Has H.R. 8197 become law?
- Not yet. As of 11 Sep 2020, H.R. 8197 is introduced.
- Who sponsored H.R. 8197?
- H.R. 8197 was sponsored by Rep. Garland “Andy” Barr [R-KY6] (Republican-KY), with 0 cosponsors.
- What's the latest action on H.R. 8197?
- Introduced (11 Sep 2020).
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