[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7924 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 7924

  To amend the Securities Exchange Act of 1934 to require issuers to 
 disclose certain financial support from the Government of China, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 4, 2020

 Mr. Barr (for himself, Mr. McCaul, and Mr. Riggleman) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Securities Exchange Act of 1934 to require issuers to 
 disclose certain financial support from the Government of China, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Transparency in Chinese Government 
Investment Act of 2020''.

SEC. 2. DISCLOSURE OF CERTAIN FINANCIAL SUPPORT FROM THE GOVERNMENT OF 
              CHINA.

    Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m) 
is amended by adding at the end the following:
    ``(s) Disclosure of Certain Financial Support From the Government 
of China.--Each issuer shall, in any annual report required under this 
section and in any prospectus in connection with an initial public 
offering, disclose the following:
            ``(1) Any participation by such issuer in any industrial 
        policy or development plan of the Government of China, 
        including--
                    ``(A) Made in China 2025;
                    ``(B) Military-Civil Fusion;
                    ``(C) Internet Plus;
                    ``(D) Guidelines to Promote the National Integrated 
                Circuit Foundry Development Plan;
                    ``(E) the China Integrated Circuit Investment 
                Industry Fund (or any similar fund at the provincial or 
                local level);
                    ``(F) Strategic Emerging Industries Initiative; and
                    ``(G) New Generation Artificial Intelligence 
                Development plan.
            ``(2) Any financial support such issuer received from the 
        Government of China through the participation described in 
        paragraph (1), including--
                    ``(A) direct subsidies, grants, loans, or loan 
                guarantees;
                    ``(B) reduction of taxes or tax exemptions;
                    ``(C) preferential treatment under the Government 
                of China procurement policies;
                    ``(D) participation in domestic or international 
                standard-setting organizations;
                    ``(E) prosecution or enforcement of Government of 
                China intellectual property;
                    ``(F) access to research and development; and
                    ``(G) reduced prices for key inputs, including 
                land, power, and water.
            ``(3) Any other financial support such issuer received from 
        the Government of China, including--
                    ``(A) direct subsidies, grants, loans, or loan 
                guarantees;
                    ``(B) reduction of taxes or tax exemptions; and
                    ``(C) preferential treatment under the Government 
                of China procurement policies.
            ``(4) Any conditions under which the financial support 
        described in paragraphs (2) and (3) was provided, including--
                    ``(A) export performance;
                    ``(B) input purchases manufactured in China from 
                specific producers or through the use of Government of 
                China intellectual property; and
                    ``(C) the assignment of Chinese Communist Party 
                personnel or Government of China personnel in corporate 
                positions of the issuer.
            ``(5) Any Chinese Communist Party committee established by 
        such issuer, including--
                    ``(A) the standing of each such committee; and
                    ``(B) which personnel of the issuer form each such 
                committee and the role of such personnel.
            ``(6) The name, position, and location of each officer, 
        director, and beneficiary of the issuer who at the time of such 
        report holds or formerly held a position with--
                    ``(A) the Chinese Communist Party;
                    ``(B) the Government of China;
                    ``(C) the Central Committee of the Communist Party 
                of China;
                    ``(D) the Central Military Commission of China;
                    ``(E) the Chinese People's Political Consultative 
                Conference;
                    ``(F) the National People's Congress of China; or
                    ``(G) a State Council in China.
            ``(7) In the case of any prospectus in connection with an 
        initial public offering in which an issuer makes a disclosure 
        under paragraphs (1) through (6), whether such issuer offers 
        more than one class of voting security.''.
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