US Congress House Bill 3124 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Republican 6-1)
Status: Introduced on June 5 2019 - 25% progression, died in committee
Action: 2019-06-05 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Generally restricts the use of a foreign public accounting firm by a foreign issuer of securities. The bill requires certain disclosures from a foreign issuer of securities that uses, for its required audit report to the Securities and Exchange Commission (SEC), a foreign public accounting firm that is not subject to inspection by the Public Company Accounting Oversight Board. If an issuer uses such a foreign public accounting firm, the issuer is generally prohibited from listing its securities on a national securities exchange. Specifically, an issuer that is not currently listed on an exchange and uses such a firm may not be listed. A currently-listed issuer will be delisted beginning in 2025 if the issuer uses such a firm for three consecutive years.

EQUITABLE Act of 2019 Ensuring Quality Information and Transparency for Abroad-Based Listings on our Exchanges of 2019

Rep. Michael Conaway [R-TX]	Rep. Tim Ryan [D-OH]	Rep. Mike Gallagher [R-WI]	Rep. Francis Rooney [R-FL]
Rep. James Hagedorn [R-MN]	Sen. Roger Marshall [R-KS]	Rep. Ralph Norman [R-SC]

Date	Chamber	Action
2019-06-05	House	Referred to the House Committee on Financial Services.
2019-06-05	House	Introduced in House

SB1731 (Related) 2019-06-05 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
HB7007 (Related) 2020-05-22 - Referred to the Committee on Foreign Affairs, and in addition to the Committees on Oversight and Reform, the Judiciary, Financial Services, Energy and Commerce, Armed Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
HB7181 (Related) 2020-06-11 - Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/3124/all-info
Text	https://www.congress.gov/116/bills/hr3124/BILLS-116hr3124ih.pdf