7234 -- Holding Foreign Companies Accountable Act | Poliscope

Holding Foreign Companies Accountable Act

7234

115th Congress

Finance and Financial Sector

In Committee

Legislative Progress

✓

Introduced

Committee

Floor Vote

Other Chamber

Enacted

Introduced

December 10, 2018

Latest Action

December 10, 2018

Primary Sponsor

K. Michael ConawayRepublican(TX)

Momentum (last 30 days)

score

0 actions · 0 new cosponsors · 0 votes

Speed vs cohort

0pct

0d open

vs 7,393 other HR bills in the 115th — cohort avg 50d

Summary

Holding Foreign Companies Accountable Act This bill requires certain issuers of securities to disclose specified information to the Securities and Exchange Commission (SEC) if the issuer has used, for its required audit report to the SEC, a foreign public accounting firm that is not subject to inspection by Public Company Accounting Oversight Board. If an issuer retains such a firm for three consecutive years, the SEC shall prohibit the issuer from trading on a national securities exchange.

Lobbying filings that explicitly cite this bill (1)

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Filing registrants (1)

DELOITTE LLP (1)

DELOITTE LLPclient→DELOITTE LLP

2018 · fourth_quarter · Accounting

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Cited source text, amounts, lobbyists, and targets

S. 2155 Economic Growth, Regulatory Relief, and Consumer Protection Act, general issues before the PCAOB; H.R. 7234 Holding Foreign Companies Accountable Act, general issues regarding accounting; H.R. 2133 Community Lending Enhancement and Regulatory Relief (CLEARR) Act of 2017, general issues regarding impact on capital markets and audit profession; S. 610 PCAOB Enforcement Transparency Act of 2017, general issues before the PCAOB; H.R. 10 Financial CHOICE Act of 2017, general issues regarding the accounting profession; General issues regarding audit and accounting regulation; H.R. 6021 / S. 3004 Small Business Audit Correction Act of 2018, general issues regarding PCAOB audits of broker dealers; and H.R. 7394 To prohibit the Federal financial regulators from requiring compliance with the acccounting standards update of the Financial Accounting Standards Board related to current expected credit loss ("CECL"), to require the Securities and Exchange Commission to take certain impacts of a proposed accounting principle into consideration before accepting the principle, and for other purpose, general issues regarding accounting.