Bill > S1358

This bill, known as the Transaction and Sourcing Knowledge Act (TASK Act), requires the Securities and Exchange Commission (SEC) to mandate new reporting requirements for publicly traded companies. Specifically, companies will need to report on their supply chain activities related to products imported into the United States that are potentially linked to forced labor in Xinjiang, China. The bill also requires companies to disclose transactions with entities on the Department of Commerce's Entity List or designated as Chinese Military-Industrial Complex Companies by the Treasury Department. Additionally, U.S. companies with facilities in China must annually report on the presence of Chinese Communist Party committees within their operations and provide a summary of any corporate decisions in which these committees may have been involved. This legislation aims to increase transparency about corporate activities potentially associated with human rights concerns and national security implications related to China, and is part of the SEC's broader evaluation of environmental, social, and governance (ESG) reporting guidelines.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/1358/all-info