S. 1358

119 S1358 IS: Transaction and Sourcing Knowledge Act
 U.S. Senate
 2025-04-08
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  1st Session  S. 1358  IN THE SENATE OF THE UNITED STATES   April 8, 2025   Mr. Scott of Florida  (for himself,  Mrs. Blackburn , and  Mr. Cassidy ) introduced the following bill; which was read twice and referred to the  Committee on Banking, Housing, and Urban Affairs    A BILL
To require the Securities and Exchange Commission to require reporting of sourcing and due diligence activities of companies involving supply chains of products that are imported into the United States that are directly linked to products utilizing forced labor from Xinjiang, China, and for other purposes.
1.
Short title
This Act may be cited as the   Transaction and Sourcing Knowledge Act   or the   TASK Act  .
2.
SEC reporting
The Securities and Exchange Commission, as part of its evaluation of potential guidance on reporting on environmental, social, and governance matters by publicly traded companies, shall require reporting of—
(1)
sourcing and due diligence activities of such companies involving supply chains of products that are imported into the United States that are directly linked to products utilizing forced labor from Xinjiang, China;
(2)
transactions with companies that have been—
(A)
placed on the Entity List by the Department of Commerce; or
(B)
designated by the Department of the Treasury as Chinese Military-Industrial Complex Companies; and
(3)
with respect to publicly traded United States companies with facilities in China, on an annual basis—
(A)
whether there is a Chinese Communist Party committee in the operations of the company; and
(B)
a summary of the actions and corporate decisions in which any committee described in subparagraph (A) may have participated.