Holding China Accountable Act

Hozzl · 2022-02-08T23:16:03Z

Explore the details of House Bill 7181 Holding China Accountable Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

2/8/2022, 11:16 PM

Congressional Summary of HR 7181

Holding China Accountable Act

This bill prohibits certain Chinese nationals from receiving visas, requires higher education institutions to disclose certain foreign gifts, and restricts the use of foreign public accounting firms by foreign issuers of securities.

Specified visas may not be issued to Chinese nationals seeking to enter the United States for the purpose of (1) studying science, technology, engineering, mathematics, or a related field; (2) employment in science, technology, engineering, mathematics, or a related field; or (3) attending a business meeting, conference, or academic or cultural exchange that includes activities related to science, technology, engineering, mathematics, or a related field.

The bill also lowers the disclosure threshold regarding gifts to higher education institutions from China, Russia, Iran, and North Korea.

Additionally, the bill requires certain disclosures from foreign issuers of securities that use, for the required audit report to the Securities and Exchange Commission, 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.

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Current Status of Bill HR 7181

Bill HR 7181 is currently in the status of Bill Introduced since June 11, 2020. Bill HR 7181 was introduced during Congress 116 and was introduced to the House on June 11, 2020. Bill HR 7181's most recent activity was 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. as of June 11, 2020

Bipartisan Support of Bill HR 7181

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 7181

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

Accounting and auditingAdministrative law and regulatory proceduresAsiaBanking and financial institutions regulationBusiness recordsChinaComputer security and identity theftCongressional oversightCultural exchanges and relationsEducation programs fundingFinancial services and investmentsForeign and international corporationsGovernment information and archivesHigher educationIntellectual propertyInternational exchange and broadcastingIranMiddle EastNorth KoreaPolitical parties and affiliationRussiaScience and engineering educationSecuritiesSecurities and Exchange Commission (SEC)Trade secrets and economic espionageU.S. and foreign investmentsVisas and passports

Alternate Title(s) of Bill HR 7181

Holding China Accountable ActTo amend the Sarbanes-Oxley Act of 2002 to require the Public Company Accounting Oversight Board to maintain a list of certain foreign issuers, to prohibit certain nationals of the People's Republic of China from receiving nonimmigrant visas, and for other purposes.Holding China Accountable ActForeign Adversary Funding in Higher Education Act

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