SAFE from PRC Investments Act

House Bill 499 - SAFE from PRC Investments Act: Overview, Status, and Impact

Hozzl · 2023-12-15T15:53:52Z

Explore the details of House Bill 499 SAFE from PRC Investments 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.

12/15/2023, 3:53 PM

Congressional Summary of HR 499

Securing American Families and Enterprises from People's Republic of China Investments Act or the SAFE from PRC Investments Act

This bill requires certain issuers of securities and funds traded on an exchange to report on connections to China or the Communist Party of China. In particular, an issuer with specified connections to China must annually disclose a variety of details, including

whether executive-level employees, senior directors, or board members are members of the Communist Party of China;
interactions with the party;
expenditures in China;
expenditures in the United States regarding operations and lobbying activities; and
the ability of the Public Company Accounting Oversight Board to audit the issuer.

Additionally, an exchange-traded fund that invests in a Chinese company must annually disclose about that company

ownership information,
party involvement,
whether the company participates in specified Chinese policies or activities,
any ties to U.S.-sanctioned individuals, and
the types of products or services produced by the company.

Read the Full Bill

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Current Status of Bill HR 499

Bill HR 499 is currently in the status of Bill Introduced since January 25, 2023. Bill HR 499 was introduced during Congress 118 and was introduced to the House on January 25, 2023. Bill HR 499's most recent activity was Referred to the House Committee on Financial Services. as of January 25, 2023

Bipartisan Support of Bill HR 499

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 499

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 499

SAFE from PRC Investments Act

Securing American Families and Enterprises from People’s Republic of China Investments Act

To amend the Securities Exchange Act of 1934 to require certain additional annual disclosures by public companies and exchange-traded funds investing in companies with ties to the People's Republic of China, and for other purposes.