Countering Corporate Corruption in China Act of 2023

Hozzl · 2023-12-15T16:05:34Z

Explore the details of Senate Bill 151 Countering Corporate Corruption in China Act of 2023 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, 4:05 PM

Summary of Bill S 151

Bill 118 s 151, also known as the Countering Corporate Corruption in China Act of 2023, is a piece of legislation introduced in the US Congress with the aim of addressing issues related to corruption in Chinese corporations. The bill seeks to hold these corporations accountable for their actions and prevent them from engaging in corrupt practices that could harm US interests.

The main provisions of the bill include requiring Chinese corporations operating in the US to disclose any instances of corruption or bribery that they may have engaged in. This information would be made public and could potentially lead to sanctions or other penalties for the companies involved.

Additionally, the bill calls for increased oversight of Chinese corporations operating in the US, including regular audits and inspections to ensure compliance with anti-corruption laws. It also establishes a task force to investigate and prosecute cases of corruption involving Chinese corporations. Overall, the Countering Corporate Corruption in China Act of 2023 aims to protect US interests and promote transparency and accountability in the business dealings of Chinese corporations operating in the country. It is currently being debated in Congress and has garnered support from both Democrats and Republicans.

Congressional Summary of S 151

Countering Corporate Corruption in China Act of 2023

This bill expands the activity prohibited under the Foreign Corrupt Practices Act (FCPA) applicable to issuers of securities, domestic concerns, and others. (The FCPA generally prohibits bribes to foreign officials.)

For example, the bill includes as prohibited corrupt practices

certain activity supporting human rights abuses by China against Uyghurs, Kazakhs, and members of other predominately Muslim ethnic groups;
certain activity supporting censorship or human rights abuses by China with respect to individuals in Hong Kong;
supporting certain territorial claims by China;
political advocacy in favor of the Chinese Communist Party; and
investing in specified Chinese entities.

Read the Full Bill

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Current Status of Bill S 151

Bill S 151 is currently in the status of Bill Introduced since January 30, 2023. Bill S 151 was introduced during Congress 118 and was introduced to the Senate on January 30, 2023. Bill S 151's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of January 30, 2023

Bipartisan Support of Bill S 151

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 S 151

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 151

Countering Corporate Corruption in China Act of 2023

A bill to amend the Securities Exchange Act of 1934 to address corrupt practices of the Government of the People's Republic of China, and for other purposes.