S 1357 Re-checks Congress.gov for new actions and updates the bill's status, and fills in any sponsors, committees, or related bills that are missing. It does not re-pull sponsors/cosponsors/committees/related — those rarely change — and it skips all work if nothing has changed upstream, so it's cheap to click.
To amend the Securities Exchange Act of 1934 to address the issuance of securities by Chinese entities, and for other purposes.
Summary
This bill amends the Securities Exchange Act of 1934 to require Chinese issuers seeking to list securities on U.S. exchanges to disclose whether they have received financial support from the Chinese government, including subsidies, grants, loans, tax concessions, or procurement benefits. Issuers must also disclose any conditions attached to that support, such as export requirements, purchasing mandates, intellectual property usage restrictions, or employment of Chinese Communist Party members. Additionally, issuers must disclose the existence of Chinese Communist Party committees within their organization and identify employees serving on those committees. Issuers must identify any officers or directors who hold or previously held positions with the Chinese Communist Party or Chinese government. The SEC must issue implementing rules within 180 days of enactment.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Scott, Rick [R-FL] (R-FL)
4 cosponsors
- Sen. Blackburn, Marsha [R-TN] (R-TN)
- Sen. Cassidy, Bill [R-LA] (R-LA)
- Sen. Hyde-Smith, Cindy [R-MS] (R-MS)
- Sen. Kennedy, John [R-LA] (R-LA)
Actions (2)
- Apr 8, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Apr 8, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
April 8, 2025
Mr. Scott of Florida (for himself, Mrs. Blackburn, Mr. Cassidy, Mrs. Hyde-Smith, and Mr. Kennedy) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To amend the Securities Exchange Act of 1934 to address the issuance of securities by Chinese entities, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Secure America’s Financial Exchanges Act” or the “SAFE Act”.
SEC. 2. SECURITIES.
(a) In General.—Section 6(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78f(b)) is amended by adding at the end the following:
“(11) The rules of the exchange require an issuer, before the initial listing of any security of the issuer on the exchange, and in each annual report filed with the Commission and the exchange under section 13(a), to disclose the following information:
“(A) Whether the Government of the People’s Republic of China has provided the issuer with any financial support, including—
“(i) any direct subsidy, grant, loan, loan guarantee, tax concession, or benefit with respect to procurement policy; or
“(ii) any other form of support.
“(B) If the Government of the People’s Republic of China has provided support described in subparagraph
(A), the conditions under which that Government provided that support, including whether that Government required the issuer to—
“(i) satisfy certain requirements with respect to exports;
“(ii) purchase items from certain entities;
“(iii) use certain intellectual property; or
“(iv) employ members of the Chinese Communist Party or other employees of that Government.
“(C) Whether there are any committees of the Chinese Communist Party established within the issuer, which shall include the disclosure of—
“(i) which employees of the issuer comprise that committee; and
“(ii) the roles played by the employees described in clause (i).
“(D) Information regarding each individual who, as of the date on which the disclosure is made, is an officer or director of the issuer (or a subsidiary of the issuer) and holds, or previously held, a position with the Chinese Communist Party or the Government of the People’s Republic of China, including the title of that position and the geographic location in which the individual holds or held that position, as applicable.”.
(b) Rules.—Not later than 180 days after the date of enactment of this Act, the Securities and Exchange Commission shall make any amendments to the rules of the Commission that are necessary as a result of the amendments made by subsection (a). <all>
Comments