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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.
Summary
This bill, the TASK Act, directs the Securities and Exchange Commission to require publicly traded companies to report on their sourcing and due diligence activities related to supply chains linked to forced labor from Xinjiang, China. The bill also requires reporting on transactions with companies placed on the Commerce Department's Entity List or designated as Chinese Military-Industrial Complex Companies by the Treasury Department. For US publicly traded companies with facilities in China, the bill requires annual reporting on whether there is a Chinese Communist Party committee involved in company operations and a summary of any decisions in which such committees participated.
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)
2 cosponsors
- Sen. Blackburn, Marsha [R-TN] (R-TN)
- Sen. Cassidy, Bill [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, 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.
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 “Transaction and Sourcing Knowledge Act” or the “TASK Act”.
SEC. 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. <all>
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