,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #gaha  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,june #aa1 #bjbj,mr4  
,nunes 7= himself1 ,mr4 ,conaway1 ,mr4  
,craw=d1 ,mr4 ,turn]1 ,mr4 ,/ew>t1 ,ms4 
,/efanik1 ,mr4 ,w5/rup1 ,mr4 ,calv]t1   
,mr4 ,m>%all1 ,mr4 ,gibbs1 ,mr4 ,gaetz1 
,mr4 ,wilson ( ,s\? ,c>ol9a1 ,mr4       
,hold+1 ,mr4 ,coll9s ( ,georgia1 ,mr4   
,diaz-,bal>t1 ,mr4 ,g>cia ( ,cali=nia1  
,mr4 ,cook1 ,mr4 ,ku/(f ( ,t5nessee1    
,mr4 ,mc,clintock1 ,mr4 ,bi%op ( ,nor?  
,c>ol9a1 ,mr4 ,spano1 ,mr4 ,brooks (    
,alabama1 & ,mr4 ,r\z]7 introduc$ !     
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices1 & 9   
addition to ! ,committees on !          
,judici>y1 & ,education & ,labor1 = a   
p]iod to be subsequ5tly det]m9$ by !    
,speak]1 9 ea* case = consid]ation ( su*
 provisions z fall )9 ! jurisdiction ( !
 committee conc]n$  ,a ,,bill  ,to am5d 
! ,s>banes-,oxley ,act ( #bjjb to       
require ! ,public ,company ,acc\nt+     
,ov]sight ,bo>d to ma9ta9 a li/ ( c]ta9 

=eign issu]s1 to prohibit c]ta9         
nationals ( ! ,p's ,republic ( ,*9a f   
receiv+ nonimmigrant visas1 & = o!r     
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,hold+ ,*9a ,acc\ntable    
,act4  #b4 ,disclosures & prohibition   
aga9/ ! li/+ ( c]ta9 firms on national  
securities ex*anges  7a7 ,disclosure    
7#a7 ,li/ ( c]ta9 =eign issu]s & cov]$  
=eign public acc\nt+ firms  7,a7 ,9     
g5]al ,! ,commission %all ma9ta9 a      
publicly available li/ (-- 7i7 ea* =eign
 issu]1 an audit report ( :i*-- 7,i7 is 
prep>$ by a =eign public acc\nt+ firm2 &
  7,,ii7 ! ,bo>d is n able to inspect or
 inve/igate because ( a position tak5 by
 an au?ority t is outside ( ! ,unit$    
,/ates2  7ii7 ea* cov]$ =eign public    
acc\nt+ firm t has prep>$ an audit      
report id5tifi$ "u clause 7i72 &  7iii7 
! jurisdiction 9 :i* ea* cov]$ =eign    
public acc\nt+ firm id5tifi$ "u clause  
7ii7 is organiz$ or op]at+4  7,b7 ,role 
( ! ,bo>d ,n less frequ5tly ?an         
annually1 ! ,bo>d %all provide to !     

,commission ! in=mation t is requir$ = !
 ,commission to c>ry out subp>agraph    
7,a74  7#b7 ,annual report disclosure   
7,a7 ,disclosure ,ea* applicable =eign  
issu] %all disclose 9 ea* cov]$ =m fil$ 
by ! applicable =eign issu]-- 7i7 t1    
dur+ ! p]iod cov]$ by cov]$ =m1 a cov]$ 
=eign public acc\nt+ firm has prep>$ an 
audit report = ! issu]2  7ii7 ! p]c5tage
 ( ! %>es ( ! issu] own$ by gov]nm5tal  
entities 9 ! =eign jurisdiction 9 :i* ! 
issu] is incorporat$ or o!rwise         
organiz$2  7iii7 :e!r gov]nm5tal        
entities 9 a cov]$ jurisdiction )       
respect to any cov]$ =eign public       
acc\nt+ firm t has prep>$ an audit      
report = ! issu] dur+ ! p]iod cov]$ by !
 =m h a controll+ f9ancial int]e/ )     
respect to ! issu]2 &  7iv7 ! "n ( any  
(ficial ( ! ,*9ese ,communi/ ,p>ty :o is
 a memb] ( ! bo>d ( directors ( ! issu] 
or ! op]at+ entity ) respect to ! issu]4
  7,b7 ,update ( rules ,n lat] ?an #bgj 
days aft] ! date ( enactm5t ( ?is ,act1 
& aft] provid+ ! opportunity = public   

notice & comm5t1 ! ,commission %all make
 any am5dm5ts to ! rules ( ! ,commission
 t are requir$ z a result ( !           
requirem5ts ( ?is subsection4  7,c7     
,effective date ,?is subsection %all    
take effect on ! date on :i* !          
,commission completes ! am5dm5ts requir$
 "u subp>agraph 7,b74  7#c7 ,disclosure 
by brok]s & deal]s ,section #ae7n7 ( !  
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gho7n77 is am5d$-- 7,a7 9    
p>agraph 7#a71 by /rik+ ,commission may 
issue & all t foll[s ?r\gh ! p]iod at ! 
end & ins]t+ ! foll[+3 8,commission--   
7,a7 %all issue rules t require a brok] 
& a deal] to disclose1 ) respect to any 
advice1 analysis1 or report ( ! brok] or
 deal] to a retail inve/or reg>d+ !     
securities ( a =eign issu]1 :e!r a cov]$
 =eign public acc\nt+ firm has prep>$ an
 audit report = ! =eign issu]2 &  7,b7 9
 addition to ! rules requir$ "u         
subp>agraph 7,a71 may issue rules       
designat+ docum5ts or in=mation t %all  
be provid$ by a brok] or deal] to a     

retail inve/or be=e ! pur*ase ( an      
inve/m5t product or s]vice by ! retail  
inve/or4  2 &  7,b7 by add+ at ! end !  
foll[+3  7#d7 ,def9itions ,9 ?is        
subsection1 ! t]ms audit report1 cov]$  
=eign public acc\nt+ firm1 & =eign issu]
 h ! mean+s giv5 ! t]ms 9 section #b ( !
 ,,equitable ,act4  4  7b7 ,prohibition 
aga9/ ! li/+ ( c]ta9 firms on national  
securities ex*anges  7#a7 ,9 g5]al      
,section #f7;b7 ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #gh;f7b77  
is am5d$ by add+ at ! end ! foll[+3     
7#aa7 7,a7 ,! rules ( ! ex*ange prohibit
 ! initial li/+1 aft] ! date ( enactm5t 
( ?is p>agraph1 ( any security ( an     
issu] = :i* a cov]$ =eign public acc\nt+
 firm has prep>$ an audit report4  7,b7 
,no?+ 9 subp>agraph 7,a7 may be con/ru$ 
to prev5t an ex*ange f li/+ a security  
on ! ex*ange on or aft] ! date (        
enactm5t ( ?is p>agraph if t security 0 
li/$ on ! ex*ange or a national         
securities ex*ange be=e ! date (        
enactm5t ( ?is p>agraph4  7,c7 ,9 ?is   

p>agraph1 ! t]ms audit report & cov]$   
=eign public acc\nt+ firm h ! mean+s    
giv5 ! t]ms 9 section #b ( ! ,,equitable
 ,act4  7#ab7 7,a7 ,! rules ( ! ex*ange 
prohibit ! li/+ ( any security ( a =eign
 issu] t1 beg9n+ 9 #bjbe1 has be5       
id5tifi$ "u section #c7;a77#a77;,a7 ( ! 
,,equitable ,act 9 #c consecutive ye>s4 
7,b7 ,no?+ 9 subp>agraph 7,a7 may be    
con/ru$ to prev5t an ex*ange f li/+ a   
security ( a =eign issu] describ$ 9 t   
subp>agraph beg9n+ on ! date on :i* !   
issu] submits to ! ,commission an audit 
report = ! issu] t is prep>$ by a       
regi/]$ public acc\nt+ firm t ! ,public 
,company ,acc\nt+ ,ov]sight ,bo>d has   
inspect$1 or is able to inspect1 "u     
section #ajd ( ! ,s>banes-,oxley ,act ( 
#bjjb 7#ae ,u4,s4,c4 #gbad74  7,c7 ,9   
?is p>agraph-- 7i7 ! t]ms audit report &
 regi/]$ public acc\nt+ firm h ! mean+s 
giv5 ! t]ms 9 section #b7;a7 ( !        
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbja7;a772 &  7ii7 ! t]ms    
cov]$ =eign public acc\nt+ firm & =eign 

issu] h ! mean+s giv5 ! t]ms 9 section  
#b ( ! ,,equitable ,act4  4  7#b7 ,rules
  7,a7 ,proposals ,n lat] ?an #ij days  
aft] ! date ( enactm5t ( ?is ,act1 ea*  
national securities ex*ange %all1 9     
accordance ) section #ai7;b7 ( !        
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghs7b77 & any rules prescrib$
 by ! ,commission "u t section1 file ) !
 ,commission any propos$ *ange to !     
rules ( ! ex*ange t is requir$ z a      
result ( ! am5dm5ts made by ?is section4
  7,b7 ,adoption ,n lat] ?an #a ye> aft]
 ! date ( enactm5t ( ?is ,act1 ea*      
national securities ex*ange %all h ea*  
propos$ *ange describ$ 9 p>agraph 7#a7  
approv$ by ! ,commission4  7c7          
,def9itions ,9 ?is section-- 7#a7 ! t]m 
applicable =eign issu] means a =eign    
issu]-- 7,a7 t is requir$ to file a     
cov]$ =m2 &  7,b7 = :i*1 dur+ ! p]iod   
cov]$ by ! fil+ describ$ 9 subp>agraph  
7,a71 a cov]$ =eign public acc\nt+ firm 
has prep>$ an audit report = ! issu]2   
7#b7 ! t]m audit report has ! mean+ giv5

 ! t]m 9 section #b7;a7 ( !             
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbja7;a772  7#c7 ! t]m ,bo>d 
means ! ,public ,company ,acc\nt+       
,ov]sight ,bo>d2  7#d7 ! t]m ,commission
 means ! ,securities & ,ex*ange         
,commission2  7#e7 ! t]m cov]$ =eign    
public acc\nt+ firm means a =eign public
 acc\nt+ firm t ! ,bo>d is unable to    
inspect or inve/igate "u !              
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbja et seq47 because ( a    
position tak5 by an au?ority outside ( !
 ,unit$ ,/ates2  7#f7 ! t]m cov]$ =m--  
7,a7 means-- 7i7 ! =m describ$ 9 section
 #bdi4caj ( title #ag1 ,code ( ,f$]al   
,regulations1 or any successor          
regulation2 &  7ii7 ! =m describ$ 9     
section #bdi4bbj;f ( title #ag1 ,code ( 
,f$]al ,regulations1 or any successor   
regulation2 &  7,b7 includes a =m t--   
7i7 is ! equival5t (1 or sub/antially   
simil> to1 ! =m describ$ 9 clause 7i7 or
 7ii7 ( subp>agraph 7,a72 &  7ii7 a     
=eign issu] files ) ! ,commission "u !  

,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;a et seq47 or rules issu$ 
"u t ,act2  7#g7 ! t]m cov]$            
jurisdiction means ! =eign jurisdiction 
9 :i* ! position describ$ 9 p>agraph    
7#e7 is tak5 ) respect to a cov]$ =eign 
public acc\nt+ firm t prep>es an audit  
report = an applicable =eign issu]2     
7#h7 ! t]m ex*ange has ! mean+ giv5 !   
t]m 9 section #c7;a7 ( ! ,securities    
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;a7a772  7#i7 ! t]m =eign issu] has !
 mean+ giv5 ! t]m 9 section #bdj4c;b-#d 
( title #ag1 ,code ( ,f$]al             
,regulations1 or any successor          
regulation2  7#aj7 ! t]m =eign public   
acc\nt+ firm has ! mean+ giv5 ! t]m 9   
section #ajf7;g7 ( ! ,s>banes-,oxley    
,act ( #bjjb 7#ae ,u4,s4,c4 #gbaf7;g772 
7#aa7 ! t]m national securities ex*ange 
means an ex*ange t is regi/]$ ) !       
,commission "u section #f ( !           
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;f72 &  7#ab7 ! t]m public 
acc\nt+ firm has ! mean+ giv5 ! t]m 9   

section #b7;a7 ( ! ,s>banes-,oxley ,act 
( #bjjb 7#ae ,u4,s4,c4 #gbja7;a774  #c4 
,re/riction on issuance ( nonimmigrant  
visas to nationals ( ,*9a  7a7          
,re/riction ,! ,secret>y ( ,/ate may n  
issue a visa to1 & ! ,secret>y ( ,homel&
 ,security %all d5y entry to ! ,unit$   
,/ates (1 an ali5 "u section            
#aja7;a77#ae7 ( ! ,immigration &        
,nationality ,act 7#h ,u4,s4,c4         
#aaja7;a77#ae77 if ! ali5 is a national 
( ! ,p's ,republic ( ,*9a seek+ to ent] 
! ,unit$ ,/ates = ! purpose (-- 7#a7    
/udy+ sci5ce1 te*nology1 eng9e]+1       
ma!matics1 or a relat$ field2  7#b7     
employm5t 9 sci5ce1 te*nology1 eng9e]+1 
ma!matics1 or a relat$ field2 or  7#c7  
att5d+ a bus9ess meet+1 conf]5ce1 or    
academic or cultural ex*ange1 t includes
 activities relat$ to sci5ce1 te*nology1
 eng9e]+1 ma!matics1 or a relat$ field4 
7b7 ,applicability ,! re/riction "u     
subsection 7a7 %all n apply = any ye> 9 
:i* ! ,presid5t c]tifies to ,congress   
t-- 7#a7 ! ,p's ,republic ( ,*9a has n  

provid$ /ate support ( cyb] espionage   
aga9/ a ,unit$ ,/ates company dur+ !    
prec$+ ye>2 &  7#b7 no individual or    
entity pres5t 9 ! ,unit$ ,/ates has     
engag$ 9 espionage aga9/ a ,unit$ ,/ates
 company on behalf ( ! ,p's ,republic ( 
,*9a dur+ ! prec$+ ye>4  7c7 ,def9itions
 ,9 ?is section3 7#a7 ,cyb] espionage ,!
 t]m cyb] espionage means unau?oriz$    
access to a communications network1 a   
communications sy/em1 or a device       
connect$ to su* a network or sy/em t--  
7,a7 is c>ri$ out by a =eign gov]nm5t or
 any individual or entity work+ on      
behalf ( a =eign gov]nm5t2 &  7,b7 is = 
! purpose (-- 7i7 collect+ in=mation    
relat$ to a copyright$ or copyrightable 
"w1 pat5t$ or pat5table inv5tion1       
tradem>k$ good or s]vice1 or trade      
secret 7z su* t]m is def9$ 9 section    
#ahci ( title #ah1 ,unit$ ,/ates ,code72
 or  7ii7 disruption1 de/ruction1 or    
manipulation (1 or o!r *ange to1 su*    
network1 sy/em1 or device or any        
in=mation /or$ on or transmitt$ by su*  

network1 sy/em1 or device4  7#b7        
,espionage ,! t]m espionage means       
unau?oriz$ access to or collection (    
in=mation relat$ to a copyright$ or     
copyrightable "w1 pat5t$ or pat5table   
inv5tion1 tradem>k$ good or s]vice1 or  
trade secret 7z su* t]m is def9$ 9      
section #ahci ( title #ah1 ,unit$ ,/ates
 ,code7 by a =eign gov]nm5t or any      
individual or entity work+ on behalf ( a
 =eign gov]nm5t4  7#c7 ,unit$ ,/ates    
company ,! t]m ,unit$ ,/ates company    
means an organization organiz$ "u ! laws
 ( ! ,unit$ ,/ates or a ,/ate or        
political subdivision !re(4  #d4        
,disclosures ( =eign gifts  7a7 ,%ort   
title ,?is section may be cit$ z !      
,=eign ,adv]s>y ,fund+ 9 ,high]         
,education ,act4  7b7 ,special rule     
,section #aag7;a7 ( ! ,high] ,education 
,act ( #aife 7#bj ,u4,s4,c4 #ajaa;f7a77 
is am5d$-- 7#a7 by /rik+ ,:5ev] any & by
 ins]t+ ! foll[+3  7#a7 ,9 g5]al        
,subject to p>agraph 7#b71 :5ev] any  2 
&  7#b7 by add+ at ! end ! foll[+3  7#b7

 ,special rule  7,a7 ,9 g5]al ,not)/&+  
p>agraph 7#a71 :5ev] any in/itution is  
own$ or controll$ by a =eign s\rce li/$ 
9 subp>agraph 7,b7 or receives a gift f 
or ent]s into a contract ) t =eign      
s\rce1 p>agraph 7#a7 %all be appli$ by  
sub/itut+ #be1jjj = #bej1jjj4  7,b7     
,=eign s\rce ,a =eign s\rce li/$ 9 ?is  
subp>agraph is3 7i7 ,! ,p's ,republic ( 
,*9a4  7ii7 ,! ,russian ,f$]ation4      
7iii7 ,! ,islamic ,republic ( ,iran4    
7iv7 ,! ,democratic ,p's ,republic (    
,korea4  4  7c7 ,en=cem5t ,section      
#aag7;f77#b7 ( ! ,high] ,education ,act 
( #aife 7#bj ,u4,s4,c4 #ajaa;f7f77#b77  
is am5d$ by ins]t+ an am\nt equal to !  
am\nt t ! in/itution fail$ to report "u 
?is section & be=e ! full co/s4  7d7    
,web portal ,section #aag ( ! ,high]    
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajaa;f7 is fur!r am5d$-- 7#a7 by       
r$esignat+ subsections 7g7 & 7h7 z      
subsections 7h7 & 7i71 respectively2 &  
7#b7 by ins]t+ aft] subsection 7f71 !   
foll[+3  7g7 ,web portal ,n lat] ?an    

#ahj days aft] ! date ( enactm5t ( !    
,=eign ,adv]s>y ,fund+ 9 ,high]         
,education ,act1 ! ,secret>y %all       
e/abli% a publicly available web portal 
t-- 7#a7 enables electronic fil+ (      
disclosure reports "u ?is section2 &    
7#b7 includes any reports fil$ be=e su* 
date ( enactm5t4  4