H.R. 7000: Holding Foreign Companies Accountable Act

116th Congress · introduced 2020-05-22 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

Where it came from: introduced 2020-05-22 · official record
Who proposed it: Rep. Sherman, Brad [D-CA-30] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Financial Services. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Holding Foreign Companies Accountable Act

Plain summary

Holding Foreign Companies Accountable Act This bill requires certain issuers of securities to establish that they are not owned or controlled by a foreign government. Specifically, an issuer must make this certification if the Public Company Accounting Oversight Board is unable to audit specified reports because the issuer has retained a foreign public accounting firm not subject to inspection by the board. Furthermore, if the board is unable to inspect the issuer's public accounting firm for three consecutive years, the issuer's securities are banned from trade on a national exchange or through other methods. Foreign issuers of securities that use such a firm to prepare an audit report must disclose for each non-inspection year the percentage of shares owned by governmental entities where the issuer is incorporated, whether these governmental entities have a controlling financial interest, information related to any board members who are officials of the Chinese Communist Party, and whether the articles of incorporation of the issuer contain any charter of the Chinese Communist Party.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Holding Foreign Companies Accountable Act

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Sherman, Brad [D-CA-30] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Bill Foster (D-IL)

Sponsor's campaign money: Rep. Sherman, Brad [D-CA-30] reported raising $2.9 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-116hr7000.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/116/hr>

Record fed-us-cong116-hr7000 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116