Senate bill would require state-owned companies to report transactions with China’s Xinjiang region

The senses. Americans Marco Rubio (R-FL) and Rick Scott (R-FL) introduced legislation that would require publicly traded companies to report on any aspect of their supply chain directly related to products using the region’s forced labor Xinjiang Uyghur Autonomous Region in China.

© Shutterstock

Their bill – the Transaction and Sourcing Knowledge (TASK) Act (S. 4095) – would also direct the United States Securities and Exchange Commission (SEC) to require public companies to report any transactions with companies in the complex. Chinese military-industrial or market-placed enterprises. List of Department of Commerce entities. They should also report whether there is a Chinese Communist Party (CCP) committee in the operations of a listed company with facilities in China.

“Far too many American companies profit from slave labor in China,” Rubio said. “It is already illegal for these companies to import goods made with slave labor into the United States, and in two months they will be prohibited from importing goods from Xinjiang unless they can prove that ‘there is no slave labor.’ These companies must be transparent with their shareholders by disclosing the risks associated with Xinjiang-related products and companies complicit in genocide and the use of slave labor .

The senses. Mike Braun (R-IN), Bill Hagerty (R-TN), Ted Cruz (R-TX) and Joni Ernst (R-IA) are the bill’s co-sponsors.

Norman D. Briggs