Sen. Scott Introduces TASK Act to Force Companies to Disclose China Ties and Forced Labor Links
The TASK Act was introduced in the Senate and is currently being reviewed by the Committee on Banking, Housing, and Urban Affairs. No further actions are scheduled at this time. The bill is still in the early stages of the legislative process.
This bill is currently supported only by Republicans and would add many new rules for businesses, which often faces pushback in a divided Congress.
Publicly traded small-cap companies with supply chains touching China would face new compliance costs to track and report forced labor links, Entity List transactions, and CCP committee involvement. Most small businesses are not publicly traded, so the direct impact would be narrow, but those affected could face meaningful administrative burdens.
“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”
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
No votes have been recorded for this legislation yet.
Senator Rick Scott introduced a package of five bills, including the TASK Act, to protect American investors and crack down on China's influence. The TASK Act directs the SEC to report on sourcing activities in Xinjiang and the presence of CCP committee members in company operations.
The TASK Act (S. 1358) was reintroduced by Senator Rick Scott on April 8. It would require the SEC to mandate reporting by public companies on sourcing and due diligence related to Xinjiang forced labor and transactions with restricted Chinese military-industrial complex entities.
S. 1358, the TASK Act, would require the SEC to mandate disclosure by publicly traded companies of their due diligence and sourcing activities regarding products manufactured with forced labor from Xinjiang, as well as activities involving companies on the Entity List.
Document Type
Congressional Bill
Official Title
TASK Act
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