S.Amdt. 1852

SA 1852. Mr. RUBIO submitted an amendment intended to be proposed to
amendment SA 1502 proposed by Mr. Schumer to the bill S. 1260, to
establish a new Directorate for Technology and Innovation in the
National Science Foundation, to establish a regional technology hub
program, to require a strategy and report on economic security,
science, research, innovation, manufacturing, and job creation, to
establish a critical supply chain resiliency program, and for other
purposes; which was ordered to lie on the table; as follows:

At the end of title I of division E, add the following:

SEC. 51__. NO INITIAL PUBLIC OFFERINGS FOR UNACCOUNTABLE
ACTORS.

(a) Definitions.--In this section--
(1) the term ``Board'' means the Public Company Accounting
Oversight Board;
(2) the term ``Commission'' means the Securities and
Exchange Commission;
(3) the term ``covered entity'' means--
(A) an entity that is headquartered in, or otherwise
controlled by an entity that is headquartered in, a foreign
jurisdiction in which the Board is prevented from conducting
a complete inspection or investigation of a registered public
accounting firm under section 104 of the Sarbanes-Oxley Act
of 2002 (15 U.S.C. 7214) because of a position taken by an
authority in that foreign jurisdiction, as determined by the
Board; or
(B) an entity that--
(i) is headquartered in, or otherwise controlled by an
entity that is headquartered in, a foreign jurisdiction; and
(ii) retains a registered public accounting firm described
in section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15
U.S.C. 7214(i)(2)(A));
(4) the terms ``exchange'', ``issuer'', and ``security''
have the meanings given the terms in section 3(a) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)); and
(5) the term ``national securities exchange'' means an
exchange registered as a national securities exchange under
section 6 of the Securities Exchange Act of 1934 (15 U.S.C.
78f).
(b) Prohibitions Regarding Covered Entities.--Beginning on
the date that is 1 year after the date of enactment of this
Act--
(1) the Commission shall prohibit the initial listing of
the securities of a covered entity on a national securities
exchange;
(2) if the securities of an issuer are listed on a national
securities exchange and, as a result of a business
combination, that issuer becomes a covered entity, the
Commission shall prohibit the national securities exchange
from continuing to list the securities of the issuer; and
(3) a covered entity may not register a security of the
covered entity under section 12(b) of the Securities Exchange
Act of 1934 (15 U.S.C. 78l(b)).
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