S.Amdt. 2046

SA 2046. 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:

[[Page S3517]]

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

(a) Short Title.--This section may be cited as the ``No
IPOs for Unaccountable Actors Act''.
(b) Definitions.--In this section--
(1) the term ``Board'' means the Public Company Accounting
Oversight Board;
(2) 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 or 105 of the Sarbanes-
Oxley Act of 2002 (15 U.S.C. 7214, 7215), respectively,
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)); and
(3) the term ``security'' has the meaning given the term in
section 3(a) of the Securities Exchange Act of 1934 (15
U.S.C. 78c(a)).
(c) Prohibitions Regarding Covered Entities.--
(1) Registration.--Beginning on the date that is 1 year
after the date of enactment of this Act, 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)).
(2) Listing on exchanges.--
(A) In general.--Section 6(b) of the Securities Exchange
Act of 1934 (15 U.S.C. 78f(b)) is amended by adding at the
end the following:
``(11) The rules of the exchange prohibit the initial
listing of any security of a covered entity, as that term is
defined in subsection (b) of the No IPOs for Unaccountable
Actors Act.
``(12) The rules of the exchange provide that, if a
security of an issuer is listed on the exchange and, as a
result of a business combination, that issuer becomes a
covered entity (as that term is defined in subsection (b) of
the No IPOs for Unaccountable Actors Act), the exchange shall
prohibit the continued listing of any security of the
issuer.''.
(B) Effective date.--The amendments made by subparagraph
(A) shall take effect on the date that is 1 year after the
date of enactment of this Act.
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