Bill · S. 1089· Senate(119-S-1089)
Holding Foreign Insiders Accountable Act
- Introduced
- 3/24/2025
- Last activity
- 3/24/2025 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- John Kennedy
- Cosponsors
- - 0 - 1
- Introduced
- In Committee
What this bill would do
This bill, known as the "Holding Foreign Insiders Accountable Act," aims to amend the Securities Exchange Act of 1934. It specifically targets disclosures required from directors, officers, and principal stockholders of foreign private issuers. The legislation seeks to include these foreign private issuer securities within existing disclosure requirements. Additionally, it mandates that the Securities and Exchange Commission issue final regulations or amend existing ones to implement these changes. This must be completed within 90 days of the Act's enactment.
Yes
Does this make what the government does easier for the public to see?+5
The act increases transparency by requiring foreign insiders to disclose securities ownership.
Does this give people more protection from unfair business practices?+5
Increasing transparency of insider holdings can protect investors from information asymmetry.
Does this give the federal government more power?+3
The bill expands the regulatory oversight of the SEC over foreign private issuers.
The opposite· 3 of 4
Would people with substantial wealth be better off under this?-3
The bill targets disclosures required from principal stockholders, which often includes high-net-worth individuals.
Would the very wealthiest people be better off under this?-3
The bill targets disclosures required from principal stockholders, which often includes ultra-high-net-worth individuals.
Would billionaires be better off under this?-3
The bill targets disclosures required from principal stockholders, which often includes billionaires.
Who it would affect, and how
Potential Positive Impacts for People
-
Increased Disclosure Requirements: By amending Section 16(a)(1) of the Securities Exchange Act of 1934, the bill requires disclosures to include securities of a foreign private issuer. This could provide more transparency regarding the actions of directors, officers, and principal stockholders (Section 2).
-
Regulatory Consistency: The bill includes a provision to ensure that if any existing regulation is inconsistent with these new disclosure requirements, that inconsistent provision will have no force or effect (Section 2(b)). This helps maintain a consistent regulatory environment.
Potential Negative Impacts for People
- New Regulatory Burdens: The bill requires the Securities and Exchange Commission to issue new or amended regulations within 90 days of enactment to carry out the new disclosure requirements (Section 2(c)). This implies a new regulatory process must be established.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Billionaires-3Good For High Net Worth Individuals-3Good For Ultra High Net Worth Individuals-3Good For Business Owners-2
- Governance And Ideology
- Improves Government Transparency+5Increases Federal Power+3
- Economy And Finance
- Improves Consumer Protection+5
- 3/24/2025
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 1 Cosponsor added.
- Introduced in Senate
Chris Van HollenDemocrat · Maryland