Bill · S. 1358· Senate(119-S-1358)
TASK Act
- Introduced
- 4/8/2025
- Last activity
- 4/8/2025 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Rick Scott
- Cosponsors
- - 2 - 0
- Introduced
- In Committee
What this bill would do
The TASK Act requires the Securities and Exchange Commission to mandate specific reporting from publicly traded companies. Companies must report on sourcing and due diligence for products imported into the United States that are linked to forced labor in Xinjiang, China. The bill also requires reporting on transactions with companies on the Department of Commerce Entity List or those designated by the Department of the Treasury as Chinese Military-Industrial Complex Companies. Additionally, companies with facilities in China must provide annual reports regarding the presence of Chinese Communist Party committees. These reports must include a summary of any actions or decisions involving such committees.
Yes· 3 of 5
Does this make what the government does easier for the public to see?+5
The bill mandates transparency regarding corporate ties to Chinese Communist Party committees and sanctioned entities.
Does this give people more protection from unfair business practices?+5
The bill increases transparency regarding supply chain ethics, which benefits consumers seeking ethically sourced goods.
Does this give the federal government more power?+4
The bill expands the SEC's authority to mandate specific reporting requirements from public companies.
The opposite
Would business owners be better off under this?-2
The bill increases regulatory and reporting burdens for companies with operations in China.
Who it would affect, and how
Potential Positive Impacts for People
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Increased Transparency on Forced Labor: By requiring reporting on sourcing and due diligence for products linked to forced labor in Xinjiang, China, the bill aims to bring visibility to supply chains involving these practices (Section 2, Paragraph 1).
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Oversight of Sensitive Transactions: The bill requires companies to report transactions with entities on the Department of Commerce Entity List or those designated as Chinese Military-Industrial Complex Companies, which provides insight into dealings with specific sanctioned groups (Section 2, Paragraph 2).
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Insight into Corporate Governance in China: For companies with facilities in China, the bill mandates reporting on the presence of Chinese Communist Party committees and their involvement in corporate decisions, providing transparency into how these committees influence operations (Section 2, Paragraph 3).
Potential Negative Impacts for People
- No specific negative impacts are explicitly stated in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Governance And Ideology
- Improves Government Transparency+5Increases Federal Power+4
- Economy And Finance
- Improves Consumer Protection+5
- Social Issues And Justice
- Improves Racial Equity+4
- National Security And Foreign Policy
- Improves International Trade+3
- Demographic And Interest Groups
- Good For Business Owners-2
- 4/8/2025
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2 Cosponsors added.
- Introduced in Senate
Marsha BlackburnRepublican · Tennessee
Bill CassidyRepublican · Louisiana