S. 1358: Transaction and Sourcing Knowledge Act
The proposed bill, known as the Transaction and Sourcing Knowledge Act (TASK Act), focuses on enhancing the reporting requirements for publicly traded companies regarding their supply chains and associated practices related to forced labor. Specifically, the bill would require the Securities and Exchange Commission (SEC) to mandate that these companies disclose the following information:
Supply Chain Reporting Requirements
The SEC would need to require companies to report on:
- Sourcing and Due Diligence Activities: Companies must detail their efforts in sourcing products that may involve supply chains linked to forced labor, particularly from the Xinjiang region in China.
- Transactions with Certain Entities: Companies need to report any transactions with organizations that have been put on the Entity List by the Department of Commerce or that are designated as part of the Chinese Military-Industrial Complex by the Department of the Treasury.
- Facilities in China: For U.S. companies operating in China, they must disclose whether their operations include a committee of the Chinese Communist Party and summarize any actions or decisions made by this committee that affect the company.
Purpose of the Bill
The overall aim of this legislation is to increase transparency in corporate supply chains, particularly regarding human rights issues such as forced labor. By enforcing these reporting requirements, the bill seeks to hold companies accountable for their sourcing practices and clarify their relationship with entities implicated in serious human rights concerns.
Potential Impact on Companies
The bill could influence how publicly traded companies manage and report their supply chain practices, potentially leading to changes in their procurement processes and business operations in regions affected by forced labor. Companies may also have to undertake additional audits and implement more rigorous due diligence processes to comply with the new reporting standards.
Relevant Companies
None found
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
3 bill sponsors
Actions
2 actions
| Date | Action |
|---|---|
| Apr. 08, 2025 | Introduced in Senate |
| Apr. 08, 2025 | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
Corporate Lobbying
0 companies lobbying
None found.
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Potentially Relevant Congressional Stock Trades
No relevant congressional stock trades found.