The TRADE SAFE Act would prohibit major U.S. stock exchanges from listing securities issued by companies on certain government watchlists, including entities involved in forced labor in China's Xinjiang region, Chinese military companies operating in the United States, companies on the federal government's consolidated screening list, and businesses producing surveillance equipment deemed a security risk. The ban would also apply to subsidiaries and affiliated entities of these companies. The restrictions take effect 180 days after the law passes, though securities already listed before that date would be grandfathered in and allowed to remain. The Securities and Exchange Commission must conduct a study and submit a report to Congress within 180 days identifying which affected companies currently have securities listed on U.S. exchanges, and the President must notify Congress at least 15 days before removing any entity from the relevant watchlists. The legislation targets investment in entities the U.S. government considers threats to national security or involved in human rights violations.