The TASK Act requires the Securities and Exchange Commission to mandate that publicly traded companies disclose their efforts to ensure their supply chains don't involve forced labor from Xinjiang, China, as part of broader environmental, social, and governance reporting requirements. The bill also requires companies to report any transactions with businesses on the Commerce Department's Entity List or designated as part of China's Military-Industrial Complex, as well as annual disclosures about whether Chinese Communist Party committees operate within their facilities in China. This legislation affects all publicly traded U.S. companies, particularly those with supply chain connections to China or operations there. The bill does not specify dedicated funding or implementation timelines, leaving those details to SEC discretion as it develops guidance. The measure aims to increase transparency about corporate entanglements with forced labor and Chinese government entities.
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