US Codex
Bill
Notes

To amend the Securities Exchange Act of 1934 to require issuers to disclose risks related to global pandemics, and for other purposes.

H.R. 6371 · 116th Congress · Mar 23, 2020 · Lineage

A BILL

Section 1 Disclosures related to global pandemic risk

(a)
In general— Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m), as amended by section 403, is further amended by adding at the end the following:

“(t) Disclosures related to global pandemic risk

“(1) In general—Each issuer required to file current reports under subsection (a) shall, in the event the World Health Organization declares a pandemic, file a report with the Commission containing a description of—

“(A) the risks and exposures to the issuer related to the pandemic, including risks to health and worker safety faced by the issuer’s employees and independent contractors;

“(B) the steps the issuer is taking to mitigate such risks and exposures, including measures to protect the workforce, including information related to wages, healthcare, and leave;

“(C) a preliminary view on the effect the pandemic may have on the issuer’s business, solvency, and workforce; and

“(D) all other material information.

“(2) Updates—Disclosures required under this subsection shall be updated when there are material changes.

“(3) Public availability of reports—The Commission shall make each report filed to the Commission under paragraph (1) available to the public, including on the website of the Commission.”

(b)
Application— Section 13(t) of the Securities Exchange Act of 1934, as added by subsection (a), shall apply to a pandemic declared by the World Health Organization that is in existence on the date of enactment of this Act or that is declared after the date of enactment of this Act.