Should Congress require companies to disclose affiliations with XUAR?
Bill Summary
The Uyghur Forced Labor Disclosure Act of 2020 amends the Securities Exchange Act of 1934 to require stock issuers to disclose their affiliations with the Xinjiang Uyghur Autonomous Region (XUAR).
Sponsor: Rep. Jennifer D. Wexton (Democrat, Virginia, District 10)
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Opponents say
• “While the bill takes strong action to ensure American businesses are not complicit in China's forced labor programs, there are outstanding concerns in the bill that may harm U.S. businesses. For instance, the bill requires public companies to file disclosures with the SEC if they imported manufactured goods or other materials that originated in or are sourced in the Xinjiang Uyghur autonomous region and disclose whether those goods originated in forced labor camps. These entities would also have to disclose the nature and extent of the commercial activity related to each good or material, the gross revenue, and net profits attributable, and whether they intend to continue importing the goods. China's atrocities against Uyghurs and other Muslim minority groups must come to an end and we voted on that bill yesterday in a bipartisan fashion.”
Source: Rep Debbie Lesko (Republican, Arizona, District 8)
Proponents say
• “American companies should not be complicit in China’s abuse of its Muslim minorities. This legislation will help shine a light on these inhumane practices and provide needed transparency for investors. Once consumers see that the products we use every day -- from the shoes we wear to the phones we text on -- have been tainted by forced labor, I believe American companies will do the right thing and rethink their supply chains.”
Source: Rep Jennifer Wexton (Democrat, Virginia, District 10)
• “So, if you are out there watching the Congress, know what this means to you. The exploitation of people in China has a direct impact, a direct impact on our trade policy and on our values first and foremost. Tragically, the products of the forced labor often end up here in American stores and homes. In fact, roughly one in five cotton garments sold globally, one in five cotton garments sold globally contains cotton or yarn from the Xinjiang region, the Uyghur region. We must shine a light on the inhumane practice of forced labor, hold the perpetrators accountable and stop this exploitation. And we must send a clear message to Beijing: these abuses must end now. ” Source: Speaker Nancy Pelosi (Democrat, California, District 12)
• “So, if you are out there watching the Congress, know what this means to you. The exploitation of people in China has a direct impact, a direct impact on our trade policy and on our values first and foremost. Tragically, the products of the forced labor often end up here in American stores and homes. In fact, roughly one in five cotton garments sold globally, one in five cotton garments sold globally contains cotton or yarn from the Xinjiang region, the Uyghur region. We must shine a light on the inhumane practice of forced labor, hold the perpetrators accountable and stop this exploitation. And we must send a clear message to Beijing: these abuses must end now. ” Source: Speaker Nancy Pelosi (Democrat, California, District 12)
