Disclose Police Brutality Bonds Act of 2020

I 116TH CONGRESS 2D SESSION H. R. 7261 To amend the Securities Exchange Act of 1934 to require issuers to disclose services performed for State and local governments in connection with the issuance of bonds that may be used to pay for settlements or judgments in connection with police violence or civil rights abuses, and for other purposes. IN THE HOUSE OF REPRESENTATIVES JUNE 18, 2020 Mr. MEEKS (for himself, Mr. DAVID SCOTT of Georgia, Mr. THOMPSON of Mississippi, Mr. VARGAS, and Ms. VELA´ZQUEZ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Exchange Act of 1934 to require issuers to disclose services performed for State and local governments in connection with the issuance of bonds that may be used to pay for settlements or judgments in connection with police violence or civil rights abuses, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Disclose Police Bru- 4 tality Bonds Act of 2020’’. 5 VerDate Sep 11 2014 21:19 Jul 13, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H7261.IH H7261 khammond on DSKJM1Z7X2PROD with BILLS 2 •HR 7261 IH SEC. 2. DISCLOSURE OF SERVICES PROVIDED TO GOVERN- 1 MENTS IN CONNECTION WITH PAYMENTS 2 FOR POLICE VIOLENCE OR CIVIL RIGHTS 3 ABUSES. 4 (a) IN GENERAL.—Section 13 of the Securities Ex- 5 change Act of 1934 (15 U.S.C. 78m) is amended by add- 6 ing at the end the following: 7 ‘‘(s) DISCLOSURE OF SERVICES PROVIDED TO GOV- 8 ERNMENTS IN CONNECTION WITH PAYMENTS FOR PO- 9 LICE VIOLENCE OR CIVIL RIGHTS ABUSES.—Each issuer 10 required to file an annual report under subsection (a) shall 11 disclose in that report— 12 ‘‘(1) any services the issuer performed for a 13 State or local government to assist the State or local 14 government in issuing a bond, if the proceeds from 15 such bond issuance would be available to the State 16 or local government to pay amounts owed under any 17 settlement or judgment against the State or local 18 government in connection with police violence or civil 19 rights abuses; 20 ‘‘(2) any bond underwriting fees received by the 21 issuer in connection with any service described under 22 paragraph (1); and 23 ‘‘(3) with respect to any service described under 24 paragraph (1), whether the issuer partnered or sub- 25 VerDate Sep 11 2014 05:39 Jul 10, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H7261.IH H7261 khammond on DSKJM1Z7X2PROD with BILLS 3 •HR 7261 IH contracted with any minority- or woman-owned busi- 1 ness to provide such service.’’. 2 (b) RULEMAKING.—Not later than the end of the 3 180-day period beginning on the date of enactment of this 4 Act, the Securities and Exchange Commission shall issue 5 rules to carry out section 13(s) of the Securities Exchange 6 Act of 1934, as added by subsection (a). 7 Æ VerDate Sep 11 2014 05:39 Jul 10, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H7261.IH H7261 khammond on DSKJM1Z7X2PROD with BILLS