Transaction and Sourcing Knowledge Act or the TASK Act
This bill requires the Securities and Exchange Commission to mandate the reporting of certain information by publicly traded companies. Specifically, companies must report on
- the sourcing and due diligence involving products imported into the United States utilizing forced labor from Xinjiang, China;
- transactions with companies on the Department of Commerce's trade restriction list or designated as Chinese military-industrial complex companies; and
- for U.S. companies with facilities in China, whether there is a Chinese Communist Party committee in the operations of the company, and a summary of that committee's activity.