Protecting U.S. Business Sovereignty Act

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4653 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 4653

To require the Securities and Exchange Commission to conduct a study on 
the detrimental impact of the Directive on Corporate Sustainability Due 
   Diligence and the Corporate Sustainability Reporting Directive on 
            United States companies, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 14, 2023

  Mr. Meuser introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 A BILL


 
To require the Securities and Exchange Commission to conduct a study on 
the detrimental impact of the Directive on Corporate Sustainability Due 
   Diligence and the Corporate Sustainability Reporting Directive on 
            United States companies, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protecting U.S. Business Sovereignty 
Act''.

SEC. 2. STUDY ON DETRIMENTAL IMPACT OF THE DIRECTIVE ON CORPORATE 
              SUSTAINABILITY DUE DILIGENCE AND CORPORATE SUSTAINABILITY 
              REPORTING DIRECTIVE.

    (a) Study.--The Securities and Exchange Commission shall conduct a 
study to examine and evaluate--
            (1) the detrimental impact and potential detrimental impact 
        of each of the Directives on--
                    (A) United States companies, consumers, and 
                investors; and
                    (B) the economy of the United States;
            (2) the extent to which each of the Directives aligns with 
        international conventions and declarations on human rights and 
        environmental obligations; and
            (3) the legal basis for the extraterritorial reach of each 
        of the Directives.
    (b) Report.--Not later than 1 year after the date of the enactment 
of this Act, the Securities and Exchange Commission shall submit to the 
Committee on Banking, Housing, and Urban Affairs of the Senate, the 
Committee on Financial Services of the House of Representatives, the 
Secretary of State, the Secretary of Commerce, and the United States 
Trade Representative a report that includes--
            (1) the results of the study conducted under this section; 
        and
            (2) recommendations for policymakers and relevant 
        stakeholders on potential mitigating measures, alternative 
        approaches, or modifications to each of the Directives that 
        would address any concerns identified in the study.
    (c) Access to Information.--The Securities and Exchange Commission 
may request from private entities such relevant data and information as 
the Securities and Exchange Commission determines necessary to carry 
out the study required under this section and such private entities 
shall provide such requested data and information to the Securities and 
Exchange Commission.
    (d) Directives Defined.--In this section the term ``Directives'' 
means--
            (1) the proposed directive entitled ``Corporate 
        Sustainability Due Diligence'' adopted by the European 
        Commission on February 23, 2022; and
            (2) the Corporate Sustainability Reporting Directive of the 
        European Commission effective January 5, 2023.
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