Such investments would be reported on an annual basis through an SEC filing known as Form PF, according to the fact sheet.
The bill also directs the SEC to create a publicly-available annual report listing the entities that make such investments and their reported percentage of assets invested in each country of concern.
Companies offering and selling securities that are exempt from SEC registration would still be required "to disclose the beneficial owners of the issuer, intended use of the proceeds, and the countries/sectors where the proceeds would be invested," the fact sheet states.
"Americans deserve to know where and how their savings are being invested," Sen. Casey said in a Nov. 9 news release. "It is vital to know if our money is being used to boost the economies of our adversaries who steal our technological know-how and steal our jobs. This legislation will help Americans better understand how our own dollars are being used to advance the interests of countries like China."
The American Securities Association, a trade association representing regional financial services firms, expressed their support for the legislation.
"ASA commends Sen. Bill Casey and Sen. Rick Scott for introducing the Disclosing Investments in Foreign Adversaries Act, which would force Wall Street to disclose its investments in China, Iran, Russia, and North Korea," ASA President and CEO Christopher A. Iacovella said in a statement. "A strong, bipartisan consensus in Washington has emerged that wants to end the Chinese Communist Party's access to American capital, and this Congress should take advantage of that momentum to protect American investors and the integrity of our capital markets."
In August, President Joe Biden issued an executive order prohibiting new private equity, venture capital and joint venture investments, among others, in Chinese companies involved in the semiconductors and microelectronics, quantum information technologies and artificial intelligence sectors. Part of the executive order directs the Treasury Department to issue a rule for implementation, and Deputy Treasury Secretary Wally Adeyemo said Nov. 7 that the department hopes to propose that rule "in the coming weeks."