For Immediate Release: March 21, 2022
NYC– Today, Rep. Ritchie Torres (NY-15) announced that he will introduce new legislation, “Reveal Risky Business in Russia Act,” that would require U.S. companies to publicly disclose if they have business ties to Russia or any other country that has invaded a sovereign nation. The legislation aims to hold companies accountable for refusing to denounce Russia’s invasion of Ukraine, and to disincentivize countries from engaging in amoral business practices with oppressive governments. Ukrainian President Zelensky in his recent address to Congress requested that companies exit Russia and cease cooperating with the Russian government. This bill puts added pressure on American companies to make a decision to either support Putin’s Russia or stand with Ukraine and its people. While 400 companies have withdrawn from Russia, according to the Yale School of Management, many companies are refusing to do so.
The bill would require a public company to disclose in periodic reports to the Securities and Exchange Commission:
- Whether the company does business in Russia or in a country that has invaded another country, or has annexed the territory of another country,
- Report if the company does business with the Russian government or the government of another country that has invaded or annexed the territory of another country.
“The investing public has a right to know which corporations are doing business in Russia, which has become a dangerous place to operate. Corporate America must send a message of zero tolerance for the kind of aggression Russia has shown. We have to isolate Putin’s regime as a pariah state, and we have to show solidarity with the Ukrainian people,” said Rep. Torres.
Rep. Torres was joined by New York City Councilmember Shaun Abreu, Chair of the Council’s Committee on Federal and State Legislation, in support of the legislation announcement.
“It is our responsibility and our obligation to deny Vladimir Putin the materials and resources he needs to perpetuate this cruel conflict,” said Council Member Shaun Abreu. “That’s why I am proud to stand here today in support of Congressman Ritchie Torres’s federal bill requiring public companies to report their dealings with the Russian government and any government that commits aggressive annexation and invasion. The days of American companies doing back door deals with dictators, invaders, and autocrats are over. We are demanding that public companies be transparent about who they are working with and in what capacity. New Yorkers and Americans deserve to know.”