S. 2359 — SAFE HIRE Act

This section establishes certification requirements in a new subsection (t) of Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m) for the principal executive officer and principal human resources officer of covered employers (i.e., issuers with securities registered under Section 12 or persons required to file reports under Section 15(d)). The certification—submitted with each annual report under subsection (a) or Section 15(d)—must confirm (1) the officers' review of the report and its material accuracy regarding employment practices and legal work status of employees; (2) the officers' responsibility for establishing, designing, evaluating (at least 90 days prior to submission), and reporting on the effectiveness of internal controls for employment eligibility verification under INA §274A (8 U.S.C. 1324a), including Form I-9 compliance and E-Verify; and (3) disclosure to DHS and DOJ of all significant deficiencies in those controls and any known material violations (e.g., employment of unauthorized aliens), along with a list of such items. (Thus, these disclosures become public via SEC filings.) False certifications are unlawful, subject to criminal penalties of up to a $1 million fine and 10 years imprisonment, or up to a $5 million fine and 20 years imprisonment if involving employment of unauthorized aliens.

This section directs the Chair of the Securities and Exchange Commission, in consultation with the Secretary of Homeland Security and the Attorney General and not later than one year after enactment, to (1) prescribe rules requiring inclusion of the certification under new section 13(t) of the Securities Exchange Act of 1934 in annual reports filed on Form 10-K or any successor form; (2) establish requirements for public availability of such certifications; and (3) promulgate regulations necessary to implement this Act and its amendments.