IIB 

116TH CONGRESS 

1ST SESSION H. R. 3624 

IN THE SENATE OF THE UNITED STATES 

OCTOBER 21, 2019 

Received; read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

AN ACT 

To amend the Securities Exchange Act of 1934 to require 

the disclosure of the total number of domestic and foreign employees of certain public companies, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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HR 3624 RFS

1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Outsourcing Account3 ability Act of 2019’’. 

4 SEC. 2. REQUIRED DISCLOSURE OF NUMBER OF DOMESTIC 

5 AND FOREIGN EMPLOYEES. 

6 Section 13 of the Securities Exchange Act of 1934 

7 (15 U.S.C. 78m) is amended by adding at the end the 

8 following: 

9 ‘‘(s) DISCLOSURE OF NUMBER OF DOMESTIC AND

10 FOREIGN EMPLOYEES.— 

11 ‘‘(1) DEFINITION.—In this subsection, the term 

12 ‘covered subsidiary’ means, with respect to an issuer, 

13 any subsidiary of such issuer that is— 

14 ‘‘(A) a consolidated subsidiary; or 

15 ‘‘(B) a subsidiary with respect to which the 

16 issuer accounts for the investment of the issuer 

17 in the subsidiary using the equity method of ac18 counting. 

19 ‘‘(2) DISCLOSURE REQUIREMENT.—Except with 

20 respect to an emerging growth company, beginning 

21 in the first full fiscal year that begins after the date 

22 of the enactment of this subsection, each issuer that 

23 is required to file a report with the Commission pur24 suant to subsection (a) shall disclose in such re25 port— 


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HR 3624 RFS

1 ‘‘(A) the total number of employees of the 

2 issuer and any covered subsidiary of the issuer 

3 who are domiciled in the United States— 

4 ‘‘(i) disaggregated by State, District 

5 of Columbia, commonwealth, territory, or 

6 possession of the United States; and 

7 ‘‘(ii) compared using a percentage 

8 change calculation to any such total re9 ported by the issuer in the most recent an10 nual report of the issuer; 

11 ‘‘(B) the total number of employees of the 

12 issuer who physically work in and are domiciled 

13 in any country other than the United States— 

14 ‘‘(i) disaggregated by country; and 

15 ‘‘(ii) compared using a percentage 

16 change calculation to any such total re17 ported by the issuer in the most recent an18 nual report of the issuer; and 

19 ‘‘(C) the total number of employees of any 

20 covered subsidiary of the issuer who physically 

21 work in and are domiciled in any country other 

22 than the United States— 

23 ‘‘(i) disaggregated by country; and 

24 ‘‘(ii) compared using a percentage 

25 change calculation to any such total reVerDate Sep 11 2014 23:05 Oct 21, 2019 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3624.RFS H3624

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HR 3624 RFS

1 ported by the issuer in the most recent an2 nual report of the issuer. 

3 ‘‘(3) RULEMAKING.—The Commission may 

4 issue such rules as the Commission considers nec5 essary to implement this subsection.’’. 

Passed the House of Representatives October 18, 

2019. 

Attest: CHERYL L. JOHNSON, 

Clerk. 


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