IB 

Union Calendar No. 173 

116TH CONGRESS 

1ST SESSION H. R. 3624 

[Report No. 116–220] 

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. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 5, 2019 

Mrs. AXNE (for herself and Mr. MCNERNEY) introduced the following bill; 

which was referred to the Committee on Financial Services 

OCTOBER 4, 2019 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on July 5, 2019] 


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•HR 3624 RH

A BILL 

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. 


pamtmann on DSKBC07HB2PROD with BILLS
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•HR 3624 RH

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Outsourcing Account5 ability Act of 2019’’. 

6 SEC. 2. REQUIRED DISCLOSURE OF NUMBER OF DOMESTIC 

7 AND FOREIGN EMPLOYEES. 

8 Section 13 of the Securities Exchange Act of 1934 (15 

9 U.S.C. 78m) is amended by adding at the end the following: 

10 ‘‘(s) DISCLOSURE OF NUMBER OF DOMESTIC AND FOR11 EIGN EMPLOYEES.— 

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

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

14 any subsidiary of such issuer that is— 

15 ‘‘(A) a consolidated subsidiary; or 

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

17 issuer accounts for the investment of the issuer 

18 in the subsidiary using the equity method of ac19 counting. 

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

21 respect to an emerging growth company, beginning in 

22 the first full fiscal year that begins after the date of 

23 the enactment of this subsection, each issuer that is 

24 required to file a report with the Commission pursu25 ant to subsection (a) shall disclose in such report— 


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•HR 3624 RH

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 of 

5 Columbia, commonwealth, territory, or pos6 session 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 20:45 Oct 04, 2019 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6203 E:\BILLS\H3624.RH H3624

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•HR 3624 RH

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

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

4 such rules as the Commission considers necessary to 

5 implement this subsection.’’. 


pamtmann on DSKBC07HB2PROD with BILLS
Union Calendar No. 173 

116TH CONGRESS 

1ST SESSION H. R. 3624 

[Report No. 116–220] 

A BILL 

To amend the Securities Exchange Act of 1934 to 

companies, and for other purposes. mestic and foreign employees of certain public require the disclosure of the total number of doOCTOBER 4, 2019 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


pamtmann on DSKBC07HB2PROD with BILLS