II 

116TH CONGRESS 

1ST SESSION S. 1843 

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 SENATE OF THE UNITED STATES 

JUNE 13, 2019 

Mr. PETERS (for himself, Mr. REED, Mr. BROWN, Mrs. FEINSTEIN, and Ms. 

STABENOW) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

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. 

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’’. 


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•S 1843 IS

1 SEC. 2. REQUIRED DISCLOSURE OF NUMBER OF DOMESTIC 

2 AND FOREIGN EMPLOYEES. 

3 Section 13 of the Securities Exchange Act of 1934 

4 (15 U.S.C. 78m) is amended by adding at the end the 

5 following: 

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

7 FOREIGN EMPLOYEES.— 

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

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

10 any subsidiary of the issuer that is— 

11 ‘‘(A) a consolidated subsidiary; or 

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

13 issuer accounts for the investment of the issuer 

14 by using the equity method of accounting. 

15 ‘‘(2) REQUIREMENT.—Except as provided in 

16 paragraph (3), beginning in the first full fiscal year 

17 that begins after the date of enactment of this sub18 section, each issuer that is required to file a report 

19 with the Commission under subsection (a) shall dis20 close annually to the Commission and to share21 holders of the issuer— 

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

23 issuer and covered subsidiaries with respect to 

24 the issuer who are domiciled in the United 

25 States, listed by number in each State; 


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

2 issuer who physically work in and are domiciled 

3 in any country other than the United States, 

4 listed by number in each country; 

5 ‘‘(C) the total number of employees of cov6 ered subsidiaries with respect to the issuer who 

7 physically work in and are domiciled in any 

8 country other than the United States, listed by 

9 the number of employees at each such covered 

10 subsidiary in each such country; and 

11 ‘‘(D) as compared with the previous re12 porting year, the percentage amount by which 

13 the numbers described in subparagraphs (A), 

14 (B), and (C) increased or decreased with re15 spect to the applicable number. 

16 ‘‘(3) EXEMPTION FOR EMERGING GROWTH COM17 PANIES.—An emerging growth company shall not be 

18 subject to paragraph (2). 

19 ‘‘(4) RULES.—The Commission may promul20 gate such rules as the Commission considers nec21 essary to implement the requirement under para22 graph (2).’’. 

Æ 


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