office sought by, and the political party affili-
ation of, the candidate; 
(E) the name or identity of trade associa-
tions or organizations described in section 
501(c) of the Internal Revenue Code of 1986 
and exempt from tax under section 501(a) of 
such Code which receive dues or other pay-
ments as described in paragraph (1)(A)(i)(III); 
(F) a summary of each expenditure for po-
litical activities made during the preceding year 
in excess of $10,000, and each expenditure for 
political activities for a particular election if the 
total amount of such expenditures for that elec-
tion is in excess of $10,000; 
(G) a description of the specific nature of 
any expenditure for political activities the cor-
poration intends to make for the forthcoming 
fiscal year, to the extent the specific nature is 
known to the corporation; and 
(H) the total amount of expenditures for 
political activities intended to be made by the 
corporation for the forthcoming fiscal year. 
(2) DEFINITIONS.—In this subsection: 
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(A) EXPENDITURE FOR POLITICAL ACTIVI-
TIES.—The term ‘‘expenditure for political ac-
tivities’’— 
(i) means— 
(I) an independent expenditure 
(as defined in section 301(17) of the 
Federal Election Campaign Act of 
1971 (52 U.S.C. 30101(17))); 
(II) an electioneering communica-
tion (as defined in section 304(f)(3) of 
that Act (52 U.S.C. 30104(f)(3))) and 
any other public communication (as 
defined in section 301(22) of that Act 
(52 U.S.C. 30101(22))) that would be 
an electioneering communication if it 
were a broadcast, cable, or satellite 
communication; or 
(III) dues or other payments to 
trade associations or organizations de-
scribed in section 501(c) of the Inter-
nal Revenue Code of 1986 and exempt 
from tax under section 501(a) of that 
Code that are, or could reasonably be 
anticipated to be, used or transferred 
to another association or organization 
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for the purposes described in sub-
clause (I) or (II); and 
(ii) does not include— 
(I) 
direct 
lobbying 
efforts 
through registered lobbyists employed 
or hired by the corporation; 
(II) communications by a cor-
poration to its shareholders and exec-
utive or administrative personnel and 
their families; or 
(III) the establishment and ad-
ministration of contributions to a sep-
arate segregated fund to be utilized 
for political purposes by a corpora-
tion. 
(B) EXCEPTION.—The term ‘‘corporation’’ 
does not include an investment company reg-
istered under section 8 of the Investment Com-
pany Act of 1940 (15 U.S.C. 80a–8). 
(c) HUMAN CAPITAL MANAGEMENT DISCLOSURES.— 
With respect to an accelerated filer, the disclosures re-
quired under this subsection are the following: 
(1) Workforce demographic information, includ-
ing the number of full-time employees, the number 
of part-time employees, the number of contingent 
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workers (including temporary and contract workers), 
and any policies or practices relating to subcon-
tracting, outsourcing, and insourcing. 
(2) Workforce stability information, including 
information about the voluntary turnover or reten-
tion rate, the involuntary turnover rate, the internal 
hiring rate, and the internal promotion rate. 
(3) Workforce composition, including data on 
diversity (including racial and gender composition) 
and any policies and audits related to diversity. 
(4) Workforce skills and capabilities, including 
information about training of employees (including 
the average number of hours of training and spend-
ing on training per employee per year), skills gaps, 
and alignment of skills and capabilities with business 
strategy. 
(5) Workforce culture and empowerment, in-
cluding information about— 
(A) policies and practices of the corpora-
tion relating to freedom of association and 
work-life balance initiatives; 
(B) any incidents of verified workplace 
harassment in the previous 5 fiscal years of the 
corporation; and 
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(C) policies and practices of the corpora-
tion relating to employee engagement and psy-
chological wellbeing, including management dis-
cussion regarding— 
(i) the creation of an autonomous 
work environment; 
(ii) fostering a sense of purpose in the 
workforce; 
(iii) trust in management; and 
(iv) a supportive, fair, and construc-
tive workplace. 
(6) Workforce health and safety, including in-
formation about— 
(A) the frequency, severity, and lost time 
due to injuries, illness, and fatalities; 
(B) the total dollar value of assessed fines 
under the Occupational Safety and Health Act 
of 1970; 
(C) the total number of actions brought 
under section 13 of the Occupational Safety 
and Health Act of 1970 to prevent imminent 
dangers; and 
(D) the total number of actions brought 
against the corporation under section 11(c) of 
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the Occupational Safety and Health Act of 
1970. 
(7) Workforce compensation and incentives, in-
cluding information about— 
(A) total workforce compensation, includ-
ing disaggregated information about compensa-
tion for full-time, part-time, and contingent 
workers; 
(B) policies and practices about how per-
formance, productivity, and sustainability are 
considered when setting pay and making pro-
motion decisions; and 
(C) policies and practices relating to any 
incentives and bonuses provided to employees 
below the named executive level and any policies 
or practices designed to counter any risks cre-
ate by such incentives and bonuses. 
(8) Workforce recruiting, including information 
about the quality of hire, new hire engagement rate, 
and new hire retention rate. 
(d) ENVIRONMENTAL, SOCIAL, AND GOVERNANCE 
DISCLOSURES.—With respect to an accelerated filer, the 
disclosures required under this subsection are disclosures 
that satisfy the recommendations of the Task Force on 
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Climate-related Financial Disclosures of the Financial 
Stability Board as reported in June, 2017. 
(e) FEDERAL AID DISCLOSURES.—With respect to 
an accelerated filer, the disclosure required under this sub-
section is a description of how the Federal aid related to 
COVID–19 received by the corporation is being used to 
support the corporation’s employees. 
(f) DISCLOSURES OF FINANCIAL PERFORMANCE ON 
A COUNTRY-BY-COUNTRY BASIS.— 
(1) IN GENERAL.—With respect to an acceler-
ated filer, the disclosures required under this sub-
section are the following: 
(A) 
CONSTITUENT
ENTITY
INFORMA-
TION.—Information on any constituent entity of 
the corporation, including the following: 
(i) The complete legal name of the 
constituent entity. 
(ii) The tax jurisdiction, if any, in 
which the constituent entity is resident for 
tax purposes. 
(iii) The tax jurisdiction in which the 
constituent entity is organized or incor-
porated (if different from the tax jurisdic-
tion of residence). 
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(iv) The tax identification number, if 
any, used for the constituent entity by the 
tax administration of the constituent enti-
ty’s tax jurisdiction of residence. 
(v) The main business activity or ac-
tivities of the constituent entity. 
(B) TAX
JURISDICTION.—Information on 
each tax jurisdiction in which one or more con-
stituent entities is resident, presented as an ag-
gregated or consolidated form of the informa-
tion for the constituent entities resident in each 
tax jurisdiction, including the following: 
(i) Revenues generated from trans-
actions with other constituent entities. 
(ii) Revenues not generated from 
transactions with other constituent enti-
ties. 
(iii) Profit or loss before income tax. 
(iv) Total income tax paid on a cash 
basis to all tax jurisdictions. 
(v) Total accrued tax expense re-
corded on taxable profits or losses. 
(vi) Stated capital. 
(vii) Total accumulated earnings. 
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(viii) Total number of employees on a 
full-time equivalent basis. 
(ix) Net book value of tangible assets, 
which, for purposes of this section, does 
not include cash or cash equivalents, intan-
gibles, or financial assets. 
(C) SPECIAL
RULES.—The information 
listed in subparagraph (B) shall be provided, in 
aggregated or consolidated form, for any con-
stituent entity or entities that have no tax juris-
diction of residence. In addition, if a constituent 
entity is an owner of a constituent entity that 
does not have a jurisdiction of tax residence, 
then the owner’s share of such entity’s revenues 
and profits will be aggregated or consolidated 
with the information for the owner’s tax juris-
diction of residence. 
(2) DEFINITIONS.—In this subsection— 
(A) the term ‘‘constituent entity’’ means, 
with respect to an accelerated filer, any sepa-
rate business entity of the accelerated filer; and 
(B) the term ‘‘tax jurisdiction’’— 
(i) means a country or a jurisdiction 
that is not a country but that has fiscal 
autonomy; and 
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(ii) includes a territory or possession 
of the United States that has fiscal auton-
omy. 
SEC. 3. PERMANENT REQUIREMENTS ON ALL CORPORA-
TIONS RECEIVING FEDERAL AID RELATED TO 
COVID–19. 
Any corporation that receives Federal aid related to 
COVID–19 shall permanently comply with the following: 
(1) PAID LEAVE FOR WORKERS.—The corpora-
tion shall provide at least 14 days of paid leave to 
workers who— 
(A) are unable to telework; 
(B) need to be isolated or quarantined to 
prevent the spread of COVID–19; or 
(C) need time off to care for the needs of 
family members. 
(2) MINIMUM WAGE.— 
(A) IN GENERAL.—The corporation shall 
pay each employee (including full-time, part- 
time, and tipped employees) of the corporation 
a wage of not less than $15 an hour, beginning 
not later than January 1, 2021. 
(B) SENSE OF CONGRESS.—It is the sense 
of the Congress that each corporation described 
under subparagraph (A)— 
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(i) should meet the minimum wage re-
quirements described under subparagraph 
(A) before January 1, 2021, if the corpora-
tion is able; and 
(ii) should ensure that other compa-
nies with respect to which the corporation 
contracts also pay their employees the min-
imum wage described under subparagraph 
(A). 
(3) LIMITATION
ON
CEO
AND
EXECUTIVE 
PAY.—The corporation may not have a CEO to me-
dian worker pay ratio of greater than 50 to 1 and 
no officer or employee of the corporation may re-
ceived higher compensation than the chief executive 
officer (or any equivalent position). 
SEC. 4. REQUIREMENTS ON ALL CORPORATIONS RECEIV-
ING FEDERAL AID RELATED TO COVID–19 
UNTIL THE END OF THE EMERGENCY. 
Any corporation that receives Federal aid related to 
COVID–19 shall, until the COVID–19 emergency ends, 
comply with the following: 
(1) WORKFORCE LEVELS AND BENEFITS.—The 
corporation shall maintain at least the same work-
force levels and benefits that existed before the 
COVID–19 emergency. 
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(2) MAINTENANCE OF WORKER PAY.—The cor-
poration shall maintain worker (either employee or 
contractor, full-time or part-time) pay throughout 
the entire duration of the COVID–19 emergency at 
or above the pay level the worker was earning before 
the emergency. 
(3) MAINTENANCE OF COLLECTIVE BARGAINING 
AGREEMENTS.—The corporation may not alter any 
collective bargaining agreement that was in place at 
the beginning of the COVID–19 emergency. 
SEC. 5. ENFORCEMENT; RULEMAKING. 
The Securities and Exchange Commission shall have 
the authority to enforce this Act and may issue such rules 
as may be necessary to carry out this Act. 
SEC. 6. SEVERABILITY. 
If any provision of this Act or the application of such 
provision to any person or circumstance is held to be un-
constitutional, the remainder of this Act, and the applica-
tion of the provisions of this Act, to any person or cir-
cumstance shall not be affected thereby. 
SEC. 7. DEFINITIONS. 
In this Act: 
(1) ACCELERATED FILER.—The Securities and 
Exchange Commission shall define the term ‘‘accel-
erated filer’’ for purposes of this Act. 
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(2) CEO TO MEDIAN WORKER PAY RATIO.— 
With respect to an accelerated filer, the term ‘‘CEO 
to median worker pay ratio’’ means the ratio of— 
(A) the annual total compensation, includ-
ing salary, equity, and any other form of com-
pensation of the chief executive officer (or any 
equivalent position) of the corporation; and 
(B) the median of the annual total com-
pensation of all employees of the corporation, 
except the chief executive officer (or any equiva-
lent position) of the corporation. 
(3) 
COVID–19 
EMERGENCY.—The 
term 
‘‘COVID–19 emergency’’ means the period begin-
ning on the date of enactment of this Act and end-
ing on the date on which the Securities and Ex-
change Commission determines that the impact of 
COVID–19 on the American financial system has 
ended. 
(4) FEDERAL
AID.—The term ‘‘Federal aid’’ 
means any emergency lending provided under section 
13(3) of the Federal Reserve Act or any Federal fi-
nancial support in the form of a grant, loan, or loan 
guarantee. 
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(5) S CORPORATION.—The term ‘‘S corpora-
tion’’ has the meaning given that term under section 
1361(a) of the Internal Revenue Code of 1986. 
(6) SECURITIES TERMS.—The terms ‘‘national 
securities exchange’’ and ‘‘security’’ have the mean-
ing given those terms, respectively, under section 3 
of the Securities Exchange Act of 1934. 
Æ 
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