Title: Outsourcing Accountability Act of 2017
Policy area: Finance and Financial Sector

Summary:
Outsourcing Accountability Act of 2017
This bill amends the Securities Exchange Act of 1934 to require an issuer that is registered with the Securities and Exchange Commission (SEC) to disclose to the SEC specified information related to the number of domestic and foreign employees of the issuer and its subsidiaries.
An issuer that is an "emerging growth company" (in general, a newly public company with revenues below a specified threshold) shall be exempt from the bill's disclosure requirement.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 380 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                 S. 380

To amend the Securities Exchange Act of 1934 to require the disclosure 
of the total number of the domestic and foreign employees of a company, 
                        and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 15, 2017

  Mr. Peters (for himself, Ms. Stabenow, Mr. Donnelly, Mr. Reed, Mrs. 
Feinstein, and Mr. Brown) 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 the domestic and foreign employees of a company, 
                        and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Outsourcing Accountability Act of 
2017''.

SEC. 2. REQUIRED DISCLOSURE OF NUMBER OF DOMESTIC AND FOREIGN 
              EMPLOYEES.

    Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m) 
is amended by adding at the end the following:
    ``(s) Disclosure of Number of Domestic and Foreign Employees.--
            ``(1) In general.--Except as provided in paragraph (2), 
        beginning the first full fiscal year that begins after the date 
        of enactment of this subsection, each issuer that is required 
        to file reports with the Commission under subsection (a) shall 
        disclose annually to the Commission and to shareholders of the 
        issuer--
                    ``(A) the total number of employees who are 
                domiciled in the United States, listed by number in 
                each State, of--
                            ``(i) the issuer; and
                            ``(ii) any subsidiary of the issuer that 
                        is--
                                    ``(I) a consolidated subsidiary; or
                                    ``(II) a subsidiary with respect to 
                                which the issuer accounts for the 
                                investment of the issuer by using the 
                                equity method of accounting;
                    ``(B) the total number of employees of the issuer 
                and each subsidiary of the issuer described in 
                subparagraph (A)(ii) who physically work in and are 
                domiciled in any country other than the United States, 
                listed by number in each country; and
                    ``(C) as compared with the previous reporting year, 
                the percentage amount by which the numbers described in 
                subparagraphs (A) and (B) increased or decreased with 
                respect to the total number of employees of the issuer.
            ``(2) Exemption for emerging growth companies.--An emerging 
        growth company shall not be subject to paragraph (1).
            ``(3) Regulations.--The Commission may promulgate such 
        regulations as the Commission considers necessary to implement 
        the requirement set forth in paragraph (1).''.
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