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 registered securities issuers to disclose annually to the Securities and Exchange Commission and to shareholders: (1) the total number of employees domiciled in the United States and listed by number in each state (including those of consolidated subsidiaries); (2) the total number of such employees physically working in and domiciled in any country other than the United States, listed by number in each country; and (3) the percentage increase or decrease in such numbers from the previous reporting year.
Certain new public companies and issuers with total annual gross revenues of less than $1 billion during the most recently completed fiscal year shall be exempt from these requirements.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3216 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 3216

To amend the Securities Exchange Act of 1934 to require the disclosure 
   of the total number of a company's domestic and foreign employees.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 13, 2017

 Mr. McNerney introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Securities Exchange Act of 1934 to require the disclosure 
   of the total number of a company's domestic and foreign employees.

    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 new subsection:
    ``(s) Disclosure of Number of Domestic and Foreign Employees.--
            ``(1) In general.--Beginning the first full fiscal year 
        that begins after the date of enactment of this subsection, 
        each issuer required to file reports with the Commission 
        pursuant to subsection (a) shall disclose annually to the 
        Commission and to shareholders--
                    ``(A) the total number of employees of the issuer 
                and each consolidated subsidiary of the issuer who are 
                domiciled in the United States and listed by number in 
                each State;
                    ``(B) the total number of such employees physically 
                working in and domiciled in any country other than the 
                United States, listed by number in each country; and
                    ``(C) the percentage increase or decrease in the 
                numbers required under subparagraphs (A) and (B) from 
                the previous reporting year.
            ``(2) Exemptions.--
                    ``(A) Newer public companies.--An issuer shall not 
                be subject to the requirement under paragraph (1) for 
                the first 5 years after the issuer is first required to 
                file reports with the Commission pursuant to subsection 
                (a).
                    ``(B) Smaller companies.--An issuer that had total 
                annual gross revenues of less than $1,000,000,000 
                during its most recently completed fiscal year shall 
                not be subject to the requirement under paragraph (1).
            ``(3) Regulations.--The Commission may promulgate such 
        regulations as it considers necessary to implement the 
        requirement set forth in paragraph (1).''.
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