Title: Outsourcing Accountability Act of 2019
Policy area: Finance and Financial Sector

Summary:
Outsourcing Accountability Act of 2019
This bill requires an issuer that is registered with the Securities and Exchange Commission to disclose 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 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3624 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 3624

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

_______________________________________________________________________

                                 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.

    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 
2019''.

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) Definition.--In this subsection, the term `covered 
        subsidiary' means, with respect to an issuer, any subsidiary of 
        the issuer that is--
                    ``(A) a consolidated subsidiary; or
                    ``(B) a subsidiary with respect to which the issuer 
                accounts for the investment of the issuer by using the 
                equity method of accounting.
            ``(2) Requirement.--Except as provided in paragraph (3), 
        beginning in the first full fiscal year that begins after the 
        date of enactment of this subsection, each issuer that is 
        required to file a report with the Commission under subsection 
        (a) shall disclose annually to the Commission and to 
        shareholders of the issuer--
                    ``(A) the total number of employees of the issuer 
                and covered subsidiaries with respect to the issuer who 
                are domiciled in the United States, listed by number in 
                each State;
                    ``(B) the total number of employees of the issuer 
                who physically work in and are domiciled in any country 
                other than the United States, listed by number in each 
                country;
                    ``(C) the total number of employees of covered 
                subsidiaries with respect to the issuer who physically 
                work in and are domiciled in any country other than the 
                United States, listed by the number of employees at 
                each such covered subsidiary in each such country; and
                    ``(D) as compared with the previous reporting year, 
                the percentage amount by which the numbers described in 
                subparagraphs (A), (B), and (C) increased or decreased 
                with respect to the applicable number.
            ``(3) Exemption for emerging growth companies.--An emerging 
        growth company shall not be subject to paragraph (2).
            ``(4) Rules.--The Commission may promulgate such rules as 
        the Commission considers necessary to implement the requirement 
        under paragraph (2).''.
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