Outsourcing Accountability Act of 2017

Bill: 115-hr-3216
Sponsor: full_name: Rep. McNerney, Jerry [D-CA-9]
Introduced: 2017-07-13
Policy area: Finance and Financial Sector
Subjects: Business records

Corporate finance and management

Financial services and investments

Foreign and international corporations

Securities

Unemployment
Latest action: action_date: 2017-07-13
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2017-07-13
action_desc: Introduced in House
text: <p><b>Outsourcing Accountability Act of 2017</b></p> <p>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.</p> <p>Certain new public companies and issuers with total annual gross revenues of less than $1 billion during the most recently completed fiscal year&nbsp;shall be&nbsp;exempt from&nbsp;these requirements.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3216 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.

1. Short title This Act may be cited as the Outsourcing Accountability Act of 2017 . 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). .