Outsourcing Accountability Act of 2019

Bill: 116-hr-3624
Sponsor: full_name: Rep. Axne, Cynthia [D-IA-3]
Introduced: 2019-07-05
Policy area: Finance and Financial Sector
Subjects: Business records

Corporate finance and management

Financial services and investments

Foreign and international corporations

Foreign labor

Securities

Unemployment
Latest action: action_date: 2019-10-21
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2019-07-05
action_desc: Introduced in House
text: <p><strong>Outsourcing Accountability Act of 2019</strong></p> <p>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.</p> <p>An issuer that is an emerging growth company (in general, a newly public company with revenues&nbsp;below a&nbsp;specified threshold) shall be exempt from the bill's&nbsp;disclosure requirement.</p>

action_date: 2019-10-04
action_desc: Reported to House
text: <p><strong>Outsourcing Accountability Act of 2019</strong></p> <p>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.</p> <p>An issuer that is an emerging growth company (in general, a newly public company with revenues&nbsp;below a&nbsp;specified threshold) shall be exempt from the bill's&nbsp;disclosure requirement.</p>

action_date: 2019-10-18
action_desc: Passed House
text: <p><strong>Outsourcing Accountability Act of 2019</strong></p> <p>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.</p> <p>An issuer that is an emerging growth company (in general, a newly public company with revenues&nbsp;below a&nbsp;specified threshold) shall be exempt from the bill's&nbsp;disclosure requirement.</p>

tv_txt: I 116th CONGRESS 1st Session H. R. 3624 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.

1. Short title This Act may be cited as the Outsourcing Accountability Act of 2019 . 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). .

tv_txt: IB 116th CONGRESS 1st Session H. R. 3624 IN THE HOUSE OF REPRESENTATIVES AN ACT 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.

1. Short title This Act may be cited as the Outsourcing Accountability Act of 2019 . 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 such issuer that is— (A) a consolidated subsidiary; or (B) a subsidiary with respect to which the issuer accounts for the investment of the issuer in the subsidiary using the equity method of accounting. (2) Disclosure Requirement Except with respect to an emerging growth company, beginning in the first full fiscal year that begins after the date of the enactment of this subsection, each issuer that is required to file a report with the Commission pursuant to subsection (a) shall disclose in such report— (A) the total number of employees of the issuer and any covered subsidiary of the issuer who are domiciled in the United States— (i) disaggregated by State, District of Columbia, commonwealth, territory, or possession of the United States; and (ii) compared using a percentage change calculation to any such total reported by the issuer in the most recent annual report of the issuer; (B) the total number of employees of the issuer who physically work in and are domiciled in any country other than the United States— (i) disaggregated by country; and (ii) compared using a percentage change calculation to any such total reported by the issuer in the most recent annual report of the issuer; and (C) the total number of employees of any covered subsidiary of the issuer who physically work in and are domiciled in any country other than the United States— (i) disaggregated by country; and (ii) compared using a percentage change calculation to any such total reported by the issuer in the most recent annual report of the issuer. (3) Rulemaking The Commission may issue such rules as the Commission considers necessary to implement this subsection. .

Passed the House of Representatives October 18, 2019. Cheryl L. Johnson, Clerk.

tv_txt: IIB 116th CONGRESS 1st Session H. R. 3624 IN THE SENATE OF THE UNITED STATES October 21, 2019 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT 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.

1. Short title This Act may be cited as the Outsourcing Accountability Act of 2019 . 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 such issuer that is— (A) a consolidated subsidiary; or (B) a subsidiary with respect to which the issuer accounts for the investment of the issuer in the subsidiary using the equity method of accounting. (2) Disclosure Requirement Except with respect to an emerging growth company, beginning in the first full fiscal year that begins after the date of the enactment of this subsection, each issuer that is required to file a report with the Commission pursuant to subsection (a) shall disclose in such report— (A) the total number of employees of the issuer and any covered subsidiary of the issuer who are domiciled in the United States— (i) disaggregated by State, District of Columbia, commonwealth, territory, or possession of the United States; and (ii) compared using a percentage change calculation to any such total reported by the issuer in the most recent annual report of the issuer; (B) the total number of employees of the issuer who physically work in and are domiciled in any country other than the United States— (i) disaggregated by country; and (ii) compared using a percentage change calculation to any such total reported by the issuer in the most recent annual report of the issuer; and (C) the total number of employees of any covered subsidiary of the issuer who physically work in and are domiciled in any country other than the United States— (i) disaggregated by country; and (ii) compared using a percentage change calculation to any such total reported by the issuer in the most recent annual report of the issuer. (3) Rulemaking The Commission may issue such rules as the Commission considers necessary to implement this subsection. .

Passed the House of Representatives October 18, 2019. Cheryl L. Johnson, Clerk.

tv_txt: IB Union Calendar No. 173 116th CONGRESS 1st Session H. R. 3624 [Report No. 116–220] 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 October 4, 2019 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on July 5, 2019 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.

1. Short title This Act may be cited as the Outsourcing Accountability Act of 2019 . 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 such issuer that is— (A) a consolidated subsidiary; or (B) a subsidiary with respect to which the issuer accounts for the investment of the issuer in the subsidiary using the equity method of accounting. (2) Disclosure Requirement Except with respect to an emerging growth company, beginning in the first full fiscal year that begins after the date of the enactment of this subsection, each issuer that is required to file a report with the Commission pursuant to subsection (a) shall disclose in such report— (A) the total number of employees of the issuer and any covered subsidiary of the issuer who are domiciled in the United States— (i) disaggregated by State, District of Columbia, commonwealth, territory, or possession of the United States; and (ii) compared using a percentage change calculation to any such total reported by the issuer in the most recent annual report of the issuer; (B) the total number of employees of the issuer who physically work in and are domiciled in any country other than the United States— (i) disaggregated by country; and (ii) compared using a percentage change calculation to any such total reported by the issuer in the most recent annual report of the issuer; and (C) the total number of employees of any covered subsidiary of the issuer who physically work in and are domiciled in any country other than the United States— (i) disaggregated by country; and (ii) compared using a percentage change calculation to any such total reported by the issuer in the most recent annual report of the issuer. (3) Rulemaking The Commission may issue such rules as the Commission considers necessary to implement this subsection. .

October 4, 2019 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed