Outsourcing Accountability Act of 2019

Bill: 116-s-1843
Sponsor: full_name: Sen. Peters, Gary C. [D-MI]
Introduced: 2019-06-13
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: 2019-06-13
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2019-06-13
action_desc: Introduced in Senate
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: II 116th CONGRESS 1st Session S. 1843 IN THE SENATE OF THE UNITED STATES June 13, 2019 Mr. Peters (for himself, Mr. Reed , Mr. Brown , Mrs. Feinstein , and Ms. Stabenow ) 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 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). .