skip to main content

H.R. 3624: Outsourcing Accountability Act of 2019

The text of the bill below is as of Oct 4, 2019 (Reported by House Committee).


IB

Union Calendar No. 173

116th CONGRESS

1st Session

H. R. 3624

[Report No. 116–220]

IN THE HOUSE OF REPRESENTATIVES

July 5, 2019

(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