[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2962 Introduced in Senate (IS)]







108th CONGRESS
  2d Session
                                S. 2962

  To require the Secretary of Commerce to implement a system for the 
 collection and reporting of comprehensive information on the foreign 
operations of United States corporations and the foreign investments of 
            United States investors, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 8, 2004

  Mr. Dayton introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To require the Secretary of Commerce to implement a system for the 
 collection and reporting of comprehensive information on the foreign 
operations of United States corporations and the foreign investments of 
            United States investors, 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 Information Act of 
2004''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Covered individual.--The term ``covered individual'' 
        means a citizen or resident of the United States who, on behalf 
        of such citizen or resident or indirectly through a partnership 
        or other business arrangement--
                    (A) holds direct investments in business 
                organizations organized under the laws of one or more 
                foreign countries, the total value of which, as 
                determined by the Secretary, equals or exceeds 
                $10,000,000; and
                    (B) holds direct investments in business 
                organizations organized under the laws of any one 
                foreign country, the total value of which, as 
                determined by the Secretary, equals or exceeds 
                $5,000,000.
            (2) Secretary.--Except as otherwise specifically provided 
        in this Act, the term ``Secretary'' means the Secretary of 
        Commerce.
            (3) United states corporation.--The term ``United States 
        corporation'' means a corporation or other entity organized 
        under the laws of the United States or any State, Commonwealth, 
        territory, possession, or district of the United States.

SEC. 3. FOREIGN OPERATIONS DATA COLLECTION SYSTEM.

    (a) Requirement for System.--The Secretary, in consultation with 
the Secretary of the Treasury, shall develop and implement a system for 
the collection and reporting of comprehensive information on the 
foreign operations of United States corporations and the foreign 
investments of covered individuals.
    (b) Collection of Information.--
            (1) Requirement to submit information.--Each United States 
        corporation and covered individual shall submit to the 
        Secretary, at such time and in such manner as the Secretary 
        requires, the information that the Secretary determines is 
        appropriate to include in the system required by subsection 
        (a).
            (2) Use of other sources of information.--The Secretary may 
        not require a United States corporation or covered individual 
        to submit information under paragraph (1) if such information 
        is readily available to the Secretary from another source.
            (3) Penalties.--Each corporation and covered individual 
        that fails to comply with the disclosure requirements under 
        this subsection shall be subject to a civil penalty of $5,000, 
        as determined by the Secretary.
    (c) Rulemaking Authority.--The Secretary shall prescribe such 
regulations as the Secretary determines are necessary to establish and 
develop the system required by subsection (a), collect information for 
such system, and administer and enforce penalties under subsection 
(b)(3).

SEC. 4. AUTHORIZATION OF APPROPRIATIONS.

    There is authorized to be appropriated to the Secretary of Commerce 
for fiscal year 2005 such sums as may be necessary to carry out the 
provisions of this Act.
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