[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3624 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 173
116th CONGRESS
  1st Session
                                H. R. 3624

                          [Report No. 116-220]

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.


_______________________________________________________________________


                    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.


 


    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 Accountability Act of 
2019''.

SEC. 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.''.
                                                 Union Calendar No. 173

116th CONGRESS

  1st Session

                               H. R. 3624

                          [Report No. 116-220]

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                            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