Library / Laws / 113th / hr / H.R. 790 / Introduced in House
I
113th CONGRESS
1st Session
H. R. 790
IN THE HOUSE OF REPRESENTATIVES
February 15, 2013
Mr. Peters of
Michigan (for himself, Mr. Bishop of New
York, 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 a company’s domestic and foreign
employees.
1.
Short title
This Act may be cited as the
Outsourcing Accountability Act of
2013.
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 new
subsection:
(s)
Disclosure of
number of domestic and foreign employees
(1)
In
general
Beginning the first full fiscal year that begins after
the date of enactment of this subsection, each issuer required to file reports
with the Commission pursuant to subsection (a) shall disclose annually to the
Commission and to shareholders—
(A) the total number
of employees of the issuer and each consolidated subsidiary of the issuer who
are domiciled in the United States and listed by number in each State;
(B) the total number
of such employees physically working in and domiciled in any country other than
the United States, listed by number in each country; and
(C) the percentage
increase or decrease in the numbers required under subparagraphs (A) and (B)
from the previous reporting year.
(2)
Exemptions
(A)
Newer public
companies
An issuer shall not be subject to the requirement under
paragraph (1) for the first 5 years after the issuer is first required to file
reports with the Commission pursuant to subsection (a).
(B)
Smaller
companies
An issuer that had
total annual gross revenues of less than $1,000,000,000 during its most
recently completed fiscal year shall not be subject to the requirement under
paragraph (1).
(3)
Regulations
The
Commission may promulgate such regulations as it considers necessary to
implement the requirement set forth in paragraph
(1).
.