← Back to Bills
S. 1843Senate116th Congress (2019-2021)In Committee

Outsourcing Accountability Act of 2019

Sponsored by Gary C. PetersSen. Gary C. Peters (D-MI)
Introduced June 13, 2019

AI-Generated Summary

Updated April 14, 2026 at 6:09 AM UTC

The Outsourcing Accountability Act of 2019 would change the Securities Exchange Act of 1934 so that publicly traded companies must report how many people they employ in the United States and abroad. The disclosure must break down employee counts by each U.S. state and by each foreign country, include counts for certain subsidiaries, and show the percentage change from the prior year. Emerging growth companies are exempt, and the SEC can issue rules to carry out the requirement.

Key Provisions

  • Adds a new subsection requiring issuers that file reports with the SEC to annually disclose the total number of employees located in each U.S. state.
  • Requires the same issuers to disclose the total number of employees working in each foreign country, both for the issuer itself and for its "covered subsidiaries" (consolidated subsidiaries or those accounted for using the equity method).
  • Mandates that companies also report the year‑over‑year percentage increase or decrease for each of those employee counts.
  • Exempts emerging growth companies from these reporting requirements.
  • Allows the SEC to issue implementing regulations as needed.

Legislative Activity

Stay on top of the latest movement without scrolling through every action

1 earlier action
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

June 13, 2019

View full timeline
SenateIntro Referral

Introduced in Senate

June 13, 2019

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

June 13, 2019

Bill Text

Latest available legislative text

Reading Mode
Latest
Raw Text PDF XML
Introduced in SenateIssued June 13, 2019

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).

.