Outsourcing Accountability Act of 2012 - Amends the Securities Exchange Act of 1934 to require registered securities issuers to disclose annually to the Securities and Exchange Commission (SEC) and to shareholders: (1) the total number of employees domiciled in the United States and listed by number in each state (including those of consolidated subsidiaries); (2) 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 (3) the percentage increase or decrease in such numbers from the previous reporting year.
Exempts from such requirements: (1) certain new public companies, and (2) issuers with total annual gross revenues of less than $1 billion during the most recently completed fiscal year.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3875 Introduced in House (IH)]
112th CONGRESS
2d Session
H. R. 3875
To amend the Securities Exchange Act of 1934 to require the disclosure
of the total number of a company's domestic and foreign employees.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 1, 2012
Mr. Peters (for himself, Mr. McNerney, and Mr. Bishop of New York)
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.
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
2012''.
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 new subsection:
``(r) 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).''.
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Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
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