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House Passes Financial Services Bill to Protect Investors and American Jobs

Washington, DC, October 18, 2019

Today, the U.S. House of Representatives passed H.R. 3624, the Outsourcing Accountability Act of 2019, legislation that would hold public companies accountable for protecting American jobs by requiring them to annually disclose the total number of workers they employ in each state and foreign country, as well as the percentage change from the previous year.

According to the Economic Policy Institute, the United States has lost more than 3 million jobs to China in the last 20 years. Additionally, since 1975, more than 5 million Americans have been certified for Trade Adjustment Assistance after losing wages, hours, or their employment because of trade.

By requiring public companies to disclose the locations of their workforces, H.R. 3624 provides investors with the information they need on which companies are investing in the American economy and will incentivize companies to invest in American workers, instead of quietly shipping jobs overseas.

The Outsourcing Accountability Act of 2019 was introduced by Congresswoman Cindy Axne (D-IA). It passed by a vote of 226-184.

In July, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, convened a full Committee markup of H.R. 3624 and seven other bills. H.R. 3624 was passed out of Committee by a vote of  33-25.


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