Differing views on value of disclosure: Rep. Cindy Axne (D-IA), who sponsored the “Outsourcing Accountability Act” (H.R. 3624) contends: “Corporations are shipping jobs overseas to protect their bottom line, then deceiving the public to protect their image.” But opponents, led by Rep. Bill Huizenga (R-MI), question the value to shareholders and the public of Congress adding “another reporting requirement to an already vast list of information public companies must disclose.” The bill passed on a party line vote in the House Financial Services Committee this summer.
Why it matters: Even with House passage likely, the bill is not expected to receive consideration in the Senate, where a companion bill (S. 1843) has been introduced. Nevertheless, the drumbeat on cracking down on overseas outsourcing continues, including continuing calls for tax penalties. It will assuredly be a theme in the presidential campaign next year.
