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H.R. 3471, Workforce Investment Disclosure Act of 2021

Summary

H.R. 3471 was introduced in the House of Representatives on May 25, 2021 by Mrs. Axne and referred to the Committee on Financial Services. It is a bill to amend the Securities Exchange Act of 1934 to require issuers to disclose to the Securities and Exchange Commission information regarding workforce management policies, practices, and performance. Section 1 gives the short title as the Workforce Investment Disclosure Act of 2021. Section 2 sets out findings, beginning with the ability to prepare workers over the course of their lives.

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Issuer
Congressional materials
Document type
Bills Bills 117Hr3471Ih Bills 117Hr3471Ih
Case
Bills Bills 117Hr3471Ih Bills 117Hr3471Ih

Cite this document

“H.R. 3471, Workforce Investment Disclosure Act of 2021.” Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/bills-bills-117hr3471ih-bills-117hr3471ih/, SHA-256 5296bcd510a45863141c0cc4b791e72c543e0e5210f096f1d6cb6512f48b0700.

Full text

                                                                                                                                                                          I




                                                                       117TH CONGRESS
                                                                          1ST SESSION
                                                                                                             H. R. 3471
                                                                       To amend the Securities Exchange Act of 1934 to require issuers to disclose
                                                                           to the Securities and Exchange Commission information regarding work-
                                                                           force management policies, practices, and performance, and for other
                                                                           purposes.




                                                                                     IN THE HOUSE OF REPRESENTATIVES
                                                                                                      MAY 25, 2021
                                                                        Mrs. AXNE 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
                                                                          issuers to disclose to the Securities and Exchange Com-
                                                                          mission information regarding workforce management
                                                                          policies, practices, and performance, and for other pur-
                                                                          poses.

                                                                         1              Be it enacted by the Senate and House of Representa-
                                                                         2 tives of the United States of America in Congress assembled,
                                                                         3     SECTION 1. SHORT TITLE.

                                                                         4              This Act may be cited as the ‘‘Workforce Investment
                                                                         5 Disclosure Act of 2021’’.




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                                                                         6     SEC. 2. FINDINGS.

                                                                         7              Congress finds the following:


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                                                                         1                        (1) One of the keys to the 20th century post-
                                                                         2              war economic success of the United States was the
                                                                         3              ability to prepare workers over the course of their
                                                                         4              lives for success through multiple sectors across soci-
                                                                         5              ety. Unfortunately, during the several decades pre-
                                                                         6              ceding the date of enactment of this Act, there has
                                                                         7              been a shift in business norms and in society. While
                                                                         8              Congress recognizes that the technology and job
                                                                         9              skills required for some jobs has changed dramati-
                                                                       10               cally, the private and public partnership to hire
                                                                       11               workers at different education levels and invest in
                                                                       12               them for the long-term is broken.
                                                                       13                         (2) Available data from the 10-year period pre-
                                                                       14               ceding the date of enactment of this Act suggests
                                                                       15               that businesses are investing less in worker training
                                                                       16               during that time period, not more.
                                                                       17                         (3) In the wake of the 2008 global financial cri-
                                                                       18               sis, there was a well-documented decline in overall
                                                                       19               business investment. That decline coincides with the
                                                                       20               wage polarization of workers and an increase in
                                                                       21               spending on share buybacks and dividends, leading
                                                                       22               several researchers to conclude that companies are
                                                                       23               de-emphasizing investment at the expense of increas-
                                                                       24               ing returns for shareholders. The onset of a global



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                                                                         1              pandemic may make that trend worse, especially
                                                                         2              with respect to investments in workers.
                                                                         3                        (4) As part of the overall decline in investment
                                                                         4              described in paragraph (3), publicly traded compa-
                                                                         5              nies are being provided with incentives to prioritize
                                                                         6              investments in physical assets over investments in
                                                                         7              their workforces, meaning that those companies are
                                                                         8              investing in robots instead of individuals. In fact,
                                                                         9              there are already signs that automation has in-
                                                                       10               creased during the COVID–19 pandemic.
                                                                       11                         (5) More than ever, the Federal Government,
                                                                       12               through company disclosure practices, needs to un-
                                                                       13               derstand exactly how companies are investing in
                                                                       14               their workers. Over the several months preceding the
                                                                       15               date of enactment of this Act, companies across the
                                                                       16               United States have taken extreme actions to adapt
                                                                       17               and respond to evolving workforce challenges pre-
                                                                       18               sented by COVID–19.
                                                                       19                         (6) JUST Capital has been tracking the re-
                                                                       20               sponses of the Standard and Poor’s 100 largest pub-
                                                                       21               lic companies to their workers and has found wide
                                                                       22               variation in the policies implemented, as well as with
                                                                       23               respect to the disclosure of those policies. Through
                                                                       24               different responses to their workforces, from layoffs



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                                                                       25               to workplace safety to paid leave, the COVID–19


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                                                                         1              pandemic is exposing the myriad ways that work-
                                                                         2              force management practices of companies pose oper-
                                                                         3              ational and reputational risks for short- and long-
                                                                         4              term financial performance.
                                                                         5                        (7) Even before the COVID–19 pandemic, there
                                                                         6              was a growing body of research establishing a rela-
                                                                         7              tionship between measurable workforce management,
                                                                         8              which is the way that companies manage their em-
                                                                         9              ployees, and firm performance. In a study of 2,000
                                                                       10               large companies, Harvard Law School’s Labor and
                                                                       11               Work Life Program found that forward-thinking
                                                                       12               workforce policies that prioritize workers, such as
                                                                       13               how companies train, retain, and pay their workers,
                                                                       14               are correlated with long-term financial performance.
                                                                       15                         (8) Disclosure of workforce management poli-
                                                                       16               cies should be part of a Government-wide economic
                                                                       17               recovery strategy. Just as a set of generally accepted
                                                                       18               accounting                principles              (commonly                 known   as
                                                                       19               ‘‘GAAP’’) was urgently adopted after the Great De-
                                                                       20               pression, standardized, comparable metrics of work-
                                                                       21               force disclosure requirements in the context of the
                                                                       22               COVID–19 pandemic are critical for investors to ac-
                                                                       23               curately measure and project company performance,
                                                                       24               both in the present and in the future.



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                                                                         1                        (9) Because many companies already track
                                                                         2              workforce metrics internally, moving towards a
                                                                         3              transparent disclosure regime would allow investors
                                                                         4              to better judge whether companies are managing
                                                                         5              risks         and        making               the      investments                in   their
                                                                         6              workforces that are needed for long-term growth.
                                                                         7                        (10) Businesses increasingly rely on workforce
                                                                         8              innovation and intellectual capital for competitive-
                                                                         9              ness. Workplace benefits, particularly paid sick
                                                                       10               leave, medical leave, and flexible work arrangements,
                                                                       11               critically support employee mental and physical well-
                                                                       12               being.
                                                                       13                         (11) Race- and gender-based workplace dis-
                                                                       14               crimination have been tied to negative health out-
                                                                       15               comes, as well as lower productivity, trust, morale,
                                                                       16               and satisfaction and higher rates of absenteeism and
                                                                       17               turnover. Organizational reporting on practices to
                                                                       18               reduce discrimination can increase employee job sat-
                                                                       19               isfaction, performance, and engagement.
                                                                       20                         (12) According to the Centers for Disease Con-
                                                                       21               trol and Prevention, work-related stress is the lead-
                                                                       22               ing occupational health risk and, per the American
                                                                       23               Institute of Stress, job stress costs United States in-
                                                                       24               dustry more than $300,000,000,000 per year in ac-



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                                                                         1              cidents, absenteeism, employee turnover, diminished
                                                                         2              productivity, and medical, legal, and insurance costs.
                                                                         3                        (13) Employee health and well-being is a key
                                                                         4              asset to delivering long-term value, with 80 percent
                                                                         5              of public companies that took concrete actions on
                                                                         6              health and well-being having seen larger improve-
                                                                         7              ments in financial performance.
                                                                         8                        (14) Organizational well-being interventions can
                                                                         9              create cost savings of up to 10 dollars for every dol-
                                                                       10               lar invested. Specifically, for every dollar that em-
                                                                       11               ployers spend on workplace disease prevention and
                                                                       12               well-being programs, there is a $3.27 reduction in
                                                                       13               employee medical costs and a $2.73 reduction in ab-
                                                                       14               senteeism costs. Employers that implement work-
                                                                       15               place health promotion programs have seen reduc-
                                                                       16               tions in sick leave, health plan costs, and workers’
                                                                       17               compensation and disability insurance costs of ap-
                                                                       18               proximately 25 percent.
                                                                       19                         (15) The Centers for Disease Control and Pre-
                                                                       20               vention has found that preventable chronic condi-
                                                                       21               tions are a major contributor to insurance premium
                                                                       22               and employee medical claim costs, which are at an
                                                                       23               all-time high, and a Milken Institute study shows
                                                                       24               that employers paid $2,600,000,000,000 in 2016 for



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                                                                       25               the indirect costs of employee chronic disease due to


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                                                                         1              work absences, lost wages, and reduced economic
                                                                         2              productivity.
                                                                         3                        (16) The COVID–19 pandemic has severely im-
                                                                         4              pacted employee physical, mental, and emotional
                                                                         5              well-being by increasing stress, depression, burnout,
                                                                         6              and mortality rates of chronic disease and by reduc-
                                                                         7              ing work-life balance and financial security, with
                                                                         8              these challenges likely to persist due to uncertainty
                                                                         9              and instability even as employees return to work.
                                                                       10               Before the COVID–19 pandemic, but especially in
                                                                       11               the face of that pandemic, employers that advance
                                                                       12               policies and practices that support workforce health,
                                                                       13               safety, and well-being are likely to outperform com-
                                                                       14               petitors and benefit from lower costs.
                                                                       15      SEC. 3. DISCLOSURES RELATING TO WORKFORCE MANAGE-

                                                                       16                              MENT.

                                                                       17               Section 13 of the Securities Exchange Act of 1934
                                                                       18 (15 U.S.C. 78m) is amended by adding at the end the
                                                                       19 following:
                                                                       20               ‘‘(s) DISCLOSURES RELATING TO WORKFORCE MAN-
                                                                       21      AGEMENT.—

                                                                       22                         ‘‘(1) DEFINITION.—In this subsection, the term
                                                                       23               ‘contingent worker’ includes an individual per-
                                                                       24               forming work on a temporary basis or as an inde-



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                                                                       25               pendent contractor.


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                                                                         1                        ‘‘(2) REGULATIONS.—Not later than 2 years
                                                                         2              after the date of enactment of this subsection, the
                                                                         3              Commission, in consultation with the Secretary of
                                                                         4              Labor, the Secretary of Commerce, the Secretary of
                                                                         5              Treasury, and the Attorney General, shall promul-
                                                                         6              gate regulations that require each issuer required to
                                                                         7              file an annual report under subsection (a) or section
                                                                         8              15(d) to disclose in that report information regard-
                                                                         9              ing workforce management policies, practices, and
                                                                       10               performance with respect to the issuer.
                                                                       11                         ‘‘(3) RULES.—Consistent with the requirement
                                                                       12               under paragraph (4), each annual report filed with
                                                                       13               the Commission in accordance with the regulations
                                                                       14               promulgated under paragraph (2) shall include dis-
                                                                       15               closure of the following with respect to the issuer fil-
                                                                       16               ing the report for the year covered by the report:
                                                                       17                                  ‘‘(A) Workforce demographic information,
                                                                       18                         including—
                                                                       19                                          ‘‘(i) the number of full-time employ-
                                                                       20                                  ees, the number of part-time employees,
                                                                       21                                  and the number of contingent workers (in-
                                                                       22                                  cluding temporary and contract workers)
                                                                       23                                  with respect to the issuer, which shall in-
                                                                       24                                  clude demographic information with re-



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                                                                       25                                  spect to those categories of individuals, in-


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                                                                         1                                 cluding information regarding race, eth-
                                                                         2                                 nicity, and gender;
                                                                         3                                         ‘‘(ii) any policies or practices of the
                                                                         4                                 issuer relating to subcontracting, outsourc-
                                                                         5                                 ing, and insourcing individuals to perform
                                                                         6                                 work for the issuer, which shall include de-
                                                                         7                                 mographic information with respect to
                                                                         8                                 those individuals, including information re-
                                                                         9                                 garding race, ethnicity, and gender; and
                                                                       10                                          ‘‘(iii) whether the percentage of con-
                                                                       11                                  tingent workers with respect to the issuer
                                                                       12                                  has changed, including temporary and con-
                                                                       13                                  tract workers, as compared with the pre-
                                                                       14                                  vious annual report filed by the issuer
                                                                       15                                  under this subsection.
                                                                       16                                  ‘‘(B) Workforce stability information, in-
                                                                       17                         cluding information about the voluntary turn-
                                                                       18                         over or retention rate, the involuntary turnover
                                                                       19                         rate, the internal hiring rate, and the internal
                                                                       20                         promotion rate, and the horizontal job change
                                                                       21                         rate by quintile and demographic information.
                                                                       22                                  ‘‘(C) Workforce composition, including—
                                                                       23                                          ‘‘(i) data on diversity (including ra-
                                                                       24                                  cial, ethnic, and gender composition) for



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                                                                         1                                 senior executives and other individuals in
                                                                         2                                 the workforce; and
                                                                         3                                         ‘‘(ii) any policies, audits, and pro-
                                                                         4                                 gramming expenditures relating to diver-
                                                                         5                                 sity.
                                                                         6                                 ‘‘(D) Workforce skills and capabilities, in-
                                                                         7                        cluding—
                                                                         8                                         ‘‘(i) information about training and
                                                                         9                                 cross-training of employees and contingent
                                                                       10                                  workers by quintile and demographic infor-
                                                                       11                                  mation, distinguishing between compliance
                                                                       12                                  training, career development training, job
                                                                       13                                  performance or technical training, and
                                                                       14                                  training tied to recognized postsecondary
                                                                       15                                  credentials;
                                                                       16                                          ‘‘(ii) average number of hours of
                                                                       17                                  training for each employee and contingent
                                                                       18                                  worker;
                                                                       19                                          ‘‘(iii) total spending on training for all
                                                                       20                                  employees and contingent workers;
                                                                       21                                          ‘‘(iv) average spending per employee
                                                                       22                                  or contingent worker;
                                                                       23                                          ‘‘(v) training utilization rates; and
                                                                       24                                          ‘‘(vi) whether completion of training



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                                                                       25                                  opportunities translates into value added


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                                                                         1                                 benefit for workers, as determined by wage
                                                                         2                                 increases or internal promotions.
                                                                         3                                 ‘‘(E) Workforce health, safety, and well-
                                                                         4                        being, including information regarding—
                                                                         5                                         ‘‘(i) the frequency, severity, and lost
                                                                         6                                 time due to injuries, physical and mental
                                                                         7                                 illness, and fatalities;
                                                                         8                                         ‘‘(ii) the scope, frequency, and total
                                                                         9                                 expenditure on workplace health, safety,
                                                                       10                                  and well-being programs;
                                                                       11                                          ‘‘(iii) the total dollar value of assessed
                                                                       12                                  fines under the Occupational Safety and
                                                                       13                                  Health Act of 1970 (29 U.S.C. 651 et
                                                                       14                                  seq.);
                                                                       15                                          ‘‘(iv) the total number of actions
                                                                       16                                  brought under section 13 of the Occupa-
                                                                       17                                  tional Safety and Health Act of 1970 (29
                                                                       18                                  U.S.C. 662) to prevent imminent dangers;
                                                                       19                                          ‘‘(v) the total number of actions
                                                                       20                                  brought against the issuer under section
                                                                       21                                  11(c) of the Occupational Safety and
                                                                       22                                  Health Act of 1970 (29 U.S.C. 660(c));
                                                                       23                                          ‘‘(vi) any findings of workplace har-
                                                                       24                                  assment or workplace discrimination dur-



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                                                                       25                                  ing the 5 fiscal year period of the issuer


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                                                                         1                                 preceding the fiscal year in which the re-
                                                                         2                                 port is filed; and
                                                                         3                                         ‘‘(vii) communication channels and
                                                                         4                                 grievance mechanisms in place for employ-
                                                                         5                                 ees and contingent workers.
                                                                         6                                 ‘‘(F) Workforce compensation and incen-
                                                                         7                        tives, including information regarding—
                                                                         8                                         ‘‘(i) total workforce costs, including
                                                                         9                                 salaries and wages, health benefits, other
                                                                       10                                  ancillary benefit costs, and pension costs;
                                                                       11                                          ‘‘(ii)         workforce           benefits,           including
                                                                       12                                  paid leave, health care, child care, and re-
                                                                       13                                  tirement, including information regarding
                                                                       14                                  benefits that are provided—
                                                                       15                                                   ‘‘(I) to full-time employees and
                                                                       16                                          not to part-time employees; or
                                                                       17                                                   ‘‘(II) to employees and not to
                                                                       18                                          contingent workers;
                                                                       19                                          ‘‘(iii) total contributions made to un-
                                                                       20                                  employment insurance by the issuer, how
                                                                       21                                  many employees to whom those contribu-
                                                                       22                                  tions apply, and the total amount paid in
                                                                       23                                  unemployment compensation to individuals
                                                                       24                                  who were laid off by the issuer;



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                                                                         1                                         ‘‘(iv) policies and practices regarding
                                                                         2                                 how performance, productivity, equity, and
                                                                         3                                 sustainability are considered when setting
                                                                         4                                 pay and making promotion decisions; and
                                                                         5                                         ‘‘(v) policies and practices relating to
                                                                         6                                 any incentives and bonuses provided to em-
                                                                         7                                 ployees and any policies or practices de-
                                                                         8                                 signed to counter any risks created by such
                                                                         9                                 incentives and bonuses.
                                                                       10                                  ‘‘(G) Workforce recruiting and needs, in-
                                                                       11                         cluding—
                                                                       12                                          ‘‘(i) the number of new jobs created,
                                                                       13                                  seeking           to         be         filled,         and    filled,
                                                                       14                                  disaggregated based on classification sta-
                                                                       15                                  tus;
                                                                       16                                          ‘‘(ii) the share of new jobs that re-
                                                                       17                                  quire a bachelor’s degree or higher;
                                                                       18                                          ‘‘(iii) information regarding the qual-
                                                                       19                                  ity of hire for jobs described in clause (i);
                                                                       20                                  and
                                                                       21                                          ‘‘(iv) the retention rate for individuals
                                                                       22                                  hired to fill the jobs described in clause (i).
                                                                       23                                  ‘‘(H) Workforce engagement and produc-
                                                                       24                         tivity, including information regarding policies



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                                                                       25                         and practices of the issuer relating to—


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                                                                         1                                         ‘‘(i) engagement, productivity, and
                                                                         2                                 mental well-being of employees and contin-
                                                                         3                                 gent workers, as determined in consulta-
                                                                         4                                 tion with the Department of Labor; and
                                                                         5                                         ‘‘(ii) freedom of association and work-
                                                                         6                                 life balance initiatives, including flexibility
                                                                         7                                 and the ability of the workforce to work re-
                                                                         8                                 motely, as determined in consultation with
                                                                         9                                 the Department of Labor.
                                                                       10                         ‘‘(4) DISAGGREGATION OF INFORMATION.—To
                                                                       11               the maximum extent feasible, the information de-
                                                                       12               scribed in paragraph (3) shall be disaggregated by—
                                                                       13                                  ‘‘(A) the workforce composition described
                                                                       14                         in subparagraph (C) of that paragraph;
                                                                       15                                  ‘‘(B) wage quintiles of the employees of the
                                                                       16                         issuer for the year covered by the applicable an-
                                                                       17                         nual report; and
                                                                       18                                  ‘‘(C) the employment status of individuals
                                                                       19                         performing services for the issuer, including
                                                                       20                         whether those individuals are full-time employ-
                                                                       21                         ees, part-time employees, or contingent workers.
                                                                       22                         ‘‘(5) TREATMENT OF EMERGING GROWTH COM-
                                                                       23               PANIES.—The                    Commission may exempt emerging
                                                                       24               growth companies from any disclosure required



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                                                                       25               under subparagraph (D), (E), (F), (G), or (H) of


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                                                                         1              paragraph (3) if the Commission determines that
                                                                         2              such an exemption is necessary or appropriate in the
                                                                         3              public interest.
                                                                         4                        ‘‘(6) FALSE OR MISLEADING STATEMENTS.—
                                                                         5                                 ‘‘(A) IN GENERAL.—Except as provided in
                                                                         6                        subparagraph (B), it shall be unlawful for any
                                                                         7                        person, in any report or document filed under
                                                                         8                        this subsection, to make or cause to be made
                                                                         9                        any untrue statement of a material fact or omit
                                                                       10                         to state a material fact required to be stated in
                                                                       11                         the report or document or necessary to make
                                                                       12                         the statement made, in the light of the cir-
                                                                       13                         cumstances under which it is made, not mis-
                                                                       14                         leading.
                                                                       15                                  ‘‘(B) EXCEPTION.—A person shall not be
                                                                       16                         liable under subparagraph (A) if the person
                                                                       17                         shows that the person had, after reasonable in-
                                                                       18                         vestigation, reasonable ground to believe, and
                                                                       19                         did believe, at the time the applicable statement
                                                                       20                         was made, that the statement was true and that
                                                                       21                         there was no omission to state a material fact
                                                                       22                         necessary to make the statement made, in the
                                                                       23                         light of the circumstances under which it is
                                                                       24                         made, not misleading.



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                                                                         1                                 ‘‘(C) NO PRIVATE RIGHT OF ACTION.—
                                                                         2                        Nothing in this paragraph may be construed as
                                                                         3                        creating a private right of action.
                                                                         4                        ‘‘(7) EXEMPTION.—This subsection shall not
                                                                         5              apply to an investment company registered under
                                                                         6              section 8 of the Investment Company Act of 1940
                                                                         7              (15 U.S.C. 80a–8).’’.
                                                                         8     SEC. 4. BACKSTOP.

                                                                         9              (a) DEFINITIONS.—In this section—
                                                                       10                         (1) the term ‘‘Commission’’ means the Securi-
                                                                       11               ties and Exchange Commission;
                                                                       12                         (2) the term ‘‘covered issuer’’ means an issuer
                                                                       13               that is required to file an annual report under sec-
                                                                       14               tion 13(a) or section 15(d) of the Securities Ex-
                                                                       15               change Act of 1934 (15 U.S.C. 78m(a), 78o(d)); and
                                                                       16                         (3) the term ‘‘issuer’’ has the meaning given
                                                                       17               the term in section 3(a) of the Securities Exchange
                                                                       18               Act of 1934 (15 U.S.C. 78c(a)).
                                                                       19               (b) COMPLIANCE.—If, as of the date that is 2 years
                                                                       20 after the date of enactment of this Act, the Commission
                                                                       21 has not promulgated the regulations required under sub-
                                                                       22 section (s) of section 13 of the Securities Exchange Act
                                                                       23 of 1934 (15 U.S.C. 78m), as added by section 3 of this
                                                                       24 Act, a covered issuer, during the period beginning on that



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                                                                         1 mulgates those regulations, shall be deemed to be in com-
                                                                         2 pliance with such subsection (s) if disclosures set forth in
                                                                         3 the annual report of the covered issuer satisfy the public
                                                                         4 disclosure standards of the International Organization for
                                                                         5 Standardization’s ISO 30414, or any successor standards
                                                                         6 for external workforce reporting, as supplemented or ad-
                                                                         7 justed by rules, guidance, or other comments from the
                                                                         8 Commission.
                                                                         9     SEC. 5. SEC STUDY.

                                                                       10               (a) DEFINITIONS.—In this section, the terms ‘‘Com-
                                                                       11 mission’’ and ‘‘issuer’’ have the meanings given those
                                                                       12 terms in section 4(a).
                                                                       13               (b) STUDY.—The Commission shall conduct a study
                                                                       14 about the value to investors of—
                                                                       15                         (1) information about the human rights com-
                                                                       16               mitments of issuers required to file annual reports
                                                                       17               under section 13(a) of the Securities Exchange Act
                                                                       18               of 1934 (15 U.S.C. 78m(a)), including information
                                                                       19               about any principles used to evaluate risk, constitu-
                                                                       20               ency consultation processes, and supplier due dili-
                                                                       21               gence; and
                                                                       22                         (2) with respect to issuers required to file an-
                                                                       23               nual reports under section 13(a) of the Securities
                                                                       24               Exchange Act of 1934 (15 U.S.C. 78m(a)), informa-



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                                                                       25               tion about—


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                                                                         1                                 (A) violations of the Fair Labor Standards
                                                                         2                        Act of 1938 (29 U.S.C. 201 et seq.) by those
                                                                         3                        issuers;
                                                                         4                                 (B) violations of worker misclassification
                                                                         5                        by those issuers;
                                                                         6                                 (C) surveys regarding employee satisfac-
                                                                         7                        tion, well-being, and engagement;
                                                                         8                                 (D) the number and overall percentage of
                                                                         9                        quality jobs, as determined by compensation
                                                                       10                         above median wage and comprehensive em-
                                                                       11                         ployer-provided benefits; and
                                                                       12                                  (E) information about workforce invest-
                                                                       13                         ment trends, as determined by at least a 3-year
                                                                       14                         time period.
                                                                       15               (c) REPORT.—Not later than 1 year after the date
                                                                       16 of enactment of this Act, the Commission shall submit to
                                                                       17 Congress a report that contains the results of the study
                                                                       18 required to be conducted under subsection (b), with rec-
                                                                       19 ommendations for additional disclosure regulations based
                                                                       20 on the findings, and any actions the Commission plans to
                                                                       21 take to enhance disclosures based on the findings.
                                                                                                                                  Æ




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