To require the Secretary of Commerce to implement a system for the collection and reporting of comprehensive information on the foreign operations of United States corporations and the foreign investments of United States investors, and for other purposes.

October 8, 2004

Mr. DAYTON introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

To require the Secretary of Commerce to implement a system for the collection and reporting of comprehensive information on the foreign operations of United States corporations and the foreign investments of United States investors, and for other purposes.

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 Information Act of 2004'.

SEC. 2. DEFINITIONS.

In this Act:

(1) COVERED INDIVIDUAL- The term `covered individual' means a citizen or resident of the United States who, on behalf of such citizen or resident or indirectly through a partnership or other business arrangement--

(A) holds direct investments in business organizations organized under the laws of one or more foreign countries, the total value of which, as determined by the Secretary, equals or exceeds $10,000,000; and

(B) holds direct investments in business organizations organized under the laws of any one foreign country, the total value of which, as determined by the Secretary, equals or exceeds $5,000,000.

(2) SECRETARY- Except as otherwise specifically provided in this Act, the term `Secretary' means the Secretary of Commerce.

(3) UNITED STATES CORPORATION- The term `United States corporation' means a corporation or other entity organized under the laws of the United States or any State, Commonwealth, territory, possession, or district of the United States.

SEC. 3. FOREIGN OPERATIONS DATA COLLECTION SYSTEM.

(a) REQUIREMENT FOR SYSTEM- The Secretary, in consultation with the Secretary of the Treasury, shall develop and implement a system for the collection and reporting of comprehensive information on the foreign operations of United States corporations and the foreign investments of covered individuals.

(b) COLLECTION OF INFORMATION-

(1) REQUIREMENT TO SUBMIT INFORMATION- Each United States corporation and covered individual shall submit to the Secretary, at such time and in such manner as the Secretary requires, the information that the Secretary determines is appropriate to include in the system required by subsection (a).

(2) USE OF OTHER SOURCES OF INFORMATION- The Secretary may not require a United States corporation or covered individual to submit information under paragraph (1) if such information is readily available to the Secretary from another source.

(3) PENALTIES- Each corporation and covered individual that fails to comply with the disclosure requirements under this subsection shall be subject to a civil penalty of $5,000, as determined by the Secretary.

(c) RULEMAKING AUTHORITY- The Secretary shall prescribe such regulations as the Secretary determines are necessary to establish and develop the system required by subsection (a), collect information for such system, and administer and enforce penalties under subsection (b)(3).

SEC. 4. AUTHORIZATION OF APPROPRIATIONS.

There is authorized to be appropriated to the Secretary of Commerce for fiscal year 2005 such sums as may be necessary to carry out the provisions of this Act.

END