Legislation introduced by U.S. Rep. Gary Peters (D-Bloomfield Township) last month to keep tabs on large American-based multinational corporations was voted down in the House on Thursday morning.
Peters denounced the "lockstep" vote after the Outsourcing Accountability Act of 2012 (HR 3875) was voted down, 230-175. It was shot down along with several other pieces of legislation introduced by Democrats as amendments to HR 3606, a bipartisan-supported bill designed to further incentivize the creation of American jobs.
"House Republicans voted in lockstep to protect corporate outsourcers by preventing consumers from having the information they need to support companies that create American jobs," Peters said in a statement. "The families I represent in Michigan have felt the impact of outsourcing for years and House Republicans are wrong to deny them the opportunity to support companies that create American jobs."
Peters' bill introduced with two Democratic co-sponsors in February would require firms with revenues of more than $1 billion to report how many employees they have in the United States broken down by state; jobs abroad would have to be broken down by country. Currently, public filings disclose the current number of employees in a given company.
The bill was added as an amendment to HR 3606 along with several others after that bill, known as the the Jumpstart Our Business Startups (JOBS) Act, was approved 54-1 in committee. The bill is designed to provide "emerging growth companies" (EGCs) with relief from regulation expected of a more mature enterprise in order to encourage those companies to offer public stock.
President Obama issued a statement in support Tuesday (PDF).
Amendments approved by voice vote Wednesday included one from Rep. Mike McIntyre (D-NC), which would change the definition of EGCs so it adjusts for inflation.
Peters' office said that the overall bill 3606 passed Thursday.