A group of senate Democrats are urging the Securities and Exchange Commission (SEC) to update disclosure requirements on the impact of American companies moving manufacturing jobs overseas.
In the letter to SEC Acting Chairman Michael Piwowar and Commissioner Kara Stein, the senators say there is a lack of information on how a company’s decision to move production offshore impacts manufacturing jobs in the United States.
“We support a strong U.S. manufacturing sector and policies that encourage companies to maintain and locate production in the U.S.,” the senators wrote in the letter. “President Trump has said he will also work to increase the number of manufacturing jobs in the U.S. However, investors and policymakers both face an information gap that makes it difficult to know the impact of companies’ decisions to offshore facilities or relocate overseas production back to the U.S.”
The letter was signed by Jack Reed (D-RI), Dianne Feinstein (D-CA), Sherrod Brown (D-OH), Al Franken (D-MN), Robert Casey, Jr. (D-PA), Kirsten Gillibrand (D-NY), Jeff Merkley (D-OR), Gary Peters (D-MI), and Joe Donnelly (D-IN).
“Manufacturing jobs make up an essential part of the American economy, and it’s time the SEC did more to plug the information gap that has left investors and consumers unclear about how detrimental offshore facilities and overseas production can be to American workers,” Reed said. “I’m proud to join my colleagues in urging the SEC to strengthen disclosures and require more information about how committed companies actually are to American production.”