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Workforce Investment Disclosure Act of 2023

12/15/2023, 4:00 PM

Summary of Bill HR 4578

Bill 118 hr 4578, also known as the Workforce Investment Disclosure Act of 2023, aims to increase transparency and accountability in workforce development programs. The bill requires that all recipients of federal workforce development funds disclose detailed information about how the funds are being used, including the number of individuals served, the types of services provided, and the outcomes achieved.

Additionally, the bill requires that all workforce development programs report on the effectiveness of their services, including job placement rates, wage increases, and other relevant metrics. This information will be made publicly available on a centralized website, allowing stakeholders to easily access and compare data from different programs.

The Workforce Investment Disclosure Act of 2023 also includes provisions to improve coordination and collaboration among workforce development programs at the federal, state, and local levels. This includes requirements for regular reporting and evaluation of program performance, as well as incentives for programs to work together to achieve better outcomes for participants. Overall, the bill aims to ensure that taxpayer dollars are being used effectively to help individuals gain the skills and training they need to succeed in the workforce. By increasing transparency and accountability in workforce development programs, the Workforce Investment Disclosure Act of 2023 seeks to improve outcomes for participants and strengthen the overall effectiveness of these important programs.

Congressional Summary of HR 4578

Workforce Investment Disclosure Act of 2023

This bill requires publicly traded companies to disclose information annually regarding workforce management policies, practices, and performance. This includes

  • demographic information;
  • data on temporary and contract workers;
  • employee turnover rate;
  • employee skills and capabilities;
  • workforce health, safety, and well-being, including findings of harassment or discrimination; and
  • employee compensation, benefits, and incentives.

The Securities and Exchange Commission may exempt emerging growth companies from certain disclosures.

Current Status of Bill HR 4578

Bill HR 4578 is currently in the status of Bill Introduced since July 12, 2023. Bill HR 4578 was introduced during Congress 118 and was introduced to the House on July 12, 2023.  Bill HR 4578's most recent activity was Referred to the House Committee on Financial Services. as of July 12, 2023

Bipartisan Support of Bill HR 4578

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 4578

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 4578

Workforce Investment Disclosure Act of 2023
Workforce Investment Disclosure Act of 2023
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, and for other purposes.

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