Sponsored by:
Assemblyman WAYNE P. DEANGELO
District 14 (Mercer and Middlesex)
SYNOPSIS
Prohibits businesses that outsource jobs overseas from receiving State contracts or grants; prohibits investment of State funds in such businesses.
CURRENT VERSION OF TEXT
As introduced.
An Act prohibiting businesses that outsource jobs overseas from receiving State contracts or grants, prohibiting investment of State funds in such firms, and supplementing Title 52 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. A business entity that outsources any jobs to any foreign nation shall be ineligible to perform any contract or receive any grant that is paid for, in whole or in part, with or out of State funds and no State funds or funds under the custody or control of the State shall be invested in securities of such a business entity.
Prior to receiving any State contract or grant a business entity shall certify in writing to the State agency awarding the contract or grant that it is not prohibited by the provisions of this section from performing such contract or receiving such grant. A business entity that is awarded any State contract or grant shall agree that during the duration of the contract or grant it shall not engage in conduct that would make it ineligible to receive a contract or grant under this section.
The Division of Investment in the Department of the Treasury shall not invest any State funds or funds under the custody or control of the State in the securities of any business entity until the division determines that such investment is not prohibited by the provisions of this section.
As used in this section,
"business entity" means any natural or legal person, business corporation, professional services corporation, limited liability company, partnership, limited partnership, business trust, association or any other legal commercial entity, whether for profit or nonprofit, organized under the laws of this State or of any other state or foreign jurisdiction; and
"outsource" means eliminating any jobs performed by employees of a business entity in the United States and causing the functions performed by those employees to be performed, instead, by workers in any foreign nation.
2. This act shall take effect immediately
STATEMENT
The purpose of this bill is to discourage the "outsourcing" of American jobs to other countries. It provides that any business entity that eliminates jobs performed by its employees in the United States and caused the functions performed by those employees to be performed, instead, by workers in any foreign nation will be ineligible to perform any State contract or receive any State grant. The bill provides that State funds or funds under the custody or control of the State will not be invested in securities of such a business entity.
Prior to receiving any State contract or grant, a business entity will be required to certify in writing to the State agency awarding the contract or grant that it is not prohibited by the bill's provisions from performing such contract or receiving such grant. A business entity that is awarded any State contract or grant must agree that during the duration of the contract or grant it will not engage in conduct that would make it ineligible to receive a contract or grant under the bill. The Division of Investment in the Department of the Treasury is directed not to invest any State funds in the securities of any business until the division determines that such investment is not prohibited by the bill's provisions.