A-2492

Sponsored by: Assemblyman WAYNE P. DEANGELO District 14 (Mercer and Middlesex), Assemblywoman VERLINA REYNOLDS-JACKSON District 15 (Hunterdon and Mercer), Assemblyman STERLEY S. STANLEY District 18 (Middlesex)

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.