Prohibits businesses that outsource jobs overseas from receiving State contracts or grants; prohibits investment of State funds in such businesses.
Impact
The bill directly impacts businesses that may consider outsourcing as a viable strategy for cost reduction. By disqualifying them from receiving state contracts or grants, the legislation creates a disincentive for outsourcing practices. This could drive companies to reorganize their operational strategies to focus more on domestic job creation. Furthermore, it prohibits the investment of state funds in such businesses, which could result in significant financial implications for firms engaged in outsourcing activities.
Summary
Assembly Bill A2492 introduces significant restrictions aimed at businesses that outsource jobs overseas. Specifically, it prohibits any business entity that outsources jobs to foreign nations from receiving state contracts or grants funded in part or whole by state funds. This approach is intended to protect American jobs and encourage local employment by ensuring that state resources are not allocated to businesses that reduce domestic job availability.
Contention
While supporters of A2492 argue that it protects local employment and combats the detrimental effects of outsourcing, there are notable points of contention surrounding the bill. Critics may express concerns regarding the potential financial burdens placed on businesses operating in a global economy and the loss of competitive advantage for those required to comply with the regulations. Additionally, arguments may arise about the bill's implications for job creation and economic growth, particularly in industries where outsourcing might be seen as necessary for maintaining cost-effectiveness.
Additional_notes
Overall, A2492 reflects a legislative effort to reshape state economic policy in favor of job preservation. While it aligns with principles promoting local employment, its effectiveness and repercussions on broader economic dynamics remain points for further discussion and analysis.
Prohibits State pension fund investment in certain companies with ties to Republic of Belarus and prohibits State contracts if invested in Republic of Belarus.
Prohibits State pension fund investment in certain companies with ties to Russian Federation and prohibits State contracts if invested in Russian Federation.