Outsourcing Information Act of 2004 - Instructs the Secretary of Commerce to develop and implement a system for the collection and reporting of comprehensive information on the foreign operations of U.S. corporations and the foreign investments of certain covered individuals.
Requires each U.S. corporation and covered individual to submit such required information to the Secretary.
Prohibits the Secretary from requiring a U.S. corporation or covered individual to submit the information if it is readily available to the Secretary from another source.
Sets forth civil penalties for non-compliance.
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