Lawmakers introduced two pieces of legislation Thursday in the Senate to require public companies to disclose their financial reporting on a country-by-country basis and strengthen the Internal Revenue Service's whistleblower program.

Sen. Chris Van Hollen, D-Maryland, led 10 Senate Democrats and independents in introducing the Disclosure of Tax Havens and Offshoring Act, which aims to provide transparency around corporations' use of tax havens and incentives to offshore jobs. The bill would direct the Securities and Exchange Commission to mandate public disclosure of country-by-country financial reports by large corporations. The reports would include basic information from a corporation on each of their subsidiaries, and country-by-country financial information that sums together all of their subsidiaries in each country — including profits, taxes, employees and tangible assets.

"This bill will provide vital transparency to both the American public and investors as to how these corporations abuse our broken tax system and the risks they are taking in the use of offshore tax havens," said Van Hollen in a statement.

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