[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 2368 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 2368

To direct the Secretary of Commerce, in coordination with the heads of 
    other relevant Federal departments and agencies, to conduct an 
 interagency review of and report to Congress on ways to increase the 
   global competitiveness of the United States in attracting foreign 
                           direct investment.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 19, 2023

 Mr. Young (for himself and Mr. Peters) introduced the following bill; 
    which was read twice and referred to the Committee on Commerce, 
                      Science, and Transportation

_______________________________________________________________________

                                 A BILL


 
To direct the Secretary of Commerce, in coordination with the heads of 
    other relevant Federal departments and agencies, to conduct an 
 interagency review of and report to Congress on ways to increase the 
   global competitiveness of the United States in attracting foreign 
                           direct investment.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Global Investment in American Jobs 
Act of 2023''.

SEC. 2. SENSE OF CONGRESS.

    It is the sense of Congress that--
            (1) the ability of the United States to attract foreign 
        direct investment from responsible private-sector entities 
        based in trusted countries is directly linked to the long-term 
        economic prosperity, global competitiveness, and security of 
        the United States;
            (2) it is a top national priority to enhance the global 
        competitiveness, economic prosperity, and security of the 
        United States by--
                    (A) removing unnecessary barriers to foreign direct 
                investment from responsible private-sector entities 
                based in trusted countries and the jobs that such 
                investment creates throughout the United States;
                    (B) promoting policies to ensure the United States 
                remains the premier global destination to invest, hire, 
                innovate, provide services, and manufacture products;
                    (C) promoting policies to ensure the United States 
                remains the global leader in developing and deploying 
                cutting-edge technologies, such as self-driving vehicle 
                technology, artificial intelligence, Internet of 
                Things, quantum computing, blockchain; and
                    (D) promoting policies that maintain and expand 
                resilient supply chains and reduce the dependence of 
                the United States on supply chains from China and other 
                foreign adversaries;
            (3) maintaining the United States commitment to an open 
        investment policy with private-sector entities based in trusted 
        countries encourages other countries to reciprocate and enable 
        the United States to open new markets abroad for United States 
        companies and their products;
            (4) while foreign direct investment by responsible private-
        sector entities based in trusted countries can enhance the 
        United States economic strength, policies regarding foreign 
        direct investment should reflect security interests and should 
        not disadvantage domestic investors, companies, or the 
        workforce;
            (5) United States efforts to attract foreign direct 
        investment from responsible private-sector entities based in 
        trusted countries should be consistent with efforts to maintain 
        and improve the domestic standard-of-living, including for the 
        workforce;
            (6) as digital information becomes increasingly important 
        to the United States economy and the development of new 
        technologies and services that will be crucial to the country's 
        competitiveness in the 21st century global economy, barriers 
        including data localization and infringement of intellectual 
        property rights must be further addressed;
            (7) foreign direct investment by companies or other 
        entities owned, directed, supported, or influenced by the 
        Chinese Communist Party is a threat to United States security 
        and merits an aggressive policy framework to protect United 
        States interests, jobs, intellectual property, and security;
            (8) foreign direct investment from any source should not 
        result in the net loss of United States economic activity, 
        productive capabilities, and supply chain resilience; and
            (9) foreign direct investment from any source should 
        strengthen United States security and support United States 
        workforce, health and safety, consumer, and financial 
        standards.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Agency.--The term ``agency'' has the meaning given such 
        term in section 551 of title 5, United States Code.
            (2) Foreign adversary.--The term ``foreign adversary'' has 
        the meaning given such term in part 7.2 of title 15, Code of 
        Federal Regulations.
            (3) Responsible private-sector entity.--The term 
        ``responsible private-sector entity'' means an entity that the 
        Secretary determines is--
                    (A) not organized under the laws of a foreign 
                adversary; and
                    (B) not owned, controlled, or otherwise subject to 
                the influence of, a foreign adversary.
            (4) Secretary.--The term ``Secretary'' means the Secretary 
        of Commerce.
            (5) State.--The term ``State'' means--
                    (A) each State of the United States;
                    (B) the District of Columbia;
                    (C) each commonwealth, territory, or possession of 
                the United States; and
                    (D) each federally recognized Indian Tribe.
            (6) Trusted country.--The term ``trusted country'' means a 
        country or economy that is not determined by the Secretary to 
        be a foreign adversary of the United States.

SEC. 4. FOREIGN DIRECT INVESTMENT REVIEW.

    (a) Review.--The Secretary, in consultation with the Federal 
Interagency Investment Working Group established pursuant to Executive 
Order 13577 (76 Fed. Reg. 35715; relating to establishment of the 
SelectUSA Initiative) and in consultation with the heads of other 
relevant agencies, shall conduct an interagency review of the global 
competitiveness of the United States in--
            (1) attracting foreign direct investment from responsible 
        private-sector entities based in trusted countries; and
            (2) addressing key foreign trade barriers that firms in 
        advanced technology sectors face in the global digital economy.
    (b) Specific Matters To Be Included.--The review conducted pursuant 
to subsection (a) shall include a review of--
            (1) the economic impact of foreign direct investment in the 
        United States, with particular focus on manufacturing, 
        services, trade (with an emphasis on digital trade), and United 
        States jobs;
            (2) trends in global cross-border investment and data flows 
        and the underlying factors for such trends;
            (3) Federal Government policies, that facilitate foreign 
        direct investment attraction and retention from responsible 
        private-sector entities based in trusted countries;
            (4) foreign direct investment as compared to direct 
        investment by domestic entities;
            (5) foreign direct investment that takes the form of 
        greenfield investment rather than foreign direct investment 
        relating to merger and acquisition activity;
            (6) the unique challenges posed by foreign direct 
        investment, particularly acquisitions, in the United States by 
        State-owned or State-backed enterprises, especially from State-
        directed economies, including companies or other entities 
        owned, directed, supported, or influenced by the Chinese 
        Communist Party;
            (7) specific information regarding the prevalence of 
        investments made by State-owned or State-backed enterprises, 
        especially from State-directed economies, including companies 
        or other entities owned, directed, supported, or influenced by 
        the Chinese Communist Party, with a particular focus on 
        investments relating to manufacturing, services, trade (with an 
        emphasis on digital trade), and jobs;
            (8)(A) how other trusted countries are dealing with the 
        challenge, including screening for and preventing market 
        distorting investments, of State-directed and State-supported 
        investment; and
            (B) whether there are opportunities to work with like-
        minded nations to address such challenge;
            (9) ongoing Federal Government efforts to improve the 
        investment climate and facilitate greater levels of foreign 
        direct investment in the United States from responsible 
        private-sector entities based in trusted countries;
            (10) innovative and noteworthy initiatives by State and 
        local government to attract foreign investment from responsible 
        private-sector entities based in trusted countries;
            (11) initiatives by other countries to identify best 
        practices for increasing global competitiveness in attracting 
        foreign direct investment from responsible private-sector 
        entities based in trusted countries;
            (12)(A) the impact that protectionist policies by other 
        countries, including forced data localization rules, forced 
        localization of production, industrial subsidies, and the 
        infringement of intellectual property rights, have on the 
        advanced technology economy of the United States; and
            (B) the ability for United States located firms to develop 
        innovative technologies;
            (13) other barriers to the ability of the United States to 
        compete globally in an increasingly connected and digital 
        global economy, including the use of technical barriers to 
        trade (such as country-specific standards for technology 
        products and digital services);
            (14) the adequacy of efforts by the Federal Government to 
        encourage and facilitate foreign direct investment in the 
        United States;
            (15) efforts by the Chinese Communist Party to circumvent 
        existing laws to gain access to United States markets, foreign 
        direct investment responsible private-sector entities based in 
        trusted countries, or intellectual property; and
            (16) the extent to which foreign direct investment from any 
        source, including the Chinese Communist Party, results in 
        displacement, offshoring, or outsourcing, including the impact 
        of such investment on supply chains.
    (c) Limitation.--The review conducted pursuant to subsection (a) 
may not address laws or policies relating to the Committee on Foreign 
Investment in the United States.
    (d) Public Comment.--
            (1) Review.--Not sooner than 60 days before the date on 
        which the review is commenced pursuant to subsection (a), the 
        Secretary shall--
                    (A) publish notice of the review in the Federal 
                Register; and
                    (B) provide an opportunity for public comment on 
                the matters to be covered by the review.
            (2) Report.--Not sooner than 60 days before the date on 
        which the report is submitted pursuant to subsection (b), the 
        Secretary shall--
                    (A) publish the proposed findings and 
                recommendations included in the report in the Federal 
                Register; and
                    (B) provide an opportunity for public comment.
    (e) Report to Congress.--Not later than 1 year after the date of 
the enactment of this Act, the Secretary, in coordination with the 
Federal Interagency Investment Working Group and the heads of other 
relevant agencies, shall submit a report to Congress and to the 
Comptroller General that includes--
            (1) the findings of the review conducted pursuant to 
        subsection (a); and
            (2) recommendations for increasing the global 
        competitiveness of the United States in attracting foreign 
        direct investment from responsible private-sector entities 
        based in trusted countries in a manner that strengthens or 
        maintains the security, workforce, consumer, or financial 
        protections of the United States.
    (f) Comptroller General Review.--Not later than 1 year after the 
date on which the Comptroller General of the United States receives the 
report pursuant to subsection (e), the Comptroller General shall submit 
a review and assessment of the report to Congress.
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