[Congressional Record Volume 158, Number 127 (Wednesday, September 19, 2012)]
[House]
[Pages H6132-H6134]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  2020
             GLOBAL INVESTMENT IN AMERICAN JOBS ACT OF 2012

  Mrs. BONO MACK. Mr. Speaker, I move to suspend the rules and pass the 
bill (H.R. 5910) to direct the Secretary of Commerce, in coordination 
with the heads of other relevant Federal departments and agencies, to 
produce a report on enhancing the competitiveness of the United States 
in attracting foreign direct investment, and for other purposes, as 
amended.
  The Clerk read the title of the bill.
  The text of the bill is as follows:

                               H.R. 5910

       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 2012''.

     SEC. 2. FINDINGS.

       Congress finds the following:
       (1) It remains an urgent national priority to improve 
     economic growth and create new jobs.
       (2) National security requires economic strength and global 
     engagement.
       (3) Businesses today have a wide array of choices when 
     considering where to invest, expand, or establish new 
     operations.
       (4) Administrations of both parties have consistently 
     reaffirmed the need to maintain an open investment climate as 
     a key to domestic economic prosperity and security.
       (5) The United States has historically been the largest 
     worldwide recipient of global investment but has seen its 
     share of inbound global investment decline relative to its 
     gross domestic product in recent years.
       (6) Governors and mayors throughout the United States face 
     increasing competition from other countries as they work to 
     recruit investment from global companies.
       (7) Foreign direct investment can benefit the economy and 
     workforce of every State and Commonwealth in the United 
     States.
       (8) According to the latest Federal statistics, the United 
     States subsidiaries of companies headquartered abroad 
     contribute to the United States economy in a variety of 
     important ways, including by--
       (A) providing jobs for nearly 5,300,000 Americans with 
     average compensation that is approximately 33 percent higher 
     than the national private-sector average, as these jobs are 
     often in high-skilled, high-paying industries;
       (B) strengthening the United States industrial base and 
     employing nearly 15 percent of the United States 
     manufacturing sector workforce;
       (C) establishing operations in the United States from which 
     to sell goods and services around the world, thereby 
     producing nearly 18 percent of United States exports;
       (D) promoting innovation with more than $41,000,000,000 in 
     annual United States research and development activities;
       (E) paying nearly 17 percent of United States corporate 
     income taxes; and
       (F) purchasing more than $1,800,000,000,000 in domestic 
     goods and services annually from local suppliers and small 
     businesses, amounting to 80 cents for every dollar spent on 
     input purchases.
       (9) These companies account for 5.8 percent of United 
     States private sector Gross Domestic Product.
       (10) The Secretary of Commerce and the Secretary of State 
     have declared increasing inbound global investment to be 
     among their top priorities.

[[Page H6133]]

       (11) The President issued a statement in 2011 reaffirming 
     the longstanding open investment policy of the United States 
     and encouraged all countries to pursue such a policy.
       (12) The President signed an Executive order in 2011 to 
     establish the SelectUSA initiative, aimed at promoting 
     greater levels of business investment in the United States.
       (13) The President's Council on Jobs and Competitiveness in 
     2011 recommended the establishment of a National Investment 
     Initiative to attract $1,000,000,000,000 in new business 
     investment from abroad.
       (14) The United States and the European Union recently 
     unveiled a set of principles aimed at promoting a more open 
     climate for international investment and intended as a model 
     for countries around the world.
       (15) Maintaining the United States commitment to open 
     investment policy encourages other countries to do the same 
     and enables the United States to open new markets abroad for 
     United States companies and their products.

     SEC. 3. SENSE OF CONGRESS.

       It is the sense of Congress that--
       (1) the ability of the United States to attract inbound 
     investment, particularly net new investment, is directly 
     linked to the long-term economic prosperity, competitiveness, 
     and security of the United States;
       (2) in order to remain the most attractive location for 
     global investment, Congress and Federal departments and 
     agencies should be mindful of the potential impact upon the 
     ability of the United States to attract foreign direct 
     investment when evaluating proposed legislation or regulatory 
     policy;
       (3) it is a top national priority to enhance the 
     competitiveness, prosperity, and security of the United 
     States by--
       (A) removing unnecessary barriers to inward global 
     investment and the jobs that it creates throughout the United 
     States; and
       (B) promoting policies to ensure the United States remains 
     the premier destination for global companies to invest, hire, 
     innovate, and manufacture their products; and
       (4) while foreign direct investment can enhance our 
     economic strength, policies regarding foreign direct 
     investment should reflect national security interests.

     SEC. 4. AMENDMENT TO FOREIGN DIRECT INVESTMENT AND 
                   INTERNATIONAL FINANCIAL DATA IMPROVEMENTS ACT 
                   OF 1990.

       Section 3 of the Foreign Direct Investment and 
     International Financial Data Improvements Act of 1990 (22 
     U.S.C. 3142) is amended by adding at the end the following:
       ``(d) Review of United States Laws and Policies on Foreign 
     Direct Investment in the United States.--
       ``(1) Review.--The Secretary of Commerce, in coordination 
     with the Federal Interagency Investment Working Group and the 
     heads of other relevant Federal departments and agencies, 
     shall conduct an interagency review of United States laws and 
     policies on foreign direct investment in the United States 
     and develop recommendations to make the United States more 
     competitive in attracting and retaining strong investment 
     flows from abroad.
       ``(2) Additional matters to be included.--The review 
     conducted pursuant to paragraph (1) shall include the 
     following:
       ``(A) A review of the current economic impact of foreign 
     direct investment in the United States and broader trends in 
     global cross-border investment flows, including an assessment 
     of the current United States competitive position as an 
     investment location for companies headquartered abroad.
       ``(B) A review of United States laws and policies that 
     uniquely apply to foreign direct investment in the United 
     States, with particular focus on those laws and policies that 
     may have the effect of diminishing or promoting the ability 
     of the United States to attract and retain foreign direct 
     investment.
       ``(C) A review of ongoing Federal Government efforts to 
     improve the investment climate, reduce investment barriers, 
     and facilitate greater levels of foreign direct investment in 
     the United States.
       ``(D) Recommendations based on the review carried out 
     pursuant to subparagraph (B), including a comparative 
     analysis of efforts of other competing countries, to make the 
     United States more competitive in attracting global 
     investment.
       ``(E) The impact of foreign direct investment on innovation 
     and national economic competitiveness.
       ``(F) A review of State and local government initiatives to 
     attract foreign investment.
       ``(3) Comment period.--The review conducted under paragraph 
     (1) shall include an open comment period to solicit public 
     input on matters covered by the review.
       ``(4) Inclusion in report.--The Secretary of Commerce shall 
     include the results of the review conducted pursuant to 
     paragraph (1) in the first report prepared under subsection 
     (a) of this section on or after the date of the enactment of 
     the Global Investment in American Jobs Act of 2012.''.

  The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from 
California (Mrs. Bono Mack) and the gentleman from Georgia (Mr. Barrow) 
each will control 20 minutes.
  The Chair recognizes the gentlewoman from California.


                             General Leave

  Mrs. BONO MACK. Mr. Speaker, I ask unanimous consent that all Members 
may have 5 legislative days in which to revise and extend their remarks 
and insert extraneous materials into the Record on H.R. 5910.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from California?
  There was no objection.
  Mrs. BONO MACK. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, as chairman of the House Subcommittee on Commerce, 
Manufacturing and Trade, I rise today in strong support of H.R. 5910, 
the Global Investment in American Jobs Act of 2012. This legislation 
directs the Department of Commerce, in coordination with the heads of 
other relevant Federal departments, to produce an interagency report on 
enhancing the competitiveness of the United States in attracting 
foreign and direct investment.
  This is a commonsense, bipartisan approach to creating new jobs in 
America, and I would like to thank my colleagues--Mr. Dold, Mr. Peters, 
Mr. Roskam and Mr. Barrow--for their hard work on this important 
legislation. I would also like to thank Energy and Commerce Committee 
Chairman Upton, Ranking Member Waxman, and subcommittee Ranking Member 
Butterfield for all agreeing to bring H.R. 5190 to the floor. It has 
the strong support of leading business groups, including the U.S. 
Chamber of Commerce, the Organization for International Investment, the 
Association of Global Automakers, and the National Association of 
Manufacturers.
  Today, with our economy stuck in a dangerous quagmire--and with 
unemployment still above 8 percent for a record 43 straight months--we 
need to take a long, hard look at U.S. laws and policies which serve as 
barriers to foreign direct investment in our Nation here at home. The 
goal of the Global Investment in American Jobs Act is to produce a 
much-needed ``competitiveness assessment report'' to Congress, along 
with a list of recommendations to make the U.S. more appealing to 
global companies seeking to expand beyond their borders.
  This legislation comes at a very critical time. The value of cross-
border investment has grown dramatically around the world, but America 
simply isn't cashing in like it once did. Just a decade ago, the U.S. 
attracted more than 41 percent of all global foreign investment. Today, 
that number has fallen to 18 percent--a steep, costly, and unacceptable 
decline.
  In many ways, we're being out-recruited by other nations. In a recent 
global ranking of the world's most competitive economies, the U.S. 
slipped from fifth to seventh--marking the fourth straight year in 
which our Nation has shown a decline, despite having the world's 
largest economy. This constant chipping away at America's ability to 
compete for foreign investment is contributing to our unacceptably high 
unemployment rate and adding to our exploding national debt. This 
legislation is simply one way to fight back.
  International investment has long served as an engine for U.S. 
economic prosperity, and it can play an important role in our economic 
recovery in the years ahead.
  Today, the U.S. subsidiaries of international companies employ 5.3 
million American workers, account for about 15 percent of the country's 
manufacturing workforce, produce more than 20 percent of all U.S. goods 
exported, and fund more than $40 billion of annual research and 
development activities. These companies also support a diverse supplier 
network throughout our country, purchasing roughly $2 trillion in 
annual goods and services that help to sustain thousands of small and 
medium-sized American companies.
  The Global Investment in American Jobs Act aims, for the very first 
time, to identify barriers to new investment and to produce a road map 
for attracting and retaining top-tier businesses from around the world. 
Strong investment promotion policy will not only spur international 
companies to create jobs here in the U.S., but it will also encourage 
other nations to open their markets to U.S. investment necessary to 
access foreign markets.
  Simply put, this legislation sends an important message to the world: 
today, America is not only open for business, but it's also a great 
place to do business.

[[Page H6134]]

  With that, Mr. Speaker, I reserve the balance of my time.
  Mr. BARROW. Mr. Speaker, I yield myself such time as I may consume.
  Mr. Speaker, I too rise in support of H.R. 5910, the Global 
Investment in American Jobs Act of 2012.
  Our success as a country depends more and more on being competitive 
in a global economy. The United States has historically been a very 
attractive investment for foreign businesses. In fact, foreign-owned 
businesses add over 5 million good-paying jobs to the U.S. labor force, 
produce nearly 18 percent of all U.S. exports, pay nearly 17 percent of 
all U.S. corporate income taxes, and purchase nearly $2 trillion in 
goods and services from other domestic small businesses.
  This bill simply requires the Department of Commerce to work with the 
heads of other relevant Federal departments to conduct a review of U.S. 
laws and policies that affect foreign investment in the U.S. and then 
make recommendations on how we can be more competitive in attracting 
foreign investment.
  As our global competitors continue to develop, we have to evolve as 
well just to keep up. This bill will give us a fuller picture of our 
challenges and opportunities so we can develop a coordinated strategy 
for economic success. It's the key to our economic well-being in the 
decades to come.
  I want to thank Congressman Dold, Congressman Roskam, and Congressman 
Peters for their collaborative and bipartisan work on this bill. 
Working together isn't just the right way to do things around here; 
it's the only way to actually get anything done around here. However 
much we may tend to forget that in this body, it's the only way to 
truly represent the Nation as a whole.
  With that, Mr. Speaker, I reserve the balance of my time.
  Mrs. BONO MACK. Mr. Speaker, I am pleased to yield 5 minutes to one 
of the very hardworking authors of this legislation, the gentleman from 
Illinois (Mr. Dold).
  Mr. DOLD. Mr. Speaker, I certainly want to thank my good friend from 
California for yielding the time and for her leadership on the 
subcommittee.
  Mr. Speaker, global investment grows our economy right here at home. 
It means good-paying, solid American jobs. The United States is the 
premier location around the world for companies to invest and establish 
operations, but the reality is that other nations are getting better at 
challenging the United States for foreign direct investment 
opportunities. In fact, the United States share of global foreign 
investment has declined, as my friend from California pointed out, from 
over 41 percent in 1999 to what is under 18 percent--actually 17.6 
percent in 2009.
  While America still leads the way in attracting this inbound or 
inward investment, the data make it clear that we must do better in 
order to remain the premier location for global investment in the 21st 
century. That's why I am proud to introduce and champion H.R. 5910, the 
Global Investment in American Jobs Act. I urge my colleagues who are 
focused on improving our economy and creating American jobs to vote in 
support of this legislation so that it can get signed quickly by the 
President.
  The Global Investment in American Jobs Act has earned broad 
bipartisan support both here in the House and in the United States 
Senate. And I want to thank Congressman Roskam, Congressman Barrow, 
Congressman Peters, as well as Senators Kerry and Corker, for helping 
lead the push for this legislation. I also want to thank the many 
cosponsors who recognize how important this legislation is to growing 
our economy and keeping jobs here at home.
  This legislation provides a road map for enhancing the U.S. 
competitiveness and attracting foreign direct investment into the 
United States. It does this by expanding on an existing Commerce 
Department report and charges the Commerce Department to identify 
certain policies and regulations--whether those are in existence 
intentionally or, more importantly, indirectly or unintentionally--that 
might uniquely create a barrier for investment here in the United 
States. It also helps us gain a better understanding of which current 
policies promote this much-needed global investment into the United 
States and into our communities.
  Mr. Speaker, in Illinois, insourcing currently accounts for a little 
over 273,000 direct jobs, including many great jobs in the 10th 
District of Illinois. But it's not just in Illinois. The benefits of 
this inbound investment is seen in literally every State, helping us to 
sustain innovation, manufacturing, trade, supplier networks, and over 5 
million direct jobs throughout our Nation.

                              {time}  2030

  But with other nations actively reforming their policies in an effort 
to make their countries increasingly more competitive for these global 
investments, it's critical that the United States do the same.
  Promoting and encouraging global investment into our country, and the 
jobs that will come with it, is something that we all should promote. 
It is something that has been identified as key to economic growth in 
our country, certainly in the Chicago region, and it is something that 
I'm proud to lead the charge on in Congress.
  I urge my colleagues to vote ``yea'' on the legislation, and I want 
to thank my colleague from Georgia for his help and leadership as well.
  Mr. BARROW. Mr. Speaker, there being no further speakers on our side, 
I would inquire of the gentlelady from California if she has any 
further speakers on hers.
  Mrs. BONO MACK. No, I do not have any further speakers. At this time, 
I'm prepared to close.
  Mr. BARROW. With that, Mr. Speaker, it falls to me only to thank, 
once again, Congressman Dold, Congressman Roskam, and Congressman 
Peters for their work on this bill.
  I yield back the balance of my time.
  Mrs. BONO MACK. Mr. Speaker, I'm just going to say that there's 
absolutely no magic bullet for putting Americans back to work again, 
but what we can do and what we should do is eliminate the endless 
roadblocks to job creation which are acting like a tire boot on the 
U.S. economy. Today we're simply going nowhere fast.
  This bill will help to get America moving again by removing many of 
those barriers and by developing a much-needed plan for attracting top-
tier businesses from around the world. Today, with more than 23 million 
Americans who are unemployed or underemployed, it's time to cut that 
tire boot off of our economy and to develop a new roadmap for 
prosperity. The Global Investment in American Jobs Act of 2012 is one 
way for us to start on that journey.
  Mr. Speaker, again, I applaud my colleagues for their hard work, and 
I thank them very much for what they've done.
  I strongly urge all of my colleagues to adopt H.R. 5910. It is a 
bipartisan bill. It's supported by leading business groups. And when it 
comes to job creation, it's another piece to the puzzle that simply 
fits perfectly.
  I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from California (Mrs. Bono Mack) that the House suspend the 
rules and pass the bill, H.R. 5910, as amended.
  The question was taken; and (two-thirds being in the affirmative) the 
rules were suspended and the bill, as amended, was passed.
  A motion to reconsider was laid on the table.

                          ____________________