[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]
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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.
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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.
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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.
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