The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“GLOBAL INVESTMENT IN AMERICAN JOBS ACT OF 2012” mentioning the U.S. Dept. of Commerce was published in the House of Representatives section on pages H6132-H6134 on Sept. 19, 2012.
The publication is reproduced in full below:
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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.
(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.
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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