Bipartisan Effort to Boost U.S. Foreign Direct Investment and Create Jobs Achieves Strong Support

September 9, 2013

WASHINGTON, DC – The U.S. House of Representatives will vote today on H.R. 2052, the Global Investment in American Jobs Act of 2013. The bill, authored by Commerce, Manufacturing, and Trade Subcommittee Chairman Lee Terry (R-NE) and Ranking Member Jan Schakowsky (D-IL), seeks to increase the United States’ share of foreign direct investment and create jobs. The legislation enjoys broad bipartisan support and was approved unanimously by both the subcommittee and full committee.

In recent years, the United States’ share of foreign direct investment has declined significantly. The Global Investment in American Jobs Act seeks to reverse that trend, calling on the Secretary of Commerce to lead an interagency review and make recommendations to Congress on ways to make the U.S. more competitive in attracting investment and create jobs. Earlier this summer, a group of leading stakeholders wrote to congressional leaders urging them to bring this commonsense jobs bill to the floor for consideration, writing:

“Now more than ever before, foreign headquartered companies have an unprecedented array of options when looking to invest, expand, or establish new operations, including into emerging economies such as China and Brazil. In this challenging global environment, the United States must take action to better position itself to compete for job-creating FDI. The ‘Global Investment in American Jobs Act’ recognizes that remaining competitive in attracting FDI is directly linked to our nation’s long-term economic strength and security. … The United States cannot afford to become complacent in the effort to attract global business investment. Passing this legislation will be an important step in enhancing U.S. competitiveness and reinvigorating job growth here at home.”

Organizations signing the letter include:

Advanced Medical Technology Association

Association of Global Automakers, Inc.

Emergency Committee for American Trade

Financial Services Forum

Financial Services Roundtable

National Association of Manufacturers

National Foreign Trade Council

Organization for International Investment

U.S. Chamber of Commerce

U.S. Council for International Business

To view all letters of support for H.R. 2052, click here.

 

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