House Approves Bipartisan Jobs Bill To Remove Barriers to Foreign Direct Investment
WASHINGTON, DC – The U.S. House of Representatives today approved H.R. 2052, the Global Investment in American Jobs Act of 2013, by a vote of 379 to 32. This bipartisan jobs legislation, authored by Commerce, Manufacturing, and Trade Subcommittee Chairman Lee Terry (R-NE) and Ranking Member Jan Schakowsky (D-IL), instructs the Department of Commerce to lead an interagency review and make recommendations to Congress on ways to make the United States more competitive in attracting foreign investment. The market for foreign investment has become increasingly competitive, and the United States’ share of foreign direct investment has declined significantly in recent years. This legislation, which has broad support, will help identify barriers to investment in the United States and highlight what changes policymakers can make to ensure the U.S. succeeds in attracting global companies and jobs.
“Unfortunately, according to the testimony of the Organization for International Investment at our legislative hearing last spring, the United States’ share of foreign direct investment dropped from 41 percent at its high in 1999 to just 17 percent in 2011. Today, we are here to reverse that trend,” said Terry. “I believe we can all agree that we shouldn’t stop our efforts to put America back to work until every American who wants a job can find one. This legislation is a step in the right direction.”
Click here to watch Terry’s full remarks in support of H.R. 2052