Subcommittee Advances Bipartisan Jobs Bill to Increase Foreign Investment in the United States

May 23, 2013

WASHINGTON, DC –The Commerce, Manufacturing, and Trade Subcommittee, chaired by Rep. Lee Terry (R-NE), today approved H.R. 2052, the Global Investment in American Jobs Act of 2013. The bipartisan legislation, authored by Subcommittee Chairman Terry and Ranking Member Jan Schakowsky (D-IL), seeks to increase the United States’ share of foreign direct investment and create jobs. The subcommittee approved the measure by voice vote and it now moves to the full committee for consideration.

Until 2012, the U.S. was the largest recipient of foreign investment, but the U.S. share of inbound global investment has declined in recent years. 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 United States more competitive in attracting investment.

“The United States should be a leader in attracting foreign investment. We have a stable government, safe working conditions, and the most skilled workforce in the world,” said Terry. “Creating high-paying job opportunities, putting folks to work, and incentivizing companies to come to our shores are all bipartisan priorities. This bipartisan legislation will help us identify changes we can make to achieve these goals.”

“There are strong incentives to invest in America, and we should seek ways to leverage those incentives. The nearly 1,600 foreign-based firms operating in Illinois employ more than 300,000 Illinois residents. This bill will help improve upon that success by guiding the further growth of good jobs through foreign investment,” said Schakowsky. “I would like to thank Rep. Terry for working so diligently and collaboratively to come to an agreement on this important legislation.”

In support of the legislation, full committee Chairman Fred Upton (R-MI) said, “We cannot expect to regain our attractiveness based on our past reputation. We have to prove we are the most attractive place to invest now and to do that we will have to make changes. I welcome the legislation of Chairman Terry and Ranking Member Schakowsky to have the Secretary of Commerce perform a review in coordination with other agencies and make recommendations we can use to map our course back to the top.”

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