Global Investment in American Jobs Act of 2012 - Expresses the sense of Congress that: (1) U.S. ability to attract inbound investment is directly linked to U.S. long-term economic prosperity, competitiveness, and security; (2) Congress and federal departments and agencies should consider potential impact upon U.S. ability to attract foreign direct investment when evaluating proposed legislation or regulatory policy; and (3) it is a top national priority to enhance U.S. competitiveness, prosperity, and security by removing unnecessary barriers to inward global investment and the U.S. jobs it creates and promoting policies to ensure the United States remains the premier destination for global companies to invest, hire, innovate, and manufacture their products.
Amends the Foreign Direct Investment and International Financial Data Improvements Act of 1990 to direct the Secretary of Commerce to conduct an interagency review of U.S. 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.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3274 Introduced in Senate (IS)]
112th CONGRESS
2d Session
S. 3274
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.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 7, 2012
Mr. Kerry (for himself, Mr. Corker, Mr. Brown of Ohio, Mr. Chambliss,
Mr. Sessions, and Mr. Brown of Massachusetts) introduced the following
bill; which was read twice and referred to the Committee on Commerce,
Science, and Transportation
_______________________________________________________________________
A BILL
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.
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 restore
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) United States 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 global investment stock decline significantly 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 benefits the economy and
workforce of every State and Commonwealth in the United States.
(8) According to the latest United States Government
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 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 17 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 21 percent of United States
exports;
(D) promoting innovation with more than
$40,000,000,000 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 5.3 percent of United
States private sector Gross Domestic Product.
(10) The Secretary of Commerce and the Secretary of State
have both recently declared increasing inward 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 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 consider potential impact upon the ability of
the United States to attract foreign direct investment when
evaluating proposed legislation or regulatory policy; and
(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.
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 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 the
ability of the United States to attract and retain
foreign direct investment.
``(C) A review of ongoing efforts of the Federal
Government to reduce investment barriers and facilitate
greater levels of foreign direct investment in the
United States.
``(D) Recommendations based on an assessment of
United States laws and policies, including a
comparative analysis of efforts of other competing
countries, to make the United States more competitive
in attracting global investment.
``(3) Comment period.--The review conducted under paragraph
(1) shall include an open comment period to solicit input from
experts and industry stakeholders 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.''.
<all>
Introduced in Senate
Read twice and referred to the Committee on Commerce, Science, and Transportation.
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