The U.S. Congress is considering legislation to bolster America’s competitiveness in attracting Foreign Direct Investment (FDI) from abroad, which can strengthen U.S. competitiveness and create good jobs. USCIB is among the business voices leading the call for Congress to adopt the “Global Investment in American Jobs Act” (S. 1023/HR 2052). In a rare display of bipartisanship, the House of Representatives passed the bill by a vote of 370-32 on September 9. USCIB and our business coalition partners are now urging the U.S. Senate to move quickly to adopt the Bill (click here to view the coalition letter to the U.S. Senate).
The legislation would put the U.S. government clearly on record as welcoming international investment. The legislation would also task the secretary of commerce to lead a government-wide effort to focus on America’s investment competitiveness, and to develop and implement a plan to make the U.S. the unquestioned “gold standard” option for the best international companies to locate new facilities.
“Inward FDI is good for America,” said Shaun Donnelly, USCIB’s vice president for investment and financial services. “The competition among nations around the world to attract high quality investment projects increases daily, and the U.S. needs to up its game as a destination for FDI. This piece of legislation is a good place to start.” USCIB commends the bill’s sponsors in the House (Lee Terry, R-NE; Jan Schakowsky, D-IL; Peter Roskam, R-IL; and John Barrow, D-GA) and the Senate (Bob Corker, R-TN; Amy Klobuchar, D- MN; Roy Blunt, R- MO; and Kay Hagan, D- NC) for their leadership in introducing this legislation.
USCIB has long been a leading business voice in Washington and internationally on the importance of both inward and outbound FDI to U.S. economic competitiveness, exports, economic growth and jobs. According to Donnelly, inward FDI brings not only needed capital but also technology, innovation and access to foreign markets. USCIB co-chairs the investment policy committees of the broad U.S. business coalitions working with the Obama administration on the two major ongoing trade negotiations, the Trans-Pacific Partnership and the Transatlantic Trade and Investment Partnership.
Staff contact: Shaun Donnelly