Jul 26, 2024
Press
McMorris Rodgers, Rush Introduce Global Investment in American Jobs Act
WASHINGTON, D.C. – Today, Representatives Cathy McMorris Rodgers (R-WA) and Bobby Rush (D-IL) introduced the Global Investment in American Jobs Act to increase the competitiveness of the United States in attracting Foreign Direct Investment (FDI).
“Our ability to attract investment from around the world directly impacts our competitiveness and global leadership. Unfortunately, the U.S. share of global investment has been declining in recent years and China has surpassed us in attracting foreign investment,” said Rep. McMorris Rodgers. “In order for America to win the future, create jobs, beat China, and compete in a global economy, we need to encourage foreign direct investment in the United States, especially in emerging technologies, while protecting our national security from risks posed by investment from Chinese state-owned enterprises. This legislation will help regain our competitive edge against China and encourage investment into the U.S. and our communities.”
“FDI is a key factor in making the American economy more competitive on the world stage, while also fueling innovation and job creation here at home,” said Rep. Rush. “In Illinois, over 350,000 workers are employed as a result of FDI, however, recent reports have shown that FDI has fallen significantly over the past year. The Global Investment in American Jobs Act seeks to reverse this trend by directing federal agencies to make the U.S. more attractive for global investment, which ultimately translates to a stronger American workforce with better paying jobs. I thank my colleague, Rep. McMorris Rodgers, for working with me to introduce this critically important, bipartisan legislation.”
In order to increase the competitiveness of the U.S. in attracting FDI, the bill would:
- Require the Secretary of Commerce to conduct an interagency review, in coordination with the Federal Interagency Investment Working Group and the heads of the other relevant Federal departments and agencies, of the global competitiveness of the United States in attracting foreign direct investment.
- Establish thirteen specific matters to be reviewed, including but not limited to:
- The current economic impact of FDI in the U.S.;
- Trends in global cross-border investment and data flows;
- U.S. policies that are closely linked to the ability of the U.S. to attract and retain FDI;
- Federal government efforts to reduce barriers and improve the investment climate;
- Challenges posed by state-owned or backed enterprises; and
- The impact of protectionist policies such as forced data localism rules and infringement of IP has on the ability of the U.S. to develop new technologies.
- Require a report to Congress on the findings of the review, together with recommendations for making the U.S. more competitive in attracting global investment without undermining fundamental labor, consumer, environmental, or national security protections.
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