S. 1023 — Introduced in Senate

II 113th CONGRESS 1st Session S. 1023 IN THE SENATE OF THE UNITED STATES May 22, 2013 Mr. Corker (for himself, Ms. Klobuchar, Mr. Blunt, and Mrs. Hagan) 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 conduct an interagency review of and report on ways to increase the competitiveness of the United States in attracting foreign direct investment. 1. Short title This Act may be cited as the Global Investment in American Jobs Act of 2013. 2. Findings Congress finds the following: (1) It remains an urgent national priority to improve 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) 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 foreign direct investment but has seen its share decline in recent years. (6) The United States faces increasing competition from other countries as they work to recruit investment from global companies. (7) Foreign direct investment can benefit the economy and workforce of every State and Commonwealth in the United States. (8) According to the latest Federal 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 nearly 5,600,000 people in the United States with compensation that is often higher than the national private-sector average, as many of these jobs are in high-skilled, high-paying industries; (B) strengthening the United States industrial base and employing nearly 15 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 18 percent of United States exports; (D) promoting innovation with more than $41,000,000,000 in annual United States research and development activities; (E) paying nearly 14 percent of United States corporate income taxes; and (F) purchasing goods and services from local suppliers and small businesses, worth hundreds of billions of dollars annually. (9) These companies account for 5.8 percent of United States private sector Gross Domestic Product (GDP). (10) The Department of Commerce and the Department of State have initiatives in place to increase foreign direct investment. (11) President Barack Obama 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) President Obama signed an Executive order in 2011 to establish the SelectUSA initiative and expanded its resources and activities in 2012, 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 foreign direct investment over five years. 3. Sense of congress It is the sense of Congress that— (1) the ability of the United States to attract foreign direct investment is directly linked to the long-term economic prosperity, global competitiveness, and security of the United States; (2) in order to remain the most attractive location for foreign direct investment, Congress should be mindful of the potential impact upon the ability of the United States to attract foreign direct investment when evaluating proposed legislation; (3) it is a top national priority to enhance the competitiveness, prosperity, and security of the United States by— (A) removing unnecessary barriers to foreign direct investment and the jobs that it creates throughout the United States; and (B) promoting policies to ensure the United States remains the premier global destination in which to invest, hire, innovate, and manufacture their products; (4) 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; and (5) while foreign direct investment can enhance the economic strength of the United States, policies regarding foreign direct investment should reflect national security interests and should not disadvantage domestic investors or companies. 4. Foreign direct investment review (a) Review The Secretary of Commerce, in coordination with the Federal Interagency Investment Working Group and the heads of other relevant Federal departments and agencies, shall conduct an interagency review of the global competitiveness of the United States in attracting foreign direct investment. (b) Specific matters To be included The review conducted pursuant to subsection (a) shall include a review of— (1) the current economic impact of foreign direct investment in the United States, with particular focus on manufacturing, research and development, trade, and jobs; (2) 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; (3) Federal Government policies that are closely linked to the ability of the United States to attract and retain foreign direct investment; (4) ongoing Federal Government efforts to improve the investment climate, reduce investment barriers, and facilitate greater levels of foreign direct investment in the United States; (5) innovative and noteworthy State, regional, and local government initiatives to attract foreign investment; and (6) initiatives by other countries in order to identify best practices for increasing global competitiveness in attracting foreign direct investment. (c) Limitation The review conducted pursuant to subsection (a) shall not address laws and policies relating to the Committee on Foreign Investment in the United States. (d) Public comment Prior to— (1) conducting the review under subsection (a), the Secretary shall publish notice of the review in the Federal Register and shall provide an opportunity for public comment on the matters to be covered by the review; and (2) reporting pursuant to subsection (e), the Secretary shall publish the proposed findings and recommendations to Congress in the Federal Register and shall provide an opportunity for public comment. (e) Report to congress Not later than one year after the date of the enactment of this Act, the Secretary of Commerce, in coordination with the Federal Interagency Investment Working Group and the heads of other relevant Federal departments and agencies, shall report to Congress the findings of the review required under subsection (a) and submit recommendations to make the United States more competitive in attracting foreign direct investment without undermining fundamental domestic labor, consumer, or environmental protections.