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Legislative Update: Competing for Jobs, Growing Our Economy

Statement

By:
Date:
Location: Unknown

Dear Friends:

The United States has always been the first choice of companies all around the world to invest and establish operations, but other nations are getting better at challenging the United States for these opportunities, known as foreign direct investment. While America still leads the way in attracting foreign direct investments, the data makes it clear that we must do better in order to remain the premier location for global investment in the 21st century.

Businesses today have a wide array of choices when considering where to invest, expand, or establish new operations -- and other nations are beginning to offer more incentives and rival America for these investments. In fact, the United States share of global foreign investment declined from over 41 percent in 1999 to 17.6 percent in 2009.

This is why I am proud to co-sponsor the Global Investment in American Jobs Act of 2012, which will enhance the competitiveness of the United States in attracting foreign direct investments and lead to more jobs in America. Maintaining the United States commitment to open investment policy enables the United States to open new markets abroad for United States companies and their products.

United States administrations of both political parties have consistently reaffirmed the need to maintain an open investment climate as a key to domestic economic prosperity and security. Republicans and Democrats alike at the local, state, and federal level all agree that we need to work harder for new investment. And Governors from all across America are working hard every day to recruit global firms to set up shop on U.S. soil, because they know that foreign investment can be an engine for job growth and economic prosperity in a local economy.

According to the most recent Bureau of Economic Analysis data, the American subsidiaries of companies headquartered abroad have a tremendous impact on our economy, creating 5.3 million direct jobs in America with an annual payroll of over $400 billion. Additionally, foreign direct investment is responsible for 21 percent of all U.S. exports annually, with a value of $219.7 billion, and makes up 17 percent of all U.S. corporate income tax payments.

The Global Investment in American Jobs Act of 2012 is a simple, bipartisan proposal that sends the message that America is open for business and is serious about finding new ways to compete for new, global investment.

It accomplishes this by requiring the Secretary of Commerce to 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 investments from abroad. The report would also examine current policies and regulations to determine if they might negatively impact global investment in America.

The 21st century, global economy we find ourselves in today is one of the most competitive Americans has ever seen. As your Congressman I will continue to fight for common sense legislation that will help us continue our economic recovery and ensure that we remain a competitive world power.


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