At the urging of Congresswoman Mary Bono Mack (CA-45), Chairman of the House Subcommittee on Commerce, Manufacturing and Trade, the U.S. House of Representatives has unanimously approved the "Global Investment in American Jobs Act of 2012." During the floor debate, Bono Mack told her colleagues why she believes passage of the legislation is so important:
"This is a common-sense, bipartisan approach to creating new jobs in America. Today, with our economy stuck in a dangerous quagmire -- and with unemployment above 8 percent for a record 43 straight months -- we need to take a long, hard look at U.S. laws and policies which serve as barriers to foreign direct investment in our nation. The goal of the "Global Investment in American Jobs Act of 2012' is to produce a much-needed "competitiveness assessment report' to Congress, along with a list of recommendations to make the U.S. more appealing to global companies seeking to expand beyond their borders.
"This legislation comes at a critical time. The value of cross-border investment has grown dramatically around the world. But America simply isn't cashing in like it once did. Just a decade ago, the United States attracted more than 41 percent of all global foreign investment. Today that number has fallen to 18 percent -- a steep, costly and unacceptable decline. In many ways, we're being out-recruited by other nations.
"In a recent global ranking of the world's most competitive economies, the United States slipped from fifth to seventh -- marking the fourth straight year in which our nation has shown a decline, despite having the world's largest economy. This constant "chipping away' at America's ability to compete for foreign investment is contributing to our unacceptably high unemployment rate and adding to our exploding national debt. This legislation is one way to fight back.
"It's time to send an important message to the world: Today, America is not only "Open for Business' -- but this is also a great place to do business."