Global Investment in American Jobs Act of 2013

Floor Speech

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Ms. SCHAKOWSKY. Mr. Speaker, I appreciate the patience and understanding, just coming from a classified hearing.

I want to first thank the chairman and his staff, as well as committee Democratic staff, for working so hard and so diligently and collaboratively to come to an agreement on legislation that will help guide American job and economic growth.

There is a strong incentive to invest in America, which remains the best place on Earth to find talented, motivated employees who are the core of the middle class.

My home State of Illinois ranks number one in the Midwest in terms of foreign direct investment, with nearly 1,600 foreign-based firms employing more than 300,000 Illinois residents. In attracting the investment, Illinois has showcased its world-class transportation infrastructure, its diversified economy, its productive workforce, and its cultural diversity and attractions.

It has also maintained its strong labor, health, and environmental standards that helped build the middle class, which I believe is the key to successful foreign direct investment.

Some companies are working to respect the rights of workers as they invest in the United States. On Friday, it was announced that Volkswagen is working collaboratively with the United Auto Workers to unionize its Chattanooga, Tennessee, plant. That will help to ensure that the best interests of American workers are a major consideration at the plant and the company as it continues its investment in the United States.

That being said, it is important that the study authorized in this legislation examine both the benefits and the costs of foreign direct investment. Doing so will allow us to determine the ways to drive investment that maintains high labor, health, environmental, and national security standards.

And on that subject, I'd like to enter into a colloquy on the amendment in the nature of a substitute offered by Mr. Terry. While I will not oppose this amendment, I must express my reservations.

Mr. Chairman, you worked with me in a very collegial and bipartisan manner to craft a bipartisan bill. H.R. 2052 is a good product.

Now we have before us an amendment that makes three changes that could be perceived to weaken important provisions of the bill. I have concerns about each of them, but I would like to focus on the elimination of cost-benefit language regarding the bill's required review of the current economic impact of foreign direct investment.

During our negotiations, I suggested that language because I believed that we needed to ensure that the review be balanced, and you agreed.

In addition, some of the language in the findings and in the sense of Congress could be read as if there are only benefits of FDI, and we wanted to be evenhanded. While I do believe that there are benefits to FDI, there are also costs that must be considered.

Regardless of the amendment before us now, can you assure me that the bill's requirement of a review of the current economic impact of foreign direct investment required under this bill will include a review of both the benefits and costs of foreign direct investment?

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