Congressman Leonard Lance (NJ 07) today announced the U.S. House of Representatives has passed the bipartisan "Global Investment in American Jobs Act of 2013" which seeks to increase the United States' share of foreign direct investment and create American jobs. The legislation was crafted and passed by the House Commerce, Manufacturing and Trade Subcommittee, where Lance serves as Vice-chairman.
"Our Nation's long-term economic strength and security depend upon robust foreign business investment. But emerging economies like China, India and Brazil threaten U.S. competitiveness in a global economy," said Lance. "Today's legislation will identify and eliminate barriers to job creation and make the U.S. more competitive in attracting foreign investment."
Direct foreign investment in the U.S. has decreased dramatically in the past decade. The Global Investment in American Jobs Act seeks to reverse this trend by authorizing the Secretary of Commerce to lead a a multi-agency review and recommend to Congress ways to incentivize foreign investment in the U.S. economy.
"As Vice-chairman of the Commerce, Manufacturing, and Trade Subcommittee, I am committed to working in a bipartisan capacity to help improve manufacturing and trade in this country so we can grow our economy, attract more foreign investment, and create more American jobs," concluded Lance.