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Global Investment in American Jobs Act of 2012

Floor Speech

Location: Washington, DC


Mr. DOLD. Mr. Speaker, I certainly want to thank my good friend from California for yielding the time and for her leadership on the subcommittee.

Mr. Speaker, global investment grows our economy right here at home. It means good-paying, solid American jobs. The United States is the premier location around the world for companies to invest and establish operations, but the reality is that other nations are getting better at challenging the United States for foreign direct investment opportunities. In fact, the United States share of global foreign investment has declined, as my friend from California pointed out, from over 41 percent in 1999 to what is under 18 percent--actually 17.6 percent in 2009.

While America still leads the way in attracting this inbound or inward investment, the data make it clear that we must do better in order to remain the premier location for global investment in the 21st century. That's why I am proud to introduce and champion H.R. 5910, the Global Investment in American Jobs Act. I urge my colleagues who are focused on improving our economy and creating American jobs to vote in support of this legislation so that it can get signed quickly by the President.

The Global Investment in American Jobs Act has earned broad bipartisan support both here in the House and in the United States Senate. And I want to thank Congressman Roskam, Congressman Barrow, Congressman Peters, as well as Senators KERRY and CORKER, for helping lead the push for this legislation. I also want to thank the many cosponsors who recognize how important this legislation is to growing our economy and keeping jobs here at home.

This legislation provides a road map for enhancing the U.S. competitiveness and attracting foreign direct investment into the United States. It does this by expanding on an existing Commerce Department report and charges the Commerce Department to identify certain policies and regulations--whether those are in existence intentionally or, more importantly, indirectly or unintentionally--that might uniquely create a barrier for investment here in the United States. It also helps us gain a better understanding of which current policies promote this much-needed global investment into the United States and into our communities.

Mr. Speaker, in Illinois, insourcing currently accounts for a little over 273,000 direct jobs, including many great jobs in the 10th District of Illinois. But it's not just in Illinois. The benefits of this inbound investment is seen in literally every State, helping us to sustain innovation, manufacturing, trade, supplier networks, and over 5 million direct jobs throughout our Nation.

But with other nations actively reforming their policies in an effort to make their countries increasingly more competitive for these global investments, it's critical that the United States do the same.

Promoting and encouraging global investment into our country, and the jobs that will come with it, is something that we all should promote. It is something that has been identified as key to economic growth in our country, certainly in the Chicago region, and it is something that I'm proud to lead the charge on in Congress.

I urge my colleagues to vote ``yea'' on the legislation, and I want to thank my colleague from Georgia for his help and leadership as well.


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