McLernon Named Co-Chair of U.S. Investment Advisory Council’s Economic Competitiveness Subcommittee

WASHINGTON – Today, the U.S. Investment Advisory Council (IAC) Economic Competitiveness Subcommittee convened for its first meeting for the 2022-2024 term. Nancy McLernon, President & CEO of the Global Business Alliance (GBA), was selected as the subcommittee’s Co-Chair and released the following statement after holding its meeting:

“When international companies invest in America, they cast a vote of confidence in our workforce and economy. These types of investments create high-quality jobs, drive America’s innovation and spur economic growth. It is an honor to serve alongside Chris Camacho, President & CEO of the Greater Phoenix Economic Council, as Co-Chair of the IAC Economic Competitiveness Subcommittee and partner with Commerce Secretary Raimondo and SelectUSA to keep America as the top destination for global investment. After the robust conversation from today’s meeting, I am eager to work with my colleagues to identify specific ways the Department of Commerce can help improve America’s policy environment to attract more global investment in the U.S.”

According to the latest BEA data, international companies help boost America’s competitiveness by: 

• Employing 7.9 million U.S. workers who earn an average of $84,836 annually, ten percent higher than the economy-wide average;  
• Adding more than a million jobs to the U.S., while the U.S. private sector shed 414,000 jobs over the past five years; 
• Creating some 400,000 new manufacturing jobs over the past five years, while overall, the United States shed more than 220,000 manufacturing jobs;
• Spending more than $71 billion on U.S. research and development (R&D) activities annually, representing 13 percent of all R&D performed by U.S. companies; and

• Exporting $347 billion in goods, accounting for 24 percent of all U.S. exports.  

The IAC serves an important role in advising the Secretary of Commerce on critical issues affecting inbound foreign direct investment. It was created in 2016 to provide private-sector recommendations on policies that will make the United States more competitive for inbound global investment. This 34-person panel consists of business executives, economic developers and business association leaders from across the country.

Nancy McLernon is an inaugural member of the IAC.