Inaugural congressional briefing details the value insourcing companies provide
WASHINGTON – Today, the recently established American Global Investment Caucus held its inaugural briefing to educate Members on the importance of global investment (FDI) in America’s economy. This is the only caucus in Congress exclusively dedicated to promoting global investment in the United States.
Congressmen Kevin Brady (R-TX) and Jim Moran (D-VA) co-chair the caucus and organized today’s Members meeting.
“In the global marketplace, shouldn’t America be the country that investors look to first?” said Rep. Brady. “Washington should do all it can to encourage more foreign investment in U.S. companies, jobs and research here in the U.S.”
“Our ability to maintain and grow international investment is critical to the U.S. economy and job creation,” said Rep. Moran. “Foreign direct investment supports jobs in nearly every state and Congressional District. We need policy makers who understand the vital role global companies play in our country.”
Nancy McLernon, president and CEO of the Organization for International Investment, a non-profit organization representing the U.S. operations of many of the world's leading foreign companies that insource millions of American jobs, praised the caucus’s educational efforts.
“When foreign companies invest in America, families prosper and local communities thrive,” McLernon said. “Congressmen Brady and Moran’s leadership demonstrates that Members of Congress value the important role insourcing companies play in America’s economy. Any Representative who is interested in creating jobs here in the United States should join the American Global Investment Caucus.”
Today’s briefing included a panel discussion by experts from government, academia and industry. In addition to detailing the important role FDI plays in the U.S. economy, the panel focused on the challenges policy makers face in attracting more investment from around the globe.
FDI in the United States supports 5.6 million American jobs. Insourcing companies support an annual payroll of $438 billion, paying U.S. workers an average of $77,632 – more than 34 percent higher than the economy-wide average. Despite accounting for less than one percent of all U.S. businesses, insourcing companies produce more than 20 percent of U.S. exports and pay 14 percent of all U.S. federal corporate income taxes.
Find more facts about the role of insourcing companies in America’s economy here. Photos from today’s event can be found here.