OFII Announces Support for Proposed FIRRMA Fixes

WASHINGTON – Nancy McLernon, president and CEO of the Organization for International Investment (OFII), issued the following statement in support of the proposed Senate Banking Committee and House Financial Services Committee managers’ amendments to the Foreign Investment Risk Review Modernization Act (FIRRMA): 

“I applaud Senators Cornyn, Feinstein and Crapo, as well as Representatives Pittenger, Hensarling, and Barr, and all cosponsors of FIRRMA, for safeguarding national security while also preserving America’s economic competitiveness for foreign direct investment. Striking this balance is not an easy task, but the proposed managers’ amendments achieve that outcome by providing greater clarity and a more focused approach to ensuring our nation’s adversaries do not exploit of our economic openness. I urge Congress to approve these amendments and quickly finalize this important legislation.”

Background on How International Companies Benefit the U.S. Economy

• Supporting Millions of High-Quality Jobs: International companies employ 6.8 million U.S. workers, providing compensation that is 24 percent higher than the economy-wide average. 
• Growing America's Manufacturing Sector: International companies are responsible for one-in-five of all U.S. manufacturing jobs. In fact, 54 percent of the manufacturing jobs created in the past five years came from international companies.
• Fueling American Innovation: American scientists and engineers employed by international companies are leading our nation's innovation advantage. International employers spend more than $57 billion on research and development activities annually, or 16 percent of America’s private-sector R&D.
• Exporting American-Made Goods: U.S. workers of international companies produce 23 percent of U.S. exports, shipping nearly a billion dollars in goods a day to customers around the world.
• Importing World-Class Workforce Training Programs: International companies also “import” world-class workforce training programs and help spur U.S. productivity.
• Strengthening America’s Economy: International companies help broaden the U.S. economy, open new markets and give other nations a stake in America’s economic success.

About OFII

Representing the U.S. operations of many of the world's leading international companies, OFII ensures that policymakers at the federal, state and local level understand the critical role that foreign direct investment (FDI) plays in America’s economy. OFII advocates for fair, non-discriminatory treatment of foreign-based companies and promotes policies that will encourage them to establish U.S. operations, which in turn increases American employment and U.S. economic growth. For more information, please visit www.OFII.org.

FOR IMMEDIATE RELEASE – May 18, 2018                                                         

CONTACT – Jonathan Samford, 202.659.1903