Legislation will make America more attractive to global employers
WASHINGTON – Nancy McLernon, president and CEO of the Organization for International Investment (OFII), issued the following statement in commending the Senate Commerce Committee for approving the Global Investment in American Jobs Act (H.R. 2052):
“Today’s vote is a powerful, bipartisan signal that foreign direct investment plays a critical part in our economy. For the first time ever, the federal government will systematically look for ways to attract more global investment to our shores. I commend all of the cosponsors of the bill for their leadership and commitment to unleashing new job opportunities in the United States. I applaud Chairman Jay Rockefeller (D-WV) and Ranking Member John Thune (R-SD) for making U.S. competitiveness a priority.”
Global investment in the United States directly supports 5.6 million jobs. Over the past decade, however, America’s share of foreign direct investment has shrunk by more than half, from 37 percent in 2000 to 17 percent in 2012. In a recent survey of CFOs of global companies, nearly three-quarters identified an emerging market as their “top location for growth and new investment” over the next five years, while only 13 percent listed the United States.
H.R. 2052 would direct the U.S. Secretary of Commerce to lead a comprehensive interagency review of U.S. competitiveness for foreign direct investment and issue recommendations to Congress outlining a new strategic roadmap for attracting and retaining top tier businesses from around the world.
This legislation was introduced in the House (H.R. 2052) by Representatives Lee Terry (R-NE), Jan Schakowsky (D-IL), Peter Roskam (R-IL), and John Barrow (D-GA). The Senate bill, S. 1023, was introduced by Senators Bob Corker (R-TN), Amy Klobuchar (D-MN), Roy Blunt (R-MO), and Kay Hagan (D-NC).