WASHINGTON – Nancy McLernon, president and CEO of the Organization for International Investment (OFII), issued the following statement in support of Senate Finance Committee Chairman Max Baucus, Ranking Member Orrin Hatch, and Ways and Means Chairman Dave Camp for introducing Trade Promotion Authority legislation.
“Insourcing companies play a vital role in our economy,” McLernon said. “While they account for less than one percent of all U.S. businesses, they produce nearly 20 percent of America’s exports and employ five percent of its private-sector workforce. The bipartisan Trade Promotion Authority legislation introduced today is a critical component of a trade agenda that will promote job growth and encourage greater global investment in the United States. On behalf of the millions of hardworking Americans employed by insourcing companies, I commend the bill sponsors for their leadership and urge Congress to pass it immediately.”
A recent OFII study outlines how the Trans-Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership (TTIP) agreements will benefit the U.S. economy by encouraging greater Foreign Direct Investment (FDI).
Specifically, the study found that TTIP and TPP would strengthen ties with many of the most significant U.S. economic partners. A large majority of FDI in the United States has originated from TTIP and TPP countries, making these agreements particularly important in America’s broader effort to recruit global business investments.