The NAM joined today with leading business associations to send a letter (link) urging swift consideration of the Global Investment in American Jobs Act of 2013 (H.R. 2052), a bill that reaffirms the U.S. open investment policy and would enhance our nation’s efforts to attract global business investment.
Introduced by House Commerce, Manufacturing, and Trade Subcommittee Chairman Lee Terry (R-NE) and co-sponsored by Reps. Jan Schakowsky (D-IL), Peter Roskam (R-IL) and John Barrow (D-GA), H.R. 2052 passed the House Energy & Commerce Committee by unanimous consent on July 17.
Earlier in the year, NAM Vice President for International Economic Affairs Linda Dempsey testified in support of the legislation’s objectives. The House Commerce, Manufacturing, and Trade Subcommittee hearing also featured Undersecretary of Commerce for International Trade Francisco Sanchez, Organization for International Investment (OFII) President Nancy McLernon and other stakeholders. Manufacturers that are subsidiaries of foreign-headquartered companies create jobs, invest in R&D and make substantial capital expenditures in the United States. The most recent data from 2012 show that FDI in manufacturing accounts for nearly 50 percent of total FDI last year, and FDI in manufacturing is showing a rebound from the weakness in 2008 and 2009.
The longstanding “open investment policy” that successive administrations, both Republican and Democratic, have reaffirmed is supported through various aspects of U.S. law, regulation and policy – including the bilateral investment treaty (BIT) program and the recently launched SelectUSA program. An interagency review of investment policies, as called for in the bill, would help foster a greater understanding of the U.S. investment environment and how it can be improved. The NAM encouraged Congress to carefully consider a recommendation from the President’s Council on Jobs and Competitiveness to create a National Investment Initiative to attract substantial foreign investment.
The bicameral, bipartisan bill is aimed at improving the ability of the United States to attract job-creating foreign direct investment (FDI) from businesses around the world. The House of Representatives passed similar legislation during the 112th Congress with strong bipartisan support.