House passes Global Investment in American Jobs Act
The House passed a bill on Monday, its first day back from recess, that aims to increase the United States' share of foreign direct investment and create American jobs. The bill, the Global Investment in American Jobs Act of 2013, was introduced by the Chairman of the House Subcommittee on Commerce, Manufacturing and Trade Lee Terry (R-Neb.). It would mandate the Secretary of Commerce to conduct an interagency review of the global competitiveness of the United States in enticing foreign direct investment. The secretary would be required to detail report findings to Congress as well as provide recommendations for making the United States appealing to global investors. "Our nation's long-term economic strength and security depend upon robust foreign business investment," Rep. Leonard Lance (R-N.J.) said. "But emerging economies like China, India and Brazil threaten U.S. competitiveness in a global economy." Lance, who serves as vice chairman of the subcommittee, said the legislation would identify and eliminate barriers to new jobs and would help make the United States more competitive in attracting foreign investment. The report that would be required by the Commerce Department would include specific matters related to global economic impact. The review would exclude, however, the consideration of laws pertinent to the Committee on Foreign Investment in the United States.