The House Energy and Commerce Committee recently approved Rep. Lee Terry’s (R-Neb.) proposed bill, the Global Investment in American Jobs Act.
The proposed bill would require the Department of Commerce to perform a review in coordination with other agencies to provide recommendations for making the United States an attractive option for global investments.
“The story of foreign direct investment here in the United States is a positive one with many benefits,” Terry said. “In 2010, U.S. affiliates of foreign firms employed an estimated 5.6 million Americans – workers who made, on average, $77,000 per year. In the manufacturing sector alone, FDI inflows were nearly $84 billion in 2012 according to the National Association of Manufacturers.”
Terry said FDI is important to the nation’s economy and should be nurtured. He also said that the United States should be a leader in attracting foreign investment because it has a stable government, safe working conditions and the most skilled workforce in the world.
Recent findings by the Commerce, Manufacturing and Trade Subcommittee revealed that the United States’ share of foreign direct investment dropped from 41 percent in 1999 to 17 percent in 2011.
Terry said his proposed legislation would reverse the trend that has other countries opting out of investing in the United States.
Rep. Fred Upton (R-Mich.), the chairman of the committee, supports the legislation.
“We cannot expect to regain our attractiveness based on our past reputation,” Upton said. “We have to prove we are the most attractive place to invest now and to do that we will have to make changes.”