U.S. Rep. Michael McCaul (R-TX) on March 13 sponsored bipartisan legislation to vitalize America’s business competitiveness in foreign commercial markets.
Rep. McCaul, lead Republican on the U.S. House Foreign Affairs Committee, said that the Championing American Business Through Diplomacy Act, H.R. 1704, specifically would counter China’s commercial competition and “predatory lending practices” by promoting U.S. business values among individual foreign markets.
“The bipartisan Championing American Business Through Diplomacy Act will bolster U.S. economic and commercial diplomacy, help facilitate greater market access for our companies in emerging markets, and rededicate the Foreign Service to one of its founding missions: to support U.S. business,” the congressman said on Wednesday.
Rep. McCaul said that if enacted, H.R. 1704 would instill such U.S. business values abroad by prioritizing economic and commercial diplomacy through enhanced partnership integration with the U.S. Department of State, U.S. Commerce Department and global U.S. diplomatic missions.
“American companies are the most innovative in the world and bring with them high standards and best practices wherever they go,” the congressman said. “Developing countries want American business, but in most markets China and others are winning with state-backed inducements and economic coercion.”
Rep. McCaul also pointed out that last year’s BUILD Act of 2018, H.R. 5105/S. 2463 – which became law in October 2018 as part of the FAA Reauthorization Act of 2018, H.R. 302 – was “an important first step to offer countries an attractive alternative” to China’s corrupt practices.
“Among other improvements, U.S. businesses now have important financial tools to help them invest overseas, but more can be done,” said Rep. McCaul, who noted that H.R. 1704 could take the BUILD Act further.
For example, if enacted, H.R. 1704 would authorize creation of a new position, the Assistant Secretary of State for Economic and Business Affairs; would require American diplomats to promote U.S. economic and business interests abroad and report on their efforts; would mandate economic and commercial diplomacy training for Foreign Service Officers; and would urge the U.S. president to negotiate with countries on international standards for government-support quality infrastructure investments, among other provisions.
H.R. 1704, which is cosponsored by U.S. Rep. Eliot Engel (D-NY), has been referred for consideration to the House Foreign Affairs Committee.