U.S. Rep. Cathy McMorris Rodgers (R-WA) recently unveiled a bipartisan bill that would help the United States better attract foreign direct investment (FDI).
“Our ability to attract investment from around the world directly impacts our competitiveness and global leadership,” Rep. McMorris Rodgers said on July 23. “Unfortunately, the U.S. share of global investment has been declining in recent years and China has surpassed us in attracting foreign investment.”
Rep. McMorris Rodgers sponsored the Global Investment in American Jobs Act, H.R. 7753, with cosponsor U.S. Rep. Bobby Rush (D-IL), which would require the U.S. Commerce Secretary to conduct an interagency review on the global competitiveness of the U.S. in attracting FDI.
The Commerce Secretary would coordinate with the Federal Interagency Investment Working Group and the heads of other relevant federal departments and agencies, according to a bill summary provided by the congresswoman’s office.
“In order for America to win the future, create jobs, beat China, and compete in a global economy, we need to encourage foreign direct investment in the United States, especially in emerging technologies, while protecting our national security from risks posed by investment from Chinese state-owned enterprises,” said Rep. McMorris Rodgers. “This legislation will help regain our competitive edge against China and encourage investment into the U.S. and our communities.”
If enacted, the review authorized under H.R. 7753 also would establish 13 specific matters to be reviewed, including the current economic impact of FDI in the U.S.; trends in global cross-border investment and data flows; U.S. policies closely linked to the ability of the U.S. to attract and retain FDI; federal government efforts to reduce barriers and improve the investment climate; and challenges posed by state-owned or backed enterprises, according to the bill summary.
The bill has been referred for consideration to the U.S. House Energy and Commerce Committee, where McMorris Rodgers is a member.