H.R. 2052: Global Investment in Jobs Act

H.R. 2052

Global Investment in Jobs Act

Sponsor
Rep. Lee Terry

Date
September 9, 2013 (113th Congress, 1st Session)

Staff Contact
Communications

Floor Situation

On Monday, September 9, 2013, the House will consider H.R. 2052, the Global Investment in Jobs Act, under a suspension of the rules.  The bill was introduced on May 20, 2013 by Rep. Lee Terry (R-NE) and referred to the Committee on Energy and Commerce, which reported the bill by unanimous consent. 

Bill Summary

H.R. 2052 expresses the Sense of Congress that:

  • The ability of the United States to attract foreign direct investment is directly linked to the long-term economic prosperity, global competitiveness, and security of the United States
  • It is a top priority to enhance global competitiveness, prosperity, and security by removing barriers to foreign direct investment and promoting policies to ensure the U.S. remains the global destination for investment, hiring, innovation, and manufacturing
  • Maintaining the United States’ commitment to an open investment policy that is committed to expanding markets
  • Policies regarding foreign direct investment should reflect national security interests and not disadvantage domestic investors or companies
  •  U.S. efforts to attract foreign direct investment should be consistent with efforts to improve the domestic standard of living

The bill further directs the Secretary of Commerce to conduct an interagency review of the global competitiveness of the United States in attracting foreign direct investment.  This review should include information on the following:

  • The economic impact of foreign direct investment in the U.S.
  • Trends in global cross-border investment flows
  • Federal Government policies that are linked to the ability of the U.S. to attract and retain foreign direct investment
  • Foreign direct investment as compared to direct investment by domestic entities
  • Foreign direct investment that takes the form of greenfield investment as compared to that which reflect merger and acquisition activity
  • The challenges posed by foreign direct investment by state-owned enterprises
  • Federal Government efforts to improve the investment climate and facilitate greater levels of foreign direct investment in the U.S.
  • Noteworthy initiatives to attract foreign direct investment
  • Initiatives by other countries in order to identify best practices for increasing global competitiveness in attracting foreign direct investment

Not later than one year after the date of enactment, the Secretary of Commerce is required to report the findings of the review and submit recommendations.

Background

In 2011, foreign investment totaled $234 billion in nominal terms in U.S. businesses and real estate, according to the Department of Commerce, a 14 percent increase from 2010.[1]  The cumulative amount of foreign direct investment in the U.S. on a historical cost basis rose from $2.26 trillion in 2010 to $2.55 trillion in 2011.[2]

Cost

CBO estimates that implementing this legislation would cost about $1 million over the 2014-2018 period for staff and administrative activities required to conduct the review and prepare the report.[1]

Additional Information

For questions or further information contact the GOP Conference at 5-5107.