H.R. 5910 Senate Amendments: Global Investment in American Jobs Act of 2012

H.R. 5910

Global Investment in American Jobs Act of 2012

Sponsor
Sen. Bernard Sanders

Date
December 30, 2012 (112th Congress, 2nd Session)

Staff Contact
Sarah Makin

Floor Situation

On Sunday, December 30, 2012, the House is scheduled to consider Senate Amendments to H.R. 5910, the Global Investment in American Jobs Act of 2012, under a suspension of the rules requiring a two-thirds majority vote for approval.  The bill was introduced on June 7, 2012, by Rep. Robert Dold (R-IL) and referred to the Committee on Energy and Commerce. 

Bill Summary

H.R. 5910 would express the sense of Congress that:

  1. U.S. ability to attract inbound investment is directly linked to U.S. long-term economic prosperity, competitiveness, and security;
  2. Congress and federal departments and agencies should consider potential impact upon U.S. ability to attract foreign direct investment when evaluating proposed legislation or regulatory policy; and
  3. It is a top national priority to enhance U.S. competitiveness, prosperity, and security by removing unnecessary barriers to inward global investment and the U.S. jobs it creates and promoting policies to ensure the United States remains the premier destination for global companies to invest, hire, innovate, and manufacture their products.

The bill would also amend the Foreign Direct Investment and International Financial Data Improvements Act of 1990 to require the Secretary of Commerce to conduct an interagency review of U.S. laws and policies on foreign direct investment in the United States and develop recommendations to make the United States more competitive in attracting and retaining strong investment flows from abroad.

Background

According to the sponsor’s office, this bill would amend and expand an existing Commerce Department report to charge it with identifying certain policies and regulations – whether those are in existence intentionally, or more importantly, indirectly and unintentionally – that might uniquely create disincentive for investing in the United States.  This legislation is about providing certainty to companies based overseas, that are taking a look around the globe and making decisions on where they are going to expand their operations, and evaluating whether they are going to invest in the United States economy.  The goal of H.R. 5910 is to ensure that other countries understand that the U.S. is committed to maintaining an open investment climate, and that we are serious about promoting an environment that attracts international investment. 

Cost

The Congressional Budget Office (CBO) estimates that implementing H.R. 5910 would have no significant impact on the federal budget.