To direct the Secretary of Commerce, in coordination with the heads of other relevant Federal departments and agencies, to produce a report on enhancing the competitiveness of the United States in attracting foreign direct investment, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Global Investment in American Jobs 
Act of 2012''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) It remains an urgent national priority to improve 
        economic growth and create new jobs.
            (2) National security requires economic strength and global 
        engagement.
            (3) Businesses today have a wide array of choices when 
        considering where to invest, expand, or establish new 
        operations.
            (4) Administrations of both parties have consistently 
        reaffirmed the need to maintain an open investment climate as a 
        key to domestic economic prosperity and security.
            (5) The United States has historically been the largest 
        worldwide recipient of global investment but has seen its share 
        of inbound global investment decline relative to its gross 
        domestic product in recent years.
            (6) Governors and mayors throughout the United States face 
        increasing competition from other countries as they work to 
        recruit investment from global companies.
            (7) Foreign direct investment can benefit the economy and 
        workforce of every State and Commonwealth in the United States.
            (8) According to the latest Federal statistics, the United 
        States subsidiaries of companies headquartered abroad 
        contribute to the United States economy in a variety of 
        important ways, including by--
                    (A) providing jobs for nearly 5,300,000 Americans 
                with average compensation that is approximately 33 
                percent higher than the national private-sector 
                average, as these jobs are often in high-skilled, high-
                paying industries;
                    (B) strengthening the United States industrial base 
                and employing nearly 15 percent of the United States 
                manufacturing sector workforce;
                    (C) establishing operations in the United States 
                from which to sell goods and services around the world, 
                thereby producing nearly 18 percent of United States 
                exports;
                    (D) promoting innovation with more than 
                $41,000,000,000 in annual United States research and 
                development activities;
                    (E) paying nearly 17 percent of United States 
                corporate income taxes; and
                    (F) purchasing more than $1,800,000,000,000 in 
                domestic goods and services annually from local 
                suppliers and small businesses, amounting to 80 cents 
                for every dollar spent on input purchases.
            (9) These companies account for 5.8 percent of United 
        States private sector Gross Domestic Product.
            (10) The Secretary of Commerce and the Secretary of State 
        have declared increasing inbound global investment to be among 
        their top priorities.
            (11) The President issued a statement in 2011 reaffirming 
        the longstanding open investment policy of the United States 
        and encouraged all countries to pursue such a policy.
            (12) The President signed an Executive order in 2011 to 
        establish the SelectUSA initiative, aimed at promoting greater 
        levels of business investment in the United States.
            (13) The President's Council on Jobs and Competitiveness in 
        2011 recommended the establishment of a National Investment 
        Initiative to attract $1,000,000,000,000 in new business 
        investment from abroad.
            (14) The United States and the European Union recently 
        unveiled a set of principles aimed at promoting a more open 
        climate for international investment and intended as a model 
        for countries around the world.
            (15) Maintaining the United States commitment to open 
        investment policy encourages other countries to do the same and 
        enables the United States to open new markets abroad for United 
        States companies and their products.

SEC. 3. SENSE OF CONGRESS.

    It is the sense of Congress that--
            (1) the ability of the United States to attract inbound 
        investment, particularly net new investment, is directly linked 
        to the long-term economic prosperity, competitiveness, and 
        security of the United States;
            (2) in order to remain the most attractive location for 
        global investment, Congress and Federal departments and 
        agencies should be mindful of the potential impact upon the 
        ability of the United States to attract foreign direct 
        investment when evaluating proposed legislation or regulatory 
        policy;
            (3) it is a top national priority to enhance the 
        competitiveness, prosperity, and security of the United States 
        by--
                    (A) removing unnecessary barriers to inward global 
                investment and the jobs that it creates throughout the 
                United States; and
                    (B) promoting policies to ensure the United States 
                remains the premier destination for global companies to 
                invest, hire, innovate, and manufacture their products; 
                and
            (4) while foreign direct investment can enhance our 
        economic strength, policies regarding foreign direct investment 
        should reflect national security interests.

SEC. 4. AMENDMENT TO FOREIGN DIRECT INVESTMENT AND INTERNATIONAL 
              FINANCIAL DATA IMPROVEMENTS ACT OF 1990.

    Section 3 of the Foreign Direct Investment and International 
Financial Data Improvements Act of 1990 (22 U.S.C. 3142) is amended by 
adding at the end the following:
    ``(d) Review of United States Laws and Policies on Foreign Direct 
Investment in the United States.--
            ``(1) Review.--The Secretary of Commerce, in coordination 
        with the Federal Interagency Investment Working Group and the 
        heads of other relevant Federal departments and agencies, shall 
        conduct an interagency review of United States 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.
            ``(2) Additional matters to be included.--The review 
        conducted pursuant to paragraph (1) shall include the 
        following:
                    ``(A) A review of the current economic impact of 
                foreign direct investment in the United States and 
                broader trends in global cross-border investment flows, 
                including an assessment of the current United States 
                competitive position as an investment location for 
                companies headquartered abroad.
                    ``(B) A review of United States laws and policies 
                that uniquely apply to foreign direct investment in the 
                United States, with particular focus on those laws and 
                policies that may have the effect of diminishing or 
                promoting the ability of the United States to attract 
                and retain foreign direct investment.
                    ``(C) A review of ongoing Federal Government 
                efforts to improve the investment climate, reduce 
                investment barriers, and facilitate greater levels of 
                foreign direct investment in the United States.
                    ``(D) Recommendations based on the review carried 
                out pursuant to subparagraph (B), including a 
                comparative analysis of efforts of other competing 
                countries, to make the United States more competitive 
                in attracting global investment.
                    ``(E) The impact of foreign direct investment on 
                innovation and national economic competitiveness.
                    ``(F) A review of State and local government 
                initiatives to attract foreign investment.
            ``(3) Comment period.--The review conducted under paragraph 
        (1) shall include an open comment period to solicit public 
        input on matters covered by the review.
            ``(4) Inclusion in report.--The Secretary of Commerce shall 
        include the results of the review conducted pursuant to 
        paragraph (1) in the first report prepared under subsection (a) 
        of this section on or after the date of the enactment of the 
        Global Investment in American Jobs Act of 2012.''.

            Passed the House of Representatives September 19, 2012.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.

Summary: Global Investment in American Jobs Act of 2012 - Expresses the sense of Congress that: (1) US ability to attract inbound investment is directly linked to US long-term economic prosperity, competitiveness, and security. (2) Congress and federal departments and agencies should be mindful of the potential impact upon US ability to attract foreign direct investment when evaluating proposed legislation or regulatory policy. (3) it is a top national priority to enhance US competitiveness, prosperity, and security by removing unnecessary barriers to inward global investment and the US 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. And (4) US policies regarding foreign direct investment should reflect national security interests. Amends the Foreign Direct Investment and International Financial Data Improvements Act of 1990 to direct the Secretary of Commerce to conduct an interagency review of US 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.