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[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 1023 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                S. 1023

To direct the Secretary of Commerce, in coordination with the heads of 
    other relevant Federal departments and agencies, to conduct an 
       interagency review of and report on ways to increase the 
   competitiveness of the United States in attracting foreign direct 
                              investment.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                              May 22, 2013

  Mr. Corker (for himself, Ms. Klobuchar, Mr. Blunt, and Mrs. Hagan) 
introduced the following bill; which was read twice and referred to the 
           Committee on Commerce, Science, and Transportation

_______________________________________________________________________

                                 A BILL

 
To direct the Secretary of Commerce, in coordination with the heads of 
    other relevant Federal departments and agencies, to conduct an 
       interagency review of and report on ways to increase the 
   competitiveness of the United States in attracting foreign direct 
                              investment.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Global Investment in American Jobs 
Act of 2013''.

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 foreign direct investment but has seen 
        its share decline in recent years.
            (6) The United States faces 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 5,600,000 people in 
                the United States with compensation that is often 
                higher than the national private-sector average, as 
                many of these jobs are 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 14 percent of United States 
                corporate income taxes; and
                    (F) purchasing goods and services from local 
                suppliers and small businesses, worth hundreds of 
                billions of dollars annually.
            (9) These companies account for 5.8 percent of United 
        States private sector Gross Domestic Product (GDP).
            (10) The Department of Commerce and the Department of State 
        have initiatives in place to increase foreign direct 
        investment.
            (11) President Barack Obama 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) President Obama signed an Executive order in 2011 to 
        establish the SelectUSA initiative and expanded its resources 
        and activities in 2012, 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 foreign direct 
        investment over five years.

SEC. 3. SENSE OF CONGRESS.

    It is the sense of Congress that--
            (1) 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;
            (2) in order to remain the most attractive location for 
        foreign direct investment, Congress should be mindful of the 
        potential impact upon the ability of the United States to 
        attract foreign direct investment when evaluating proposed 
        legislation;
            (3) it is a top national priority to enhance the 
        competitiveness, prosperity, and security of the United States 
        by--
                    (A) removing unnecessary barriers to foreign direct 
                investment and the jobs that it creates throughout the 
                United States; and
                    (B) promoting policies to ensure the United States 
                remains the premier global destination in which to 
                invest, hire, innovate, and manufacture their products;
            (4) 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; and
            (5) while foreign direct investment can enhance the 
        economic strength of the United States, policies regarding 
        foreign direct investment should reflect national security 
        interests and should not disadvantage domestic investors or 
        companies.

SEC. 4. FOREIGN DIRECT INVESTMENT REVIEW.

    (a) 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 the global competitiveness of the United States in attracting 
foreign direct investment.
    (b) Specific Matters To Be Included.--The review conducted pursuant 
to subsection (a) shall include a review of--
            (1) the current economic impact of foreign direct 
        investment in the United States, with particular focus on 
        manufacturing, research and development, trade, and jobs;
            (2) 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;
            (3) Federal Government policies that are closely linked to 
        the ability of the United States to attract and retain foreign 
        direct investment;
            (4) ongoing Federal Government efforts to improve the 
        investment climate, reduce investment barriers, and facilitate 
        greater levels of foreign direct investment in the United 
        States;
            (5) innovative and noteworthy State, regional, and local 
        government initiatives to attract foreign investment; and
            (6) initiatives by other countries in order to identify 
        best practices for increasing global competitiveness in 
        attracting foreign direct investment.
    (c) Limitation.--The review conducted pursuant to subsection (a) 
shall not address laws and policies relating to the Committee on 
Foreign Investment in the United States.
    (d) Public Comment.--Prior to--
            (1) conducting the review under subsection (a), the 
        Secretary shall publish notice of the review in the Federal 
        Register and shall provide an opportunity for public comment on 
        the matters to be covered by the review; and
            (2) reporting pursuant to subsection (e), the Secretary 
        shall publish the proposed findings and recommendations to 
        Congress in the Federal Register and shall provide an 
        opportunity for public comment.
    (e) Report to Congress.--Not later than one year after the date of 
the enactment of this Act, the Secretary of Commerce, in coordination 
with the Federal Interagency Investment Working Group and the heads of 
other relevant Federal departments and agencies, shall report to 
Congress the findings of the review required under subsection (a) and 
submit recommendations to make the United States more competitive in 
attracting foreign direct investment without undermining fundamental 
domestic labor, consumer, or environmental protections.
                                 <all>
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