II 

110TH CONGRESS 

1ST SESSION S. 740 

To establish in the Department of Commerce an Under Secretary for United 

States Direct Investment, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 1, 2007 

Mr. BINGAMAN (for himself and Mr. LUGAR) introduced the following bill; 

which was read twice and referred to the Committee on Finance 

A BILL 

To establish in the Department of Commerce an Under Secretary for United States Direct Investment, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Invest USA Act of 

5 2007’’. 

6 SEC. 2. DEFINITIONS. 

7 In this Act: 

8 (1) ADMINISTRATION.—The term ‘‘Administra9 tion’’ means the United States Direct Investment 

10 Administration established under section 4. 


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1 (2) APPROPRIATE CONGRESSIONAL COMMIT2 TEES.—The term ‘‘appropriate congressional com3 mittees’’ means the Committee on Finance and the 

4 Committee on Commerce, Science, and Transpor5 tation of the Senate and the Committee on Energy 

6 and Commerce and the Committee on Ways and 

7 Means of the House of Representatives. 

8 (3) CRITICAL HIGH-TECHNOLOGY INDUS9 TRIES.—The term ‘‘critical high-technology indus10 tries’’ means industries involved in technology— 

11 (A) the development of which will— 

12 (i) provide a wide array of economic, 

13 environmental, energy, and defense-related 

14 returns for the United States; and 

15 (ii) ensure United States economic, 

16 environmental, energy, and defense-related 

17 welfare; and 

18 (B) in which the United States has an 

19 abiding interest in creating or maintaining se20 cure domestic sources. 

21 (4) DEPARTMENT.—The term ‘‘Department’’ 

22 means the Department of Commerce. 

23 (5) UNDER SECRETARY.—The term ‘‘Under 

24 Secretary’’ means the Under Secretary of Commerce 


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1 for United States Direct Investment described in 

2 section 4(a). 

3 (6) UNITED STATES DIRECT INVESTMENT PRO4 MOTION COMMITTEE.—The term ‘‘United States Di5 rect Investment Promotion Committee’’ means the 

6 Interagency United States Direct Investment Pro7 motion Committee established under section 7. 

8 (7) WTO AGREEMENT.—The term ‘‘WTO 

9 Agreement’’ means the Agreement establishing the 

10 World Trade Organization entered into on April 15, 

11 1994. 

12 SEC. 3. RELATION TO CFIUS. 

13 The provisions of this Act shall not affect the imple14 mentation or application of section 721 of the Defense 

15 Production Act of 1950 (50 U.S.C. App. 2170) and the 

16 activities of the Committee on Foreign Investment in the 

17 United States (or any successor committee). 

18 SEC. 4. ESTABLISHMENT OF UNITED STATES DIRECT IN19 VESTMENT ADMINISTRATION. 

20 (a) IN GENERAL.—There is established in the De21 partment of Commerce a United States Direct Investment 

22 Administration, which shall be headed by an Under Sec23 retary of Commerce for United States Direct Investment. 

24 The Under Secretary shall be appointed by the President, 

25 by and with the advice and consent of the Senate, and 


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1 shall be compensated at the rate of pay provided for a 

2 position at level III of the Executive Schedule under sec3 tion 5314 of title 5, United States Code. 

4 (b) DEPUTY UNDER SECRETARY.—There shall be in 

5 the Administration a Deputy Under Secretary for United 

6 States Direct Investment, who shall be appointed by the 

7 President, by and with the advice of the Senate, and shall 

8 be compensated at the rate of pay provided for a position 

9 at level IV of the Executive Schedule under section 5315 

10 of title 5, United States Code. 

11 (c) STAFF.—The Under Secretary may appoint such 

12 additional personnel to serve in the Administration as the 

13 Under Secretary determines necessary. 

14 (d) DUTIES.—The Under Secretary, in cooperation 

15 with the Economics and Statistics Administration and 

16 other offices at the Department, shall— 

17 (1) collect and analyze data related to the flow 

18 of direct investment in the United States and 

19 throughout the world, as described in section 5; 

20 (2) submit to the appropriate congressional 

21 committees an annual United States Direct Invest22 ment Report, as described in section 6; 

23 (3) develop and publish an annual United 

24 States Direct Investment Agenda; 


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1 (4) assume responsibility as the lead agency for 

2 advocating and implementing strategic policies that 

3 will increase direct investment in the United States; 

4 and 

5 (5) coordinate with the President regarding im6 plementation of section 721 of the Defense Produc7 tion Act of 1950 (50 U.S.C. App. 2170) and the ac8 tivities of the Committee on Foreign Investment in 

9 the United States (or any successor committee). 

10 (e) CONFORMING AMENDMENTS.— 

11 (1) Section 5314 of title 5, United States Code, 

12 is amended by adding at the end the following: 

13 ‘‘Under Secretary of Commerce for United States 

14 Direct Investment.’’. 

15 (2) Section 5315 of title 5, United States Code, 

16 is amended by adding at the end the following: 

17 ‘‘Deputy Under Secretary of Commerce for United 

18 States Direct Investment.’’. 

19 SEC. 5. ANNUAL DIRECT INVESTMENT REPORT. 

20 (a) ANNUAL DIRECT INVESTMENT REPORT.—Not 

21 later than October 1, 2008, and annually thereafter, the 

22 Under Secretary shall submit a report on the data identi23 fied and the analysis described in subsection (b) for the 

24 preceding calendar year (which shall be known as the ‘‘An25 nual Direct Investment Report’’). The Report shall be subVerDate Aug 31 2005 21:29 Mar 03, 2007 Jkt 059200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\S740.IS S740

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1 mitted to the President and the appropriate congressional 

2 committees. 

3 (b) DATA IDENTIFICATION.— 

4 (1) IN GENERAL.—The data identified and 

5 analysis for the Report described in subsection (a) 

6 means the data identified and analyzed by the 

7 Under Secretary of Commerce, in cooperation with 

8 the Economic and Statistics Administration and 

9 other offices at the Department and with the assist10 ance of other departments and agencies, including 

11 the Office of the United States Trade Representa12 tive, for the preceding calendar year regarding the 

13 following: 

14 (A) Policies, programs, and practices at 

15 the State and regional level designed to attract 

16 direct investment. 

17 (B) The amount of direct investment at18 tracted in each such State and region. 

19 (C) Policies, programs, and practices in 

20 foreign countries designed to attract direct in21 vestment, and the amount of direct investment 

22 attracted in each such foreign country. 

23 (D) A comparison of the levels of direct in24 vestment attracted in the United States and in 


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1 foreign countries, including a matrix of inputs 

2 affecting the level of direct investment. 

3 (E) Specific sectors in the United States 

4 and in foreign countries in which direct invest5 ments are being made, including the specific 

6 amounts invested in each sector, with particular 

7 emphasis on critical high-technology industries. 

8 (F) Trends in direct investment, with par9 ticular emphasis on critical high-technology in10 dustries. 

11 (G) The best policy and practices at the 

12 Federal, State, and regional levels regarding di13 rect investment policy, with specific reference to 

14 programs and policies that have the greatest 

15 potential to increase direct investment in the 

16 United States and enhance United States com17 petitive advantage relative to foreign countries. 

18 Particular emphasis should be given to attract19 ing direct investment in critical high-technology 

20 industries. 

21 (H) Policies, programs, and practices in 

22 foreign countries designed to attract direct in23 vestment that are not in compliance with the 

24 WTO Agreement and the agreements annexed 

25 to that Agreement. 


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1 (2) CERTAIN FACTORS TAKEN INTO ACCOUNT

2 IN MAKING ANALYSIS.—In making any analysis 

3 under paragraph (1), the Under Secretary shall take 

4 into account— 

5 (A) the relative impact of policies, pro6 grams, and practices of foreign governments on 

7 United States commerce; 

8 (B) the availability of information to docu9 ment the effect of policies, programs, and prac10 tices; 

11 (C) the extent to which such act, policy, or 

12 practice is subject to international agreements 

13 to which the United States is a party; and 

14 (D) the impact trends in direct investment 

15 have had on— 

16 (i) the competitiveness of United 

17 States industries in the international econ18 omy, with particular emphasis on critical 

19 high-technology industries; 

20 (ii) the value of goods and services ex21 ported from and imported to the United 

22 States; 

23 (iii) employment in the United States, 

24 in particular high-wage employment; and 


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1 (iv) the provision of health care, pen2 sions, and other benefits provided by com3 panies based in the United States. 

4 (c) ASSISTANCE OF OTHER AGENCIES.— 

5 (1) FURNISHING OF INFORMATION.—The head 

6 of each department or agency of the executive 

7 branch of the Government, including any inde8 pendent agency, is authorized and directed to fur9 nish to the Under Secretary, upon request, such 

10 data, reports, and other information as is necessary 

11 for the Under Secretary to carry out the functions 

12 under this Act. 

13 (2) RESTRICTIONS ON RELEASE OR USE OF IN14 FORMATION.—Nothing in this subsection shall au15 thorize the release of information to, or the use of 

16 information by, the Under Secretary in a manner in17 consistent with law or any procedure established 

18 pursuant thereto. 

19 (3) PERSONNEL AND SERVICES.—The head of 

20 any department, agency, or instrumentality of the 

21 United States may detail such personnel and may 

22 furnish such services, with or without reimburse23 ment, as the Under Secretary may request to assist 

24 in carrying out the functions of the Under Sec25 retary. 


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1 (d) ANNUAL REVISIONS AND UPDATES.—The Under 

2 Secretary shall annually revise and update the Report de3 scribed in subsection (a). 

4 SEC. 6. ANNUAL DIRECT INVESTMENT AGENDA. 

5 (a) IN GENERAL.—Not later than October 1, 2008, 

6 and annually thereafter, the Under Secretary shall submit 

7 an agenda based on the data and analysis described in 

8 section 5 for the preceding calendar year, to the President 

9 and the appropriate congressional committees. The agenda 

10 shall be known as the ‘‘Annual Direct Investment Agen11 da’’ and shall include— 

12 (1) an evaluation of the research and develop13 ment program expenditures being made in the 

14 United States with particular emphasis to critical 

15 high-technology industries considered essential to 

16 United States economic security and necessary for 

17 long-term United States economic competitiveness in 

18 world markets; and 

19 (2) proposals that identify the policies, pro20 grams, and practices in foreign countries and that 

21 the United States should pursue that— 

22 (A) encourage direct investment in the 

23 United States that will enhance the country’s 

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1 tries, with particular emphasis on critical high2 technology industries; 

3 (B) enhance the viability of the manufac4 turing sector in the United States; 

5 (C) increase opportunities for high-wage 

6 jobs and promote high levels of employment; 

7 (D) encourage economic growth; and 

8 (E) increase opportunities for the provision 

9 of health care, pensions, and other benefits pro10 vided by companies based in the United States. 

11 (b) SUBMISSION.—To the extent practical, the Under 

12 Secretary shall submit the Annual Direct Investment 

13 Agenda concurrently with the Annual Direct Investment 

14 Report. 

15 (c) CONSULTATION WITH CONGRESS ON ANNUAL DI16 RECT INVESTMENT AGENDA.—The Under Secretary shall 

17 keep the appropriate congressional committees currently 

18 informed with respect to the Annual Direct Investment 

19 Agenda and implementation of the Agenda. After the sub20 mission of the Agenda, the Under Secretary shall also con21 sult periodically with, and take into account the views of, 

22 the appropriate congressional committees regarding imple23 mentation of the Agenda. 


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1 SEC. 7. UNITED STATES DIRECT INVESTMENT PROMOTION 

2 COMMITTEE. 

3 (a) ESTABLISHMENT.—The President shall establish 

4 and the Under Secretary shall assume lead responsibility 

5 for an Interagency United States Direct Investment Pro6 motion Committee. The functions of the Committee shall 

7 be to— 

8 (1) coordinate all United States Government ac9 tivities related to the promotion of direct investment 

10 in the United States; 

11 (2) advocate and implement strategic policies, 

12 programs, and practices that will increase direct in13 vestment in the United States; 

14 (3) train United States Government officials to 

15 pursue strategic policies, programs, and practices 

16 that will increase direct investment in the United 

17 States; 

18 (4) consult with business, labor, State, regional, 

19 and local government officials on strategic policies, 

20 programs, and practices that will increase direct in21 vestment in the United States; 

22 (5) develop and publish materials that can be 

23 used by Federal, State, regional, and local govern24 ment officials to increase direct investment in the 

25 United States; 


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1 (6) create and maintain a database of direct in2 vestment opportunities in the United States; 

3 (7) create and maintain an interactive website 

4 that can be used to access direct investment oppor5 tunities in different sectors and geographical areas 

6 of the United States, with particular emphasis on 

7 critical high-technology industries; 

8 (8) coordinate direct investment marketing ac9 tivities with State Economic Development Agencies; 

10 and 

11 (9) host regular meetings and discussions with 

12 State, regional, and local economic development offi13 cials to consider best policy practices to increase di14 rect investment in the United States. 

15 (b) MEMBERS.—The Committee shall be composed of 

16 the following: 

17 (1) The Secretary of Commerce. 

18 (2) The United States Trade Representative. 

19 (3) Members of the United States International 

20 Trade Commission. 

21 (4) The Secretary of the Treasury. 

22 (5) Members of the National Economic Council. 

23 (6) The Secretary of Agriculture. 

24 (7) Such other officials as the President deter25 mines to be necessary. 


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1 SEC. 8. DESIGNATION OF ADDITIONAL RENEWAL COMMU2 NITIES. 

3 Section 1400E of the Internal Revenue Code of 1986 

4 (relating to designation of renewal communities) is amend5 ed by adding at the end the following new subsection: 

6 ‘‘(h) ADDITIONAL DESIGNATIONS PERMITTED.— 

7 ‘‘(1) IN GENERAL.—In addition to the areas 

8 designated under subsection (a), the Under Sec9 retary of Commerce for United States Direct Invest10 ment, after consultation with the Secretary of the 

11 Treasury, may designate in the aggregate an addi12 tional 10 nominated areas as renewal communities 

13 under this section, subject to the availability of eligi14 ble nominated areas. 

15 ‘‘(2) PERIOD DESIGNATIONS MAY BE MADE AND

16 TAKE EFFECT.—A designation may be made under 

17 this subsection after the date of the enactment of 

18 this subsection and before the date which is 5 years 

19 after such date of enactment. Subject to subpara20 graphs (B) and (C) of subsection (b)(1), a designa21 tion made under this subsection shall remain in ef22 fect during the period beginning with such designa23 tion and ending on the date which is 8 years after 

24 such designation. 

25 ‘‘(3) APPLICATION OF RULES.—Except as oth26 erwise provided in paragraph (1), the rules of this 


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1 section shall apply to designations under this sub2 section.’’. 

Æ 


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