A bill to establish in the Department of Commerce an Under Secretary for United States Direct Investment, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Invest USA Act of 2007''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Administration.--The term ``Administration'' means the 
        United States Direct Investment Administration established 
        under section 4.
            (2) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means the Committee on 
        Finance and the Committee on Commerce, Science, and 
        Transportation of the Senate and the Committee on Energy and 
        Commerce and the Committee on Ways and Means of the House of 
        Representatives.
            (3) Critical high-technology industries.--The term 
        ``critical high-technology industries'' means industries 
        involved in technology--
                    (A) the development of which will--
                            (i) provide a wide array of economic, 
                        environmental, energy, and defense-related 
                        returns for the United States; and
                            (ii) ensure United States economic, 
                        environmental, energy, and defense-related 
                        welfare; and
                    (B) in which the United States has an abiding 
                interest in creating or maintaining secure domestic 
                sources.
            (4) Department.--The term ``Department'' means the 
        Department of Commerce.
            (5) Under secretary.--The term ``Under Secretary'' means 
        the Under Secretary of Commerce for United States Direct 
        Investment described in section 4(a).
            (6) United states direct investment promotion committee.--
        The term ``United States Direct Investment Promotion 
        Committee'' means the Interagency United States Direct 
        Investment Promotion Committee established under section 7.
            (7) WTO agreement.--The term ``WTO Agreement'' means the 
        Agreement establishing the World Trade Organization entered 
        into on April 15, 1994.

SEC. 3. RELATION TO CFIUS.

    The provisions of this Act shall not affect the implementation or 
application of section 721 of the Defense Production Act of 1950 (50 
U.S.C. App. 2170) and the activities of the Committee on Foreign 
Investment in the United States (or any successor committee).

SEC. 4. ESTABLISHMENT OF UNITED STATES DIRECT INVESTMENT 
              ADMINISTRATION.

    (a) In General.--There is established in the Department of Commerce 
a United States Direct Investment Administration, which shall be headed 
by an Under Secretary of Commerce for United States Direct Investment. 
The Under Secretary shall be appointed by the President, by and with 
the advice and consent of the Senate, and shall be compensated at the 
rate of pay provided for a position at level III of the Executive 
Schedule under section 5314 of title 5, United States Code.
    (b) Deputy Under Secretary.--There shall be in the Administration a 
Deputy Under Secretary for United States Direct Investment, who shall 
be appointed by the President, by and with the advice of the Senate, 
and shall be compensated at the rate of pay provided for a position at 
level IV of the Executive Schedule under section 5315 of title 5, 
United States Code.
    (c) Staff.--The Under Secretary may appoint such additional 
personnel to serve in the Administration as the Under Secretary 
determines necessary.
    (d) Duties.--The Under Secretary, in cooperation with the Economics 
and Statistics Administration and other offices at the Department, 
shall--
            (1) collect and analyze data related to the flow of direct 
        investment in the United States and throughout the world, as 
        described in section 5;
            (2) submit to the appropriate congressional committees an 
        annual United States Direct Investment Report, as described in 
        section 6;
            (3) develop and publish an annual United States Direct 
        Investment Agenda;
            (4) assume responsibility as the lead agency for advocating 
        and implementing strategic policies that will increase direct 
        investment in the United States; and
            (5) coordinate with the President regarding implementation 
        of section 721 of the Defense Production Act of 1950 (50 U.S.C. 
        App. 2170) and the activities of the Committee on Foreign 
        Investment in the United States (or any successor committee).
    (e) Conforming Amendments.--
            (1) Section 5314 of title 5, United States Code, is amended 
        by adding at the end the following: ``Under Secretary of 
        Commerce for United States Direct Investment.''.
            (2) Section 5315 of title 5, United States Code, is amended 
        by adding at the end the following: ``Deputy Under Secretary of 
        Commerce for United States Direct Investment.''.

SEC. 5. ANNUAL DIRECT INVESTMENT REPORT.

    (a) Annual Direct Investment Report.--Not later than October 1, 
2008, and annually thereafter, the Under Secretary shall submit a 
report on the data identified and the analysis described in subsection 
(b) for the preceding calendar year (which shall be known as the 
``Annual Direct Investment Report''). The Report shall be submitted to 
the President and the appropriate congressional committees.
    (b) Data Identification.--
            (1) In general.--The data identified and analysis for the 
        Report described in subsection (a) means the data identified 
        and analyzed by the Under Secretary of Commerce, in cooperation 
        with the Economic and Statistics Administration and other 
        offices at the Department and with the assistance of other 
        departments and agencies, including the Office of the United 
        States Trade Representative, for the preceding calendar year 
        regarding the following:
                    (A) Policies, programs, and practices at the State 
                and regional level designed to attract direct 
                investment.
                    (B) The amount of direct investment attracted in 
                each such State and region.
                    (C) Policies, programs, and practices in foreign 
                countries designed to attract direct investment, and 
                the amount of direct investment attracted in each such 
                foreign country.
                    (D) A comparison of the levels of direct investment 
                attracted in the United States and in foreign 
                countries, including a matrix of inputs affecting the 
                level of direct investment.
                    (E) Specific sectors in the United States and in 
                foreign countries in which direct investments are being 
                made, including the specific amounts invested in each 
                sector, with particular emphasis on critical high-
                technology industries.
                    (F) Trends in direct investment, with particular 
                emphasis on critical high-technology industries.
                    (G) The best policy and practices at the Federal, 
                State, and regional levels regarding direct investment 
                policy, with specific reference to programs and 
                policies that have the greatest potential to increase 
                direct investment in the United States and enhance 
                United States competitive advantage relative to foreign 
                countries. Particular emphasis should be given to 
                attracting direct investment in critical high-
                technology industries.
                    (H) Policies, programs, and practices in foreign 
                countries designed to attract direct investment that 
                are not in compliance with the WTO Agreement and the 
                agreements annexed to that Agreement.
            (2) Certain factors taken into account in making 
        analysis.--In making any analysis under paragraph (1), the 
        Under Secretary shall take into account--
                    (A) the relative impact of policies, programs, and 
                practices of foreign governments on United States 
                commerce;
                    (B) the availability of information to document the 
                effect of policies, programs, and practices;
                    (C) the extent to which such act, policy, or 
                practice is subject to international agreements to 
                which the United States is a party; and
                    (D) the impact trends in direct investment have had 
                on--
                            (i) the competitiveness of United States 
                        industries in the international economy, with 
                        particular emphasis on critical high-technology 
                        industries;
                            (ii) the value of goods and services 
                        exported from and imported to the United 
                        States;
                            (iii) employment in the United States, in 
                        particular high-wage employment; and
                            (iv) the provision of health care, 
                        pensions, and other benefits provided by 
                        companies based in the United States.
    (c) Assistance of Other Agencies.--
            (1) Furnishing of information.--The head of each department 
        or agency of the executive branch of the Government, including 
        any independent agency, is authorized and directed to furnish 
        to the Under Secretary, upon request, such data, reports, and 
        other information as is necessary for the Under Secretary to 
        carry out the functions under this Act.
            (2) Restrictions on release or use of information.--Nothing 
        in this subsection shall authorize the release of information 
        to, or the use of information by, the Under Secretary in a 
        manner inconsistent with law or any procedure established 
        pursuant thereto.
            (3) Personnel and services.--The head of any department, 
        agency, or instrumentality of the United States may detail such 
        personnel and may furnish such services, with or without 
        reimbursement, as the Under Secretary may request to assist in 
        carrying out the functions of the Under Secretary.
    (d) Annual Revisions and Updates.--The Under Secretary shall 
annually revise and update the Report described in subsection (a).

SEC. 6. ANNUAL DIRECT INVESTMENT AGENDA.

    (a) In General.--Not later than October 1, 2008, and annually 
thereafter, the Under Secretary shall submit an agenda based on the 
data and analysis described in section 5 for the preceding calendar 
year, to the President and the appropriate congressional committees. 
The agenda shall be known as the ``Annual Direct Investment Agenda'' 
and shall include--
            (1) an evaluation of the research and development program 
        expenditures being made in the United States with particular 
        emphasis to critical high-technology industries considered 
        essential to United States economic security and necessary for 
        long-term United States economic competitiveness in world 
        markets; and
            (2) proposals that identify the policies, programs, and 
        practices in foreign countries and that the United States 
        should pursue that--
                    (A) encourage direct investment in the United 
                States that will enhance the country's competitive 
                advantage relative to foreign countries, with 
                particular emphasis on critical high-technology 
                industries;
                    (B) enhance the viability of the manufacturing 
                sector in the United States;
                    (C) increase opportunities for high-wage jobs and 
                promote high levels of employment;
                    (D) encourage economic growth; and
                    (E) increase opportunities for the provision of 
                health care, pensions, and other benefits provided by 
                companies based in the United States.
    (b) Submission.--To the extent practical, the Under Secretary shall 
submit the Annual Direct Investment Agenda concurrently with the Annual 
Direct Investment Report.
    (c) Consultation With Congress on Annual Direct Investment 
Agenda.--The Under Secretary shall keep the appropriate congressional 
committees currently informed with respect to the Annual Direct 
Investment Agenda and implementation of the Agenda. After the 
submission of the Agenda, the Under Secretary shall also consult 
periodically with, and take into account the views of, the appropriate 
congressional committees regarding implementation of the Agenda.

SEC. 7. UNITED STATES DIRECT INVESTMENT PROMOTION COMMITTEE.

    (a) Establishment.--The President shall establish and the Under 
Secretary shall assume lead responsibility for an Interagency United 
States Direct Investment Promotion Committee. The functions of the 
Committee shall be to--
            (1) coordinate all United States Government activities 
        related to the promotion of direct investment in the United 
        States;
            (2) advocate and implement strategic policies, programs, 
        and practices that will increase direct investment in the 
        United States;
            (3) train United States Government officials to pursue 
        strategic policies, programs, and practices that will increase 
        direct investment in the United States;
            (4) consult with business, labor, State, regional, and 
        local government officials on strategic policies, programs, and 
        practices that will increase direct investment in the United 
        States;
            (5) develop and publish materials that can be used by 
        Federal, State, regional, and local government officials to 
        increase direct investment in the United States;
            (6) create and maintain a database of direct investment 
        opportunities in the United States;
            (7) create and maintain an interactive website that can be 
        used to access direct investment opportunities in different 
        sectors and geographical areas of the United States, with 
        particular emphasis on critical high-technology industries;
            (8) coordinate direct investment marketing activities with 
        State Economic Development Agencies; and
            (9) host regular meetings and discussions with State, 
        regional, and local economic development officials to consider 
        best policy practices to increase direct investment in the 
        United States.
    (b) Members.--The Committee shall be composed of the following:
            (1) The Secretary of Commerce.
            (2) The United States Trade Representative.
            (3) Members of the United States International Trade 
        Commission.
            (4) The Secretary of the Treasury.
            (5) Members of the National Economic Council.
            (6) The Secretary of Agriculture.
            (7) Such other officials as the President determines to be 
        necessary.

SEC. 8. DESIGNATION OF ADDITIONAL RENEWAL COMMUNITIES.

    Section 1400E of the Internal Revenue Code of 1986 (relating to 
designation of renewal communities) is amended by adding at the end the 
following new subsection:
    ``(h) Additional Designations Permitted.--
            ``(1) In general.--In addition to the areas designated 
        under subsection (a), the Under Secretary of Commerce for 
        United States Direct Investment, after consultation with the 
        Secretary of the Treasury, may designate in the aggregate an 
        additional 10 nominated areas as renewal communities under this 
        section, subject to the availability of eligible nominated 
        areas.
            ``(2) Period designations may be made and take effect.--A 
        designation may be made under this subsection after the date of 
        the enactment of this subsection and before the date which is 5 
        years after such date of enactment. Subject to subparagraphs 
        (B) and (C) of subsection (b)(1), a designation made under this 
        subsection shall remain in effect during the period beginning 
        with such designation and ending on the date which is 8 years 
        after such designation.
            ``(3) Application of rules.--Except as otherwise provided 
        in paragraph (1), the rules of this section shall apply to 
        designations under this subsection.''.

Summary: Invest USA Act of 2007 - Establishes in the Department of Commerce a United States Direct Investment Administration, headed by an Under Secretary of Commerce for United States Direct Investment.

Requires the Under Secretary to collect, analyze, and report annually to the President and the appropriate congressional committees: (1) on specified data about direct investment in each state and region; and (2) an agenda based on such data and analysis.

Requires the President to establish, and the Under Secretary to assume lead responsibility for, an Interagency United States Direct Investment Promotion Committee.

Amends the Internal Revenue Code (relating to designation of renewal communities) to authorize the Under Secretary to designate an additional 10 nominated areas as renewal communities.