Global Investment in American Jobs Act of 2021
Bill: H.R.2907 | Sponsor: Rep. Pence, Greg (R-IN)
Policy area: Foreign Trade and International Finance

Summary:
Global Investment in American Jobs Act of 2021
This bill requires the Department of Commerce to conduct an interagency review of the global competitiveness of the United States in attracting foreign direct investment and addressing foreign trade barriers that firms in advanced technology sectors face in the global digital economy.
Such review shall include an assessment of (1) the current economic impact of foreign direct investment in the United States, (2) trends in global cross-border investment and data flows, (3) federal government policies that are linked to the ability of the United States to attract and retain foreign direct investment, and (4) the adequacy of federal government efforts to increase the ease for foreign firms considering investment in the United States.
Commerce must report the findings of such review and submit recommendations for increasing the global competitiveness of the United States in attracting foreign direct investment and developing new technologies and services.

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 to Congress on ways to increase the 
   global 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 2021''.

SEC. 2. 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) it is a top national priority to enhance the global 
        competitiveness, prosperity, and security of the United States 
        by--
                    (A) removing unnecessary barriers to foreign direct 
                investment and the jobs that such investment creates 
                throughout the United States;
                    (B) promoting policies to ensure the United States 
                remains the premier global destination to invest, hire, 
                innovate, provide services and manufacture products; 
                and
                    (C) promoting policies to ensure the United States 
                remains the global leader in developing and deploying 
                cutting-edge technologies such as self-driving vehicle 
                technology, artificial intelligence, Internet of 
                Things, quantum computing, blockchain, and the like;
            (3) maintaining the United States commitment to open 
        investment policy encourages other countries to reciprocate and 
        enables the United States to open new markets abroad for United 
        States companies and their products;
            (4) while foreign direct investment can enhance the United 
        States economic strength, policies regarding foreign direct 
        investment should reflect national security interests and 
        should not disadvantage domestic investors or companies;
            (5) United States efforts to attract foreign direct 
        investment should be consistent with efforts to maintain and 
        improve the domestic standard of living; and
            (6) as digital information becomes increasingly important 
        to the United States economy and the development of new 
        technologies and services that will be crucial to the country's 
        competitiveness in the 21st century global economy, barriers 
        such as data localism and infringement of intellectual property 
        rights must be addressed.

SEC. 3. 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 and addressing key foreign trade barriers that firms in 
advanced technology sectors face in the global digital economy.
    (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, services, research and development, trade (with 
        an emphasis on digital trade), and jobs;
            (2) trends in global cross-border investment and data flows 
        and the underlying factors for such trends;
            (3) Federal Government policies that are closely linked to 
        the ability of the United States to attract and retain foreign 
        direct investment;
            (4) foreign direct investment as compared to direct 
        investment by domestic entities;
            (5) foreign direct investment that takes the form of 
        greenfield investment as compared to foreign direct investment 
        reflecting merger and acquisition activity;
            (6) the unique challenges posed by foreign direct 
        investment, particularly acquisitions, by state-owned or state-
        backed enterprises, especially from state-directed economies;
            (7) how other countries are dealing with the challenge of 
        state-directed and supported investment and whether there are 
        opportunities to work with like-minded nations in addressing 
        these shared challenges;
            (8) ongoing Federal Government efforts to improve the 
        investment climate and facilitate greater levels of foreign 
        direct investment in the United States;
            (9) innovative and noteworthy State, regional, and local 
        government initiatives to attract foreign investment;
            (10) initiatives by other countries in order to identify 
        best practices for increasing global competitiveness in 
        attracting foreign direct investment;
            (11) the impact that protectionist policies by other 
        countries, such as forced data localism rules, forced 
        localization of production, industrial subsidies, and the 
        infringement of intellectual property rights, have on the 
        advanced technology economy of the United States and the 
        ability for United States located firms to develop innovative 
        technologies;
            (12) other barriers to the United States ability to compete 
        globally in an increasingly connected and digital globally 
        economy, for instance, the use of technical barriers to trade 
        (such as country specific standards for technology products and 
        digital services); and
            (13) the adequacy of efforts by the Federal Government to 
        increase the ease for foreign firms considering investment in 
        the United States.
    (c) Limitation.--The review conducted pursuant to subsection (a) 
shall not address laws or 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 
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 for increasing the global competitiveness of the United 
States in attracting foreign direct investment and developing 21st 
century technologies and services, without weakening national security, 
labor, consumer, financial, or environmental protections.
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