Global Investment in American Jobs Act of 2023

Bill: 118-s-2368
Sponsor: full_name: Sen. Young, Todd [R-IN]
Introduced: 2023-07-19
Policy area: Foreign Trade and International Finance
Latest action: action_date: 2023-07-19
text: Read twice and referred to the Committee on Commerce, Science, and Transportation.

Summaries:
action_date: 2023-07-19
action_desc: Introduced in Senate
text: <p><b>Global Investment in American Jobs Act of 2023</b></p> <p>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 from responsible private-sector entities based in trusted countries and addressing foreign trade barriers that firms in advanced technology sectors face in the global digital economy.</p> <p>Among other elements, the review shall include an assessment of (1) the 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 facilitate foreign direct investment, and (4) the adequacy of federal government efforts to encourage and facilitate foreign direct investment in the United States.</p> <p>Commerce must report the findings of such review to Congress and the Government Accountability Office (GAO) and include recommendations for increasing the global competitiveness of the United States in attracting foreign direct investment. The GAO must submit a review and assessment of the report to Congress.</p>

tv_txt: II 118th CONGRESS 1st Session S. 2368 IN THE SENATE OF THE UNITED STATES July 19, 2023 Mr. Young (for himself and Mr. Peters ) 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 to Congress on ways to increase the global competitiveness of the United States in attracting foreign direct investment.

1. Short title This Act may be cited as the Global Investment in American Jobs Act of 2023 . 2. Sense of Congress It is the sense of Congress that— (1) the ability of the United States to attract foreign direct investment from responsible private-sector entities based in trusted countries 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, economic prosperity, and security of the United States by— (A) removing unnecessary barriers to foreign direct investment from responsible private-sector entities based in trusted countries 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; (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 (D) promoting policies that maintain and expand resilient supply chains and reduce the dependence of the United States on supply chains from China and other foreign adversaries; (3) maintaining the United States commitment to an open investment policy with private-sector entities based in trusted countries encourages other countries to reciprocate and enable the United States to open new markets abroad for United States companies and their products; (4) while foreign direct investment by responsible private-sector entities based in trusted countries can enhance the United States economic strength, policies regarding foreign direct investment should reflect security interests and should not disadvantage domestic investors, companies, or the workforce; (5) United States efforts to attract foreign direct investment from responsible private-sector entities based in trusted countries should be consistent with efforts to maintain and improve the domestic standard-of-living, including for the workforce; (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 including data localization and infringement of intellectual property rights must be further addressed; (7) foreign direct investment by companies or other entities owned, directed, supported, or influenced by the Chinese Communist Party is a threat to United States security and merits an aggressive policy framework to protect United States interests, jobs, intellectual property, and security; (8) foreign direct investment from any source should not result in the net loss of United States economic activity, productive capabilities, and supply chain resilience; and (9) foreign direct investment from any source should strengthen United States security and support United States workforce, health and safety, consumer, and financial standards. 3. Definitions In this Act: (1) Agency The term agency has the meaning given such term in section 551 of title 5, United States Code. (2) Foreign adversary The term foreign adversary has the meaning given such term in part 7.2 of title 15, Code of Federal Regulations. (3) Responsible private-sector entity The term responsible private-sector entity means an entity that the Secretary determines is— (A) not organized under the laws of a foreign adversary; and (B) not owned, controlled, or otherwise subject to the influence of, a foreign adversary. (4) Secretary The term Secretary means the Secretary of Commerce. (5) State The term State means— (A) each State of the United States; (B) the District of Columbia; (C) each commonwealth, territory, or possession of the United States; and (D) each federally recognized Indian Tribe. (6) Trusted country The term trusted country means a country or economy that is not determined by the Secretary to be a foreign adversary of the United States. 4. Foreign direct investment review (a) Review The Secretary, in consultation with the Federal Interagency Investment Working Group established pursuant to Executive Order 13577 (76 Fed. Reg. 35715; relating to establishment of the SelectUSA Initiative) and in consultation with the heads of other relevant agencies, shall conduct an interagency review of the global competitiveness of the United States in— (1) attracting foreign direct investment from responsible private-sector entities based in trusted countries; and (2) 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 economic impact of foreign direct investment in the United States, with particular focus on manufacturing, services, trade (with an emphasis on digital trade), and United States jobs; (2) trends in global cross-border investment and data flows and the underlying factors for such trends; (3) Federal Government policies, that facilitate foreign direct investment attraction and retention from responsible private-sector entities based in trusted countries; (4) foreign direct investment as compared to direct investment by domestic entities; (5) foreign direct investment that takes the form of greenfield investment rather than foreign direct investment relating to merger and acquisition activity; (6) the unique challenges posed by foreign direct investment, particularly acquisitions, in the United States by State-owned or State-backed enterprises, especially from State-directed economies, including companies or other entities owned, directed, supported, or influenced by the Chinese Communist Party; (7) specific information regarding the prevalence of investments made by State-owned or State-backed enterprises, especially from State-directed economies, including companies or other entities owned, directed, supported, or influenced by the Chinese Communist Party, with a particular focus on investments relating to manufacturing, services, trade (with an emphasis on digital trade), and jobs; (8) (A) how other trusted countries are dealing with the challenge, including screening for and preventing market distorting investments, of State-directed and State-supported investment; and (B) whether there are opportunities to work with like-minded nations to address such challenge; (9) ongoing Federal Government efforts to improve the investment climate and facilitate greater levels of foreign direct investment in the United States from responsible private-sector entities based in trusted countries; (10) innovative and noteworthy initiatives by State and local government to attract foreign investment from responsible private-sector entities based in trusted countries; (11) initiatives by other countries to identify best practices for increasing global competitiveness in attracting foreign direct investment from responsible private-sector entities based in trusted countries; (12) (A) the impact that protectionist policies by other countries, including forced data localization 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 (B) the ability for United States located firms to develop innovative technologies; (13) other barriers to the ability of the United States to compete globally in an increasingly connected and digital global economy, including the use of technical barriers to trade (such as country-specific standards for technology products and digital services); (14) the adequacy of efforts by the Federal Government to encourage and facilitate foreign direct investment in the United States; (15) efforts by the Chinese Communist Party to circumvent existing laws to gain access to United States markets, foreign direct investment responsible private-sector entities based in trusted countries, or intellectual property; and (16) the extent to which foreign direct investment from any source, including the Chinese Communist Party, results in displacement, offshoring, or outsourcing, including the impact of such investment on supply chains. (c) Limitation The review conducted pursuant to subsection (a) may not address laws or policies relating to the Committee on Foreign Investment in the United States. (d) Public Comment (1) Review Not sooner than 60 days before the date on which the review is commenced pursuant to subsection (a), the Secretary shall— (A) publish notice of the review in the Federal Register; and (B) provide an opportunity for public comment on the matters to be covered by the review. (2) Report Not sooner than 60 days before the date on which the report is submitted pursuant to subsection (b), the Secretary shall— (A) publish the proposed findings and recommendations included in the report in the Federal Register; and (B) provide an opportunity for public comment. (e) Report to Congress Not later than 1 year after the date of the enactment of this Act, the Secretary, in coordination with the Federal Interagency Investment Working Group and the heads of other relevant agencies, shall submit a report to Congress and to the Comptroller General that includes— (1) the findings of the review conducted pursuant to subsection (a); and (2) recommendations for increasing the global competitiveness of the United States in attracting foreign direct investment from responsible private-sector entities based in trusted countries in a manner that strengthens or maintains the security, workforce, consumer, or financial protections of the United States. (f) Comptroller General Review Not later than 1 year after the date on which the Comptroller General of the United States receives the report pursuant to subsection (e), the Comptroller General shall submit a review and assessment of the report to Congress.