Last week U.S. Senators Todd Young (R-Ind.) and Gary Peters (D-Mich.) introduced the Global Investment in American Jobs Act of 2023 to increase America’s global competitiveness and ensure our nation continues to be the most attractive destination for international companies to invest.
For decades, foreign direct investment in America has strengthened our nation’s economy by bringing more good paying jobs to our communities, boosting domestic research and development, and exporting more American-made goods. However, in the face of heightened competition from other countries, America must remain intentional about attracting international investment. The Global Investment in American Jobs Act of 2023 would support this effort by directing the Secretary of Commerce to conduct a government-wide review of and report to Congress on ways to increase America’s global competitiveness in attracting foreign direct investment.
“Foreign investment in the United States means more jobs for American workers and investment in our local communities,” said Senator Young. “Our bipartisan bill will reinforce America’s commitment to global leadership, enhance investment in our workforce, bolster U.S. innovation, and help out-compete the Chinese Communist Party.”
“Michigan continues to be a top destination for economic investment because of our world-class workforce and leadership in critical fields like advanced manufacturing and technological innovation,” said Senator Peters. “This commonsense, bipartisan legislation is a needed step to keeping our businesses and workers economically competitive on the global stage for years to come.”
The legislation would:
- Identify 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;
- Promote policies to ensure the United States remains the premier global destination to invest, hire, innovate, provide services, and manufacture products;
- Promote policies to ensure the United States remains the global leader in developing and deploying cutting-edge technologies, such as artificial intelligence and quantum computing;
- Maintain and expand resilient supply chains and reduce the dependence of the United States on supply chains from China and other foreign adversaries; and
- Maintain the United States’ commitment to an open investment policy with private-sector entities based in trusted countries which will encourage other countries to reciprocate and enable the United States to open new markets abroad for U.S. companies and their products.
In Indiana, international investment has led to 204,100 jobs and more than 900 international employers operating in the state.
U.S. Representative Greg Pence (R-IN-06) introduced companion legislation in the U.S. House of Representatives, and it recently passed the House by a vote of 386-22.
Additionally, the Global Investment in American Jobs Act of 2023 is supported by Autos Drive America, Global Business Alliance, Information Technology Industry Council, National Association of Manufacturers, and U.S. Chamber of Commerce.
Full legislative text can be found here.