S. 740Senate110th Congress (2007-2009)In Committee

Invest USA Act of 2007

Introduced March 1, 2007

Legislative Activity

Stay on top of the latest movement without scrolling through every action

2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2510-2512)

March 1, 2007

View full timeline
SenateIntro Referral

Introduced in Senate

March 1, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S2510)

March 1, 2007

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2510-2512)

March 1, 2007

Floor Debate

16 members

What members said about S. 740 on the floor

8 Republicans8 Democrats
Christopher J. Dodd
Sen. Christopher J. DoddD-CT · Mar 1, 2007

Mr. President, as we move forward in the coming months in the Senate Committee on Rules and Administration on critical election reform hearings, I wanted to take this opportunity to re-introduce my…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Mar 1, 2007

Mr. President, from Pickerel Pond to Lake Auburn, from Sebago Lake to Bryant Pond, lakes and ponds in Maine are under attack. Aquatic invasive species threaten Maine's drinking water systems,…

Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · Mar 1, 2007

Mr. President, as I come to the floor today to speak, there are countless small businesses in the Gulf Coast, right this moment, that are open for business. The fact that they are open at all is a…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Mar 1, 2007

Mr. President, today I am reintroducing legislation entitled the Children's Dental Health Improvement Act of 2007, along with several of my colleagues. This legislation is designed to improve the…

Carl Levin
Sen. Carl LevinD-MI · Mar 1, 2007

Mr. President, every day across our Nation, families, friends, and entire communities mourn the loss of fallen soldiers, sailors, airmen and marines. Michigan has lost 130 heroes in the wars in Iraq…

Show 8 more
Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Mar 1, 2007

Mr. President, in the wake of the tragic events of September 11, Congress, the Administration and the country faced the urgent need to do all we can to strengthen our national security and…

Ken Salazar
Sen. Ken SalazarD-CO · Mar 1, 2007

Mr. President, I rise today to speak about legislation I introduced today. The Rocky Flats Special Exposure Cohort Act will at long last repay our debt to the patriotic American workers of Rocky…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Mar 1, 2007

Mr. President, today, along with my colleague Senator Collins from Maine, I am introducing legislation to help businesses form group-purchasing cooperatives to obtain enhanced benefits, to reduce…

Arlen Specter
Sen. Arlen SpecterR-PA · Mar 1, 2007

Mr. President, I have sought recognition to introduce legislation to provide relief to the rising number of taxpayers impacted by the Alternative Minimum Tax (AMT). Between a lack of indexing for…

Thad Cochran
Sen. Thad CochranR-MS · Mar 1, 2007

Mr. President, today, I am introducing the Teaching Geography is Fundamental Act. I am pleased to be joined by my friend from Connecticut Mr. Dodd. The purpose of this bill is to improve geographic…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Mar 1, 2007

Mr. President, I rise today to introduce the Invest USA Act of 2007 with my colleague from Indiana, Senator Lugar. Our legislation creates a United States Direct Investment Administration, USDIA,…

Pete V. Domenici
Sen. Pete V. DomeniciR-NM · Mar 1, 2007

Mr. President, I rise today to talk about a project of great importance to my State and our environment--one that has been discussed before on this floor when I helped unveil a vision that would…

Michael B. Enzi
Sen. Michael B. EnziR-WY · Mar 1, 2007

Mr. President, today I am pleased to introduce the Freedom to Travel to Cuba Act with Senator Dorgan and a number of Senators. This legislation addresses only the travel provisions of our Cuba…

Show 4 more
Barack Obama
Sen. Barack ObamaD-IL · Mar 1, 2007

Mr. President. I am proud to introduce the Voter Advocate and Democracy Index Act of 2007 with the goal of having the Act help inform voters and State officials on how well their States are doing on…

Norm Coleman
Sen. Norm ColemanR-MN · Mar 1, 2007

Mr. President, the legislation that I am introducing today along with Senator's Kennedy and Kyl will install tougher penalties on those who commit terrorism hoaxes. This is a very important issue to…

Jon Kyl
Sen. Jon KylR-AZ · Mar 1, 2007

Mr. President, today I am pleased to join with Senator McCain introducing the Walnut Canyon Study Act of 2007. I cosponsored similar legislation in the last Congress. That legislation had a favorable…

John McCain
Sen. John McCainR-AZ · Mar 1, 2007

Mr. President, I am pleased to be joined by Senator Kyl in reintroducing legislation to authorize a special resources and land management study for lands adjacent to the Walnut Canyon National…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued March 1, 2007

II

110th CONGRESS

1st Session

S. 740

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.

Short title

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

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.

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).

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..

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).

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.

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.

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.

.