Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2052) 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…
Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 2052) 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, as amended.
Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and insert extraneous materials in the Record on the bill.
I yield myself as much time as I may consume.
Mr. Speaker, I rise in support of H.R. 2052, the Global Investment in American Jobs Act of 2013.
Now, we recently saw the latest job numbers. While somewhat positive, the reality is that we have more people out of the workforce than since 1978. People are giving up looking for work, and it doesn't have to be and shouldn't be that way.
There are many foreign companies who want to ``in-source'' their jobs to America, but there have been many barriers standing in their way. There are many foreign companies who should and want to come here. These are good, high-paying jobs that many Americans are looking for.
In 2010 alone, U.S. affiliates of foreign firms employed an estimated 5.6 million Americans. These Americans also made, on average, $77,000 per year.
These U.S. subsidiaries invested $41.3 billion in research and development and made $149 billion in capital expenditures in the United States that same year. In the manufacturing sector alone, FDI inflows were nearly $84 billion in 2012, according to the National Association of Manufacturers.
Unfortunately, according to the testimony of the Organization for International Investment at our legislative hearing last spring, the United States' share of foreign direct investment dropped from 41 percent at its high in 1999 to just 17 percent in 2011. Today, we're here to reverse that trend.
My bill, H.R. 2052, and also, with the gentlelady, Ms. Schakowsky, and Mr. Barrow on the other side of the aisle, this is a bipartisan piece of legislation that instructs the Department of Commerce to conduct an interagency review geared to identifying those barriers to foreign investment to the United States. It also instructs the Department of Commerce to make recommendations on ways to lower or eliminate those same barriers.
The United States should be the leader in attracting foreign investment. We have a stable government, safe working conditions, and the most skilled workforce in the world. I believe that our long-term global competitiveness and economic success as a nation is directly tied to our ability to attract foreign investment.
By creating an environment where foreign companies want to move their manufacturing operations or distribution centers to the United States, we are fostering an environment or atmosphere of organic, government stimulus-free economic growth.
We must be aware of the potential impact on the U.S.' ability to attract foreign direct investment when considering new laws and regulations.
We want these companies to come here and help us grow our economy. But there are a number of areas within the purview of the Federal Government where we can improve the domestic climate for foreign direct investment.
It's my hope that the report at the heart of this legislation will highlight those areas, both for the administration, where it can act on its own authority, and for Congress, where the administration lacks the authority.
I would also like to thank some individuals who helped get this legislation off the ground and to the House floor today. First off, I'd like to thank the gentleman from Illinois (Mr. Roskam), who has championed this issue for several years.
I would also like to thank the gentlewoman from Illinois (Ms. Schakowsky), the ranking member of this subcommittee, as well as our friend, the gentleman from Georgia (Mr. Barrow), for his leadership.
I believe we can all agree that we shouldn't stop our efforts to put America back to work until every American who wants a job can find one. This legislation is a step in the right direction, Mr. Speaker, and I urge my colleagues to support this bill.
I reserve the balance of my time.
Mr. Speaker, I'll continue to reserve the balance of my time.
Will the gentlewoman yield?
Yes, I can assure you. I agree with the gentlelady that it should include both benefits and costs, as we have suggested. And I do want to state that I appreciate working with you. And you have shown great collegiality as well in our negotiations, and I want to thank you for that.
Mr. Speaker, having the right to close, I am going to reserve the balance of my time and allow them to finish their time, if they have any.
Mr. Speaker, I yield myself as much time as I may consume.
I want to close by saying that this truly has been a bipartisan effort. Both sides of the aisle want the U.S. to be in a better position to attract the foreign direct investment which does create jobs in the United States. That has been on the decline. We need to reverse that.
And this is one of those times when you go home and you hear, at your townhall meeting, Why don't you work together? The people need to see how we worked together on this bill and resolved the differences between each other on this. Today we're here to have what I think will be an overwhelmingly positive vote.
With that, I will submit a couple of letters for the Record. One is about 150 entities that signed on to a letter for the Organization for International Investment, and then also another letter from Sanofi dated September 9, 2013.
Mr. Speaker, I yield back the balance of my time.
Organization for International Investment
OFII is the only business association in Washington D.C.
that exclusively represents U.S. subsidiaries of foreign
companies and advocates for their non-discriminatory
treatment under state and federal law.
Members
ABB Inc.; ACE INA Holdings, Inc.; Ahold USA, Inc.; Airbus
North America Holdings; Air Liquide USA; Akzo Nobel Inc.;
Alcatel-Lucent; Allianz of North America; ALSTOM; Anheuser-
Busch; APG; APL Limited; AREVA, Inc.; Arup; Astellas Pharma
US, Inc.; AstraZeneca Pharmaceuticals; BAE Systems; Balfour
Beatty; Barclays Capital; Barrick Gold Corp. of North
America.
BASF Corporation; Bayer Corp.; BG Group; BHP Billiton; BIC
Corp.; Bimbo Foods, Inc.; bioMerieux, Inc.; BMW of North
America; BNP Paribas; Boehringer Ingelheim Corp.; Bombardier
Inc.; BOSCH; BP; Bridgestone Americas Holding; Brother
International Corp.; BT; Bunge Ltd.; Bunzl USA, Inc.; Case
New Holland; Cobham.
Covidien; Credit Suisse Securities (USA); Cristal USA
Inc.; Daiichi Sankyo, Inc.; Daimler; Dassault Falcon Jet
Corp.; Deutsche Telekom; Diageo, Inc.; EADS, Inc.; Electrolux
North America; EMD Serono Inc.; E.ON North America; Ericsson;
Evonik Degussa Corporation; Experian; Flextronics
International; Food Lion, LLC; France Telecom North America;
FUJIFILM Holdings America; Garmin International, Inc.
GDF SUEZ Energy North America, Inc.; Generali USA; GKN
America Corp.; GlaxoSmithKline; Hanson North America; Henkel
Corporation; Holcim (US) Inc.; Honda North America; HSBC
North America Holdings; Huhtamaki; Hyundai Motor America;
Iberdrola Renewables; ING America Insurance Holdings;
InterContinental Hotels Group; JBS USA; John Hancock Life
Insurance Co.; Kering; Kia Motor Corporation; Lafarge North
America; Logitech Inc.
L'Oreal USA, Inc.; Louisiana Energy Service (LES); Louis
Dreyfus Commodities; Louisville Corporate Services, Inc.;
LVMH Moet Hennessy Louis Vuitton; Macquarie Aircraft Leasing
Services; Maersk Inc.; Magna International; Mallinckrodt;
Marvell Semiconductor; McCain Foods USA; Michelin North
America, Inc.; National Grid; Nestle USA, Inc.; Nissan;
Nomura Holding America, Inc.; Novartis Corporation; Novo
Nordisk Pharmaceuticals; Oldcastle, Inc.; Panasonic Corp.; of
North America.
Pearson Inc.; Pernod Ricard USA; Philips Electronics North
America; QBE the Americas; Randstad North America; Reed
Elsevier Inc.; Research in Motion; Rexam Inc.; Rinnai; Rio
Tinto America; Roche Holdings, Inc.; Rolls-Royce North
America Inc.; Royal Bank of Canada; SABIC Innovative
Plastics; Samsung; Sanofi US; SAP America; Sasol;
Schlumberger.
Schneider Electric USA; Schott North America; Shell Oil
Company; Siemens Corporation; Smith & Nephew, Inc.; Societe
Generale; Solvay America; Sony Corporation of America;
Sprint; Sumitomo Corp.; of America; Swiss Re America Holding
Corp.; Syngenta Corporation; Takeda North America; Tate &
Lyle North America, Inc.; TD Bank; TE Connectivity; Teva
Pharmaceuticals USA; Thales USA, Inc.; The Tata Group;
Thomson Reuters.
ThyssenKrupp North America, Inc.; Tim Hortons; Toa
Reinsurance Company of America; Tomkins Industries, Inc.;
TOTAL Holdings USA, Inc.; Toyota Motor North America;
Transamerica; Tyco; UBS; UCB; Umicore USA; Unilever; Vivendi;
Vodafone; Voith Holding Inc.; Volkswagen of America, Inc.;
Volvo Cars North America; Volvo Group North America, Inc.;
Westfield LLC; White Mountains, Inc.; Wipro Inc.; Wolters
Kluwer U.S. Corporation; Wolseley; WPP Group USA, Inc.; XL
Global Services; Zurich Insurance Group.
Organization for
International Investment,
Washington, DC, September 9, 2013.
Re OFII Support of H.R. 2052, the ``Global Investment in
American Jobs Act of 2013''.
Hon. Fred Upton,
Chairman, Energy and Commerce Committee, Washington, DC.
Hon. Lee Terry,
Chairman, Subcommittee on Commerce, Manufacturing and Trade,
Washington, DC.
Hon. Henry Waxman,
Ranking Member, Energy and Commerce Committee, Washington,
Mr. Speaker, on that I demand the yeas and nays.