What This Bill Does
This bill directs the Secretary of Commerce to lead a government-wide review of how the United States can attract more foreign investment from trustworthy private companies. The Secretary must examine barriers to foreign investment, report findings to Congress within one year, and make recommendations for improving America's competitiveness in attracting this investment.
Who It Affects
The Secretary of Commerce, other federal agencies, Congress, foreign companies and investors from trusted countries, United States businesses and workers, and the Comptroller General (a government official who audits federal spending).
Key Provisions
• The Secretary of Commerce must conduct an interagency review examining the global competitiveness of the United States in attracting foreign direct investment from responsible private companies based in trusted countries (Sec. 3(a))
• The review must examine the economic impact of foreign investment on manufacturing, services, digital trade and United States jobs (Sec. 3(b)(1))
• The review must examine challenges posed by investments from state-owned or state-backed enterprises, especially those owned or controlled by the Chinese Communist Party (Sec. 3(b)(6))
• The Secretary must publish notice 60 days before starting the review and again 60 days before submitting the report to give the public a chance to comment (Sec. 3(d))
• The Secretary must submit findings and recommendations to Congress and the Comptroller General within one year of the bill becoming law (Sec. 3(e))
• The Comptroller General must review and assess the Secretary's report within one year of receiving it (Sec. 3(f))
What Changes
If this becomes law, the federal government will conduct an official review of foreign investment policies and practices. Congress will receive a formal report with recommendations on how to attract more foreign investment while protecting United States security, workers, consumers and financial systems. The Comptroller General will then independently evaluate that report.
Important Definitions
• "Foreign adversary" - a country defined by federal regulations as a foreign adversary of the United States
• "Responsible private-sector entity" - a company that is not organized under the laws of a foreign adversary and is not owned, controlled or influenced by a foreign adversary
• "Secretary" - the Secretary of Commerce
• "Trusted country" - any country or economy that is not determined by the Secretary to be a foreign adversary of the United States
• "State" - includes all 50 states, the District of Columbia, territories, possessions, and federally recognized Indian tribes
Effective Date
Not specified in bill text
IIB
118TH CONGRESS
1ST SESSION
H. R. 813
IN THE SENATE OF THE UNITED STATES
JULY 18, 2023
Received; read twice and referred to the Committee on Commerce, Science,
and Transportation
AN ACT
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 competitive-
ness of the United States in attracting foreign direct
investment.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Global Investment in
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American Jobs Act of 2023’’.
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SEC. 2. SENSE OF CONGRESS.
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It is the sense of Congress that—
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(1) the ability of the United States to attract
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foreign direct investment from responsible private-
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sector entities based in trusted countries is directly
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linked to the long-term economic prosperity, global
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competitiveness, and security of the United States;
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(2) it is a top national priority to enhance the
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global competitiveness, economic prosperity, and se-
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curity of the United States by—
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(A) removing unnecessary barriers to for-
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eign direct investment from responsible private-
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sector entities based in trusted countries and
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the jobs that such investment creates through-
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out the United States;
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(B) promoting policies to ensure the
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United States remains the premier global des-
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tination to invest, hire, innovate, provide serv-
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ices, and manufacture products;
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(C) promoting policies to ensure the
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United States remains the global leader in de-
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veloping and deploying cutting-edge tech-
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nologies, such as self-driving vehicle technology,
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artificial intelligence, Internet of Things, quan-
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tum computing, blockchain; and
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(D) promoting policies that maintain and
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expand resilient supply chains and reduce the
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dependence of the United States on supply
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chains from China and other foreign adver-
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saries;
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(3) maintaining the United States commitment
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to an open investment policy with private-sector en-
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tities based in trusted countries encourages other
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countries to reciprocate and enable the United
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States to open new markets abroad for United
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States companies and their products;
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(4) while foreign direct investment by respon-
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sible private-sector entities based in trusted coun-
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tries can enhance the United States economic
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strength, policies regarding foreign direct investment
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should reflect security interests and should not dis-
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advantage domestic investors, companies, or the
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workforce;
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(5) United States efforts to attract foreign di-
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rect investment from responsible private-sector enti-
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ties based in trusted countries should be consistent
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with efforts to maintain and improve the domestic
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standard-of-living, including for the workforce;
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(6) as digital information becomes increasingly
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important to the United States economy and the de-
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velopment of new technologies and services that will
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be crucial to the country’s competitiveness in the
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21st century global economy, barriers including data
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localization and infringement of intellectual property
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rights must be further addressed;
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(7) foreign direct investment by companies or
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other entities owned, directed, supported, or influ-
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enced by the Chinese Communist Party is a threat
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to United States security and merits an aggressive
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policy framework to protect United States interests,
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jobs, intellectual property, and security;
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(8) foreign direct investment from any source
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should not result in the net loss of United States
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economic activity, productive capabilities, and supply
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chain resilience; and
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(9) foreign direct investment from any source
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should strengthen United States security and sup-
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port United States workforce, health and safety,
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consumer, and financial standards.
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SEC. 3. FOREIGN DIRECT INVESTMENT REVIEW.
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(a) REVIEW.—The Secretary, in consultation with the
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Federal Interagency Investment Working Group estab-
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lished pursuant to Executive Order No. 13577 (76 Fed.
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Reg. 35715; relating to establishment of the SelectUSA
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Initiative) and in consultation with the heads of other rel-
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evant agencies, shall conduct an interagency review of the
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global competitiveness of the United States in attracting
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foreign direct investment from responsible private-sector
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entities based in trusted countries and addressing key for-
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eign trade barriers that firms in advanced technology sec-
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tors face in the global digital economy.
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(b) SPECIFIC MATTERS TO BE INCLUDED.—The re-
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view conducted pursuant to subsection (a) shall include
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a review of the following:
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(1) The economic impact of foreign direct in-
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vestment in the United States, with particular focus
13
on manufacturing, services, trade (with an emphasis
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on digital trade), and United States jobs.
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(2) Trends in global cross-border investment
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and data flows and the underlying factors for such
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trends.
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(3) Federal Government policies, that facilitate
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foreign direct investment attraction and retention
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from responsible private-sector entities based in
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trusted countries.
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(4) Foreign direct investment as compared to
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direct investment by domestic entities.
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(5) Foreign direct investment that takes the
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form of greenfield investment as compared to foreign
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direct investment relating to merger and acquisition
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activity.
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(6) The unique challenges posed by foreign di-
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rect investment, particularly acquisitions, in the
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United States by State-owned or State-backed enter-
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prises, especially from State-directed economies, in-
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cluding companies or other entities owned, directed,
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supported, or influenced by the Chinese Communist
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Party.
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(7) Specific information on the prevalence of in-
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vestments made by State-owned or State-backed en-
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terprises, especially from State-directed economies,
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including companies or other entities owned, di-
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rected, supported, or influenced by the Chinese Com-
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munist Party, with a particular focus on investments
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relating to manufacturing, services, trade (with an
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emphasis on digital trade), and jobs.
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(8) How other trusted countries are dealing
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with the challenge, including screening for and pre-
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venting market distorting investments, of State-di-
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rected and State-supported investment and whether
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there are opportunities to work with like-minded na-
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tions to address such challenge.
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(9) Ongoing Federal Government efforts to im-
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prove the investment climate and facilitate greater
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levels of foreign direct investment in the United
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States from responsible private-sector entities based
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in trusted countries.
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(10) Innovative and noteworthy initiatives by
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State and local government to attract foreign invest-
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ment from responsible private-sector entities based
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in trusted countries.
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(11) Initiatives by other countries to identify
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best practices for increasing global competitiveness
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in attracting foreign direct investment from respon-
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sible private-sector entities based in trusted coun-
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tries.
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(12) The impact that protectionist policies by
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other countries, including forced data localization
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rules, forced localization of production, industrial
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subsidies, and the infringement of intellectual prop-
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erty rights, have on the advanced technology econ-
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omy of the United States and the ability for United
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States located firms to develop innovative tech-
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nologies.
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(13) Other barriers to the ability of the United
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States to compete globally in an increasingly con-
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nected and digital global economy, including the use
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of technical barriers to trade (such as country-spe-
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cific standards for technology products and digital
2
services).
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(14) The adequacy of efforts by the Federal
4
Government to encourage and facilitate foreign di-
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rect investment in the United States.
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(15) Efforts by the Chinese Communist Party
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to circumvent existing laws to gain access to United
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States markets, foreign direct investment responsible
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private-sector entities based in trusted countries, or
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intellectual property.
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(16) The extent to which foreign direct invest-
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ment from any source, including the Chinese Com-
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munist Party, results in displacement, offshoring, or
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outsourcing, including the impact of such investment
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on supply chains.
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(c) LIMITATION.—The review conducted pursuant to
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subsection (a) may not address laws or policies relating
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to the Committee on Foreign Investment in the United
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States.
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(d) PUBLIC COMMENT.—
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(1) REVIEW.—Not sooner than 60 days before
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the date on which the review is commenced pursuant
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to subsection (a), the Secretary shall publish notice
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of the review in the Federal Register and shall pro-
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vide an opportunity for public comment on the mat-
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ters to be covered by the review.
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(2) REPORT.—Not sooner than 60 days before
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the date on which the report is submitted pursuant
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to subsection (e), the Secretary shall publish the
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proposed findings and recommendations in the Fed-
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eral Register and shall provide an opportunity for
7
public comment.
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(e) REPORT TO CONGRESS.—Not later than one year
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after the date of the enactment of this Act, the Secretary,
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in coordination with the Federal Interagency Investment
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Working Group and the heads of other relevant agencies,
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shall submit to Congress and the Comptroller General a
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report on the findings of the review required pursuant to
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subsection (a) and include recommendations for increasing
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the global competitiveness of the United States in attract-
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ing foreign direct investment from responsible private-sec-
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tor entities based in trusted countries in a manner that
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strengthens or maintains the security, workforce, con-
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sumer, or financial protections of the United States.
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(f) COMPTROLLER GENERAL REVIEW.—Not later
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than one year after the date on which the Comptroller
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General receives the report pursuant to subsection (e), the
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Comptroller General shall submit to Congress a review
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and assessment of the report.
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(g) DEFINITIONS.—In this Act:
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(1) AGENCY.—The term ‘‘agency’’ has the
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meaning given that term in section 551 of title 5,
3
United States Code.
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(2) FOREIGN ADVERSARY.—The term ‘‘foreign
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adversary’’ has the meaning given that term in part
6
7.4 of title 15, Code of Federal Regulations.
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(3) RESPONSIBLE PRIVATE-SECTOR ENTITY.—
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The term ‘‘responsible private-sector entity’’ means
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an entity that the Secretary determines is—
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(A) not organized under the laws of a for-
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eign adversary; and
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(B) not owned, controlled, or otherwise
13
subject to the influence of, a foreign adversary.
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(4) SECRETARY.—The term ‘‘Secretary’’ means
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the Secretary of Commerce.
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(5) STATE.—The term ‘‘State’’ means each
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State of the United States, the District of Columbia,
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each commonwealth, territory, or possession of the
19
United States, and each federally recognized Indian
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Tribe.
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(6) TRUSTED
COUNTRY.—The term ‘‘trusted
22
country’’ means a country or economy that is not
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determined by the Secretary to be a foreign adver-
1
sary of the United States.
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Passed the House of Representatives July 17, 2023.
Attest:
KEVIN F. MCCUMBER,
Clerk.
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