Global Investment in American Jobs Act of 2020

I 116TH CONGRESS 2D SESSION H. R. 7753 To direct the Secretary of Commerce, in coordination with the heads of other relevant Federal departments and agencies, to conduct an inter- agency review of and report to Congress on ways to increase the global competitiveness of the United States in attracting foreign direct invest- ment. IN THE HOUSE OF REPRESENTATIVES JULY 23, 2020 Mrs. RODGERS of Washington (for herself and Mr. RUSH) introduced the following bill; which was referred to the Committee on Energy and Commerce 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 competitive- ness of the United States in attracting foreign direct investment. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Global Investment in 4 American Jobs Act of 2020’’. 5 VerDate Sep 11 2014 19:37 Aug 14, 2020 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H7753.IH H7753 pamtmann on DSKBC07HB2PROD with BILLS 2 •HR 7753 IH SEC. 2. SENSE OF CONGRESS. 1 It is the sense of Congress that— 2 (1) the ability of the United States to attract 3 foreign direct investment is directly linked to the 4 long-term economic prosperity, global competitive- 5 ness, and security of the United States; 6 (2) it is a top national priority to enhance the 7 global competitiveness, prosperity, and security of 8 the United States by— 9 (A) removing unnecessary barriers to for- 10 eign direct investment and the jobs that such 11 investment creates throughout the United 12 States; 13 (B) promoting policies to ensure the 14 United States remains the premier global des- 15 tination to invest, hire, innovate, provide serv- 16 ices and manufacture products; and 17 (C) promoting policies to ensure the 18 United States remains the global leader in de- 19 veloping and deploying cutting-edge tech- 20 nologies such as self-driving vehicle technology, 21 artificial intelligence, Internet of Things, quan- 22 tum computing, blockchain, and the like; 23 (3) maintaining the United States commitment 24 to open investment policy encourages other countries 25 to reciprocate and enables the United States to open 26 VerDate Sep 11 2014 19:37 Aug 14, 2020 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H7753.IH H7753 pamtmann on DSKBC07HB2PROD with BILLS 3 •HR 7753 IH new markets abroad for United States companies 1 and their products; 2 (4) while foreign direct investment can enhance 3 the United States economic strength, policies regard- 4 ing foreign direct investment should reflect national 5 security interests and should not disadvantage do- 6 mestic investors or companies; 7 (5) United States efforts to attract foreign di- 8 rect investment should be consistent with efforts to 9 maintain and improve the domestic standard of liv- 10 ing; and 11 (6) as digital information becomes increasingly 12 important to the United States economy and the de- 13 velopment of new technologies and services that will 14 be crucial to the country’s competitiveness in the 15 21st century global economy, barriers such as data 16 localism and infringement of intellectual property 17 rights must be addressed. 18 SEC. 3. FOREIGN DIRECT INVESTMENT REVIEW. 19 (a) REVIEW.—The Secretary of Commerce, in coordi- 20 nation with the Federal Interagency Investment Working 21 Group and the heads of other relevant Federal depart- 22 ments and agencies, shall conduct an interagency review 23 of the global competitiveness of the United States in at- 24 tracting foreign direct and addressing key foreign trade 25 VerDate Sep 11 2014 19:37 Aug 14, 2020 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H7753.IH H7753 pamtmann on DSKBC07HB2PROD with BILLS 4 •HR 7753 IH barriers that firms in advanced technology sectors face in 1 the global digital economy. 2 (b) SPECIFIC MATTERS TO BE INCLUDED.—The re- 3 view conducted pursuant to subsection (a) shall include 4 a review of— 5 (1) the current economic impact of foreign di- 6 rect investment in the United States, with particular 7 focus on manufacturing, services, research and de- 8 velopment, trade (with an emphasis on digital 9 trade), and jobs; 10 (2) trends in global cross-border investment and 11 data flows and the underlying factors for such 12 trends; 13 (3) Federal Government policies that are closely 14 linked to the ability of the United States to attract 15 and retain foreign direct investment; 16 (4) foreign direct investment as compared to di- 17 rect investment by domestic entities; 18 (5) foreign direct investment that takes the 19 form of greenfield investment as compared to foreign 20 direct investment reflecting merger and acquisition 21 activity; 22 (6) the unique challenges posed by foreign di- 23 rect investment, particularly acquisitions, by state- 24 VerDate Sep 11 2014 19:37 Aug 14, 2020 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H7753.IH H7753 pamtmann on DSKBC07HB2PROD with BILLS 5 •HR 7753 IH owned or state-backed enterprises, especially from 1 state-directed economies; 2 (7) how other countries are dealing with the 3 challenge of state-directed and supported investment 4 and whether there are opportunities to work with 5 like-minded nations in addressing these shared chal- 6 lenges; 7 (8) ongoing Federal Government efforts to im- 8 prove the investment climate and facilitate greater 9 levels of foreign direct investment in the United 10 States; 11 (9) innovative and noteworthy State, regional, 12 and local government initiatives to attract foreign in- 13 vestment; 14 (10) initiatives by other countries in order to 15 identify best practices for increasing global competi- 16 tiveness in attracting foreign direct investment; 17 (11) the impact that protectionist policies by 18 other countries, such as forced data localism rules, 19 forced localization of production, industrial sub- 20 sidies, and the infringement of intellectual property 21 rights, have on the advanced technology economy of 22 the United States and the ability for United States 23 located firms to develop innovative technologies; 24 VerDate Sep 11 2014 19:37 Aug 14, 2020 Jkt 099200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H7753.IH H7753 pamtmann on DSKBC07HB2PROD with BILLS 6 •HR 7753 IH (12) other barriers to the United States ability 1 to compete globally in an increasingly connected and 2 digital globally economy, for instance, the use of 3 technical barriers to trade (such as country specific 4 standards for technology products and digital serv- 5 ices); and 6 (13) the adequacy of efforts by the Federal 7 Government to increase the ease for foreign firms 8 considering investment in the United States. 9 (c) LIMITATION.—The review conducted pursuant to 10 subsection (a) shall not address laws or policies relating 11 to the Committee on Foreign Investment in the United 12 States. 13 (d) PUBLIC COMMENT.—Prior to— 14 (1) conducting the review under subsection (a), 15 the Secretary shall publish notice of the review in 16 the Federal Register and shall provide an oppor- 17 tunity for public comment on the matters to be cov- 18 ered by the review; and 19 (2) reporting pursuant to subsection (e), the 20 Secretary shall publish the proposed findings and 21 recommendations to Congress in the Federal Reg- 22 ister and shall provide an opportunity for public 23 comment. 24 VerDate Sep 11 2014 19:37 Aug 14, 2020 Jkt 099200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H7753.IH H7753 pamtmann on DSKBC07HB2PROD with BILLS 7 •HR 7753 IH (e) REPORT TO CONGRESS.—Not later than one year 1 after the date of enactment of this Act, the Secretary of 2 Commerce, in coordination with the Federal Interagency 3 Investment Working Group and the heads of other rel- 4 evant Federal departments and agencies, shall report to 5 Congress the findings of the review required under sub- 6 section (a) and submit recommendations for increasing the 7 global competitiveness of the United States in attracting 8 foreign direct investment and developing 21st century 9 technologies and services, without weakening national se- 10 curity, labor, consumer, financial, or environmental pro- 11 tections. 12 Æ VerDate Sep 11 2014 19:37 Aug 14, 2020 Jkt 099200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6301 E:\BILLS\H7753.IH H7753 pamtmann on DSKBC07HB2PROD with BILLS