Bipartisan FDI Promotion Advanced

U.S. Senators Todd Young (R-Ind.) and Gary Peters (D-Mich.) have introduced the Global Investment in American Jobs Act of 2023, a bipartisan bill with the objective of boosting America's global competitiveness and attracting foreign direct investment to the nation.

The legislation aims to strengthen the U.S. economy by encouraging international companies to invest in the country, thereby creating more jobs, advancing domestic research and development, and promoting exports of American-made goods.

The bill calls for a comprehensive government-wide review of strategies to enhance America's attractiveness to foreign investors. The Secretary of Commerce will be tasked with conducting this review and subsequently reporting the findings to Congress.

The key provisions of the bill include

• identifying and removing unnecessary barriers to foreign direct investment from responsible private sector entities based in trusted countries.
• Additionally, the legislation aims to promote policies that will maintain the United States' status as a premier global investment destination,
• strengthen the nation's leadership in advanced technologies like artificial intelligence and quantum computing,
• reduce dependency on supply chains from foreign adversaries like China, and
• encourage an open investment policy with private-sector entities based in trusted countries.

The Global Investment in American Jobs Act has garnered bipartisan support, with U.S. Representative Greg Pence (R-IN-06) introducing a companion legislation in the House of Representatives. The House recently passed the bill with an overwhelming vote of 386-22.

Organizations including Autos Drive America, Global Business Alliance, Information Technology Industry Council, National Association of Manufacturers, and the U.S. Chamber of Commerce, have expressed support for the legislation.

[Text of Bill]