U.S. Chamber of Commerce Endorses Kerry, Corker Bill to
Encourage Global Investment in the U.S., Create Jobs
WASHINGTON, DC - The U.S. Chamber of Commerce, the world's
largest business federation representing the interests of
more than three million businesses and organizations of
every size, sector, and region, today endorsed bipartisan
legislation introduced by Senator John Kerry (D-Mass.) and
Bob Corker (R-Tenn.), Chairman and Senior Member of the
Foreign Relations Committee, that would create jobs and
increase foreign investment in the United States by
examining laws and regulations to eliminate outdated
barriers and improve American competitiveness.
Senators Sherrod Brown (D-Ohio), Saxby Chambliss (R-Ga.),
and Jeff Sessions (Ala.) are original co-sponsors of the
legislation.
Recognizing the important impact global investment has on
the economy of every state and community across the nation,
the Kerry-Corker Global Investment in American Jobs
Act expands an existing Department of Commerce report
to initiate the first-ever interagency assessment for
Congress focused on making the U.S. more effective in
competing for investment from top companies around the
world.
"Bob and I work together every day on the Foreign Relations
Committee and we see firsthand the stakes of global
economic competition. There's a race on today for global
capital. That's why Bob and I are leading a bipartisan
effort to create jobs and make America the most attractive
place for the world to invest," said Chairman Kerry.
"We need to start producing things again, and to do that,
we need to be a magnet for more capital from abroad.
It's time to make this a priority and remove outdated and
unnecessary barriers to investment in the United
States."
"Our goal should be for the U.S. to be the very best place
in the world to do business, and I'm hopeful this study can
provide some insight into what we're doing right, what
we're doing wrong and how we can improve," said Senator
Corker. "Tennessee has continued to attract overseas
companies like Volkswagen, Nissan, ALSTOM, Bridgestone,
Smith & Nephew, and Electrolux that have made significant,
long-term investments in our state, creating good-paying
jobs for Tennesseans and fueling economic
development. We want to continue to attract these
kinds of investments."
The American subsidiaries of companies headquartered abroad
employ over five million American workers, produce nearly
21 percent of U.S. exports, and invest heavily in research
and innovation. However, from 1999 to 2009, the U.S.
share of global investment declined by more than 50
percent.
The Global Investment in American Jobs Act, and
its companion in the House of Representatives, is focused
on helping regain this lost ground by:
-
recognizing that America is competing for investment and
that our share of the world's invested capital is
declining;
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tasking the Department of Commerce with producing an
analysis of the industry-specific laws and regulations
administered across multiple agencies that limit or
discourage foreign investment; AND
-
asking the agency to take a top to bottom look at whether
our infrastructure, tax, education, immigration, and
other macro policies are properly aligned to give
investors confidence in America.
The letter from the Chamber of Commerce is below:
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Chamber of Commerce
OF THE
United States of America
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R. Bruce Josten
Executive Vice President
Government Affairs
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1615 H Street, NW
Washington, DC 20062-2000
202/463-5310
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June 18, 2012
TO THE MEMBERS OF THE UNITED STATES CONGRESS:
The U.S. Chamber of Commerce, the world's largest
business federation representing the interests of
more than three million businesses and organizations
of every size, sector, and region, applauds
introduction of H.R. 5910 and S. 3274, the "Global
Investment in American Jobs Act of 2012," which would
promote international investment in the United
States.
The United States has long been the premier
destination for foreign direct investment, which is
an important contributor to the growth of jobs, the
economy, and prosperity.
Subsidiaries of foreign multi-national companies
directly employ more than five million Americans, add
substantially to U.S. exports, and contribute
significantly to the innovative capacity of the U.S.
economy. These firms also purchase
approximately $2 trillion in domestic goods and
services, much of which comes from small and
medium-sized companies.
However, U.S. global share of foreign direct
investment has declined over the last decade as
competition among countries to attract foreign direct
investment has increased. Congress should
strive to identify and remove burdens to attracting
investment while enhancing the U.S. commitment to a
policy environment conducive to private sector
investment. Not only would such an effort
promote domestic economic growth and job creation, it
would encourage other nations to do the same, which,
in turn, would likely lead to greater opening of
markets abroad to U.S. products and services. H.R.
5910 and S.3274 are important steps towards assessing
the impact of foreign direct investment.
The Chamber applauds the sponsors and cosponsors of
this important legislation for their leadership on
this issue.
Sincerely,
R. Bruce Josten
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*This mailbox is not attended.Maura_Hogan@Kerry.senate.gov
or call (202) 224-4159*
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