Washington, D.C. (PRWEB) September 20, 2012
The United States House of Representatives late last evening passed the Global Investment in American Jobs Act (H.R. 5910). The bill takes aim at improving America’s competitiveness in attracting inbound investment from global companies. Foreign direct investment (FDI) is on the rise but the U.S. share of that investment has been cut in half over the last decade.
“Global investment into the United States grows our economy here at home. It means jobs and supporting America’s workforce,” said U.S. Rep. Robert Dold. “This legislation responds to the challenge of other countries getting better at attracting foreign direct investment, by showing that the United States is serious about competing for new, global investment and remaining the premier investment location for companies from around the world.”
"Foreign direct investment in the United States has been in decline," said Congressman Barrow. "Our success as a country depends more and more on being competitive in a global economy. This bipartisan bill will give us a fuller picture of our challenges and opportunities so we can develop a coordinated strategy for economic success, and I am proud to have worked with my colleagues across the aisle to bring this common sense legislation up for a vote."
The legislation directs the U.S. Department of Commerce to lead a first-of-its-kind interagency review of federal policies, conditions and regulations that impair our country’s ability to win inbound investment in hopes of reversing the negative trend by making the U.S. more competitive. “The competition for global investment is stiff,” said Nancy McLernon, President & CEO of the Organization for International Investment. “The bi-partisan group of representatives who shepherded this legislation understand the contribution global companies have on our U.S. economy and want to add to the 5 million Americans they already employ.”
“Global companies have a global outlook that extends to where and when they will invest,” Joseph M. Taylor, Chairman & CEO, Panasonic Corp. of North America. “This legislation will help enable the United States to make the best case for more investment by global companies on these shores. We deeply appreciate the leadership shown by the sponsors of this bill.”
"This legislation helps provide an important roadmap to building a stronger U.S. economy, Francis X. Sherman, President, Akzo Nobel Inc. “I am very pleased to see progress being made in Washington in terms of embracing global investment and understanding its importance to creating more jobs here at home."
The Organization for International Investment (OFII) is the leading U.S. business group promoting inbound investment in the U.S. and policies that support Foreign Direct Investment. It represents U.S. subsidiaries of foreign companies. For additional information, see OFII's web site at ofii.org.
► Jobs - U.S. subsidiaries employ 5.3 million Americans—4.7% of private sector employment. OFII has compiled a State Jobs Study, detailing the insourcing employment in each state.
► Payroll - U.S. subsidiaries of companies headquartered abroad support an annual payroll of $408 billion — with average compensation per worker of $77,409, which is 36.8% higher than compensation at all U.S. companies.
► Manufacturing - U.S. subsidiaries heavily invest in the American manufacturing sector; with 38% of the jobs at U.S. subsidiaries in manufacturing industries.
► Exports - U.S. subsidiaries manufacture in America to export goods around the world — accounting for nearly 18% of all U.S. exports, or $229.3 million.
► U.S. subsidiaries of companies headquartered abroad reinvested a record-high of $87.4 billion in their U.S. operations.
► Industrial Footprint - U.S. subsidiaries' share of American employment represented 33.9% of the American motor vehicle industry, 31.2% in the U.S. chemicals industry, and 23.8% of the U.S. primary metals industry.
► R&D - U.S. subsidiaries spent $41.3 billion on U.S. research and development activities, an increase of 2.1% from $40 billion the previous year.