Global Investment in American Jobs Act of 2023

Floor Speech

Mr. Speaker, I rise to speak in support of H.R. 813, the Global Investment in American Jobs Act. As this legislation's name would suggest, we should work to encourage foreign direct investment that supports high-quality jobs here in the United States. Foreign direct support and investment from nonadversarial nations can be used to grow critical sectors important for our economic success and national security, including by creating new jobs in our Nation's manufacturing sector.

Once the envy of the world, our manufacturing base has faced steady headwinds for the past several decades. Our Nation's share of global manufacturing activity declined from 28 percent in 2002 to just over 17 percent in 2020. Investment in America's small and medium manufacturers, the bedrock of our industrial might, has also declined over the past 20 years by more than $200 billion. In that same two- decade period, our domestic manufacturing base has shed more than 4 million jobs.

It is time to reverse these trends by revitalizing our Nation's manufacturing industry and bringing jobs back home. The work we did last Congress passing the bipartisan infrastructure law, the Inflation Reduction Act, and the CHIPS and Science Act is already helping to turn the tide. The United States added nearly 700,000 manufacturing jobs during President Biden's first 20 months in office. Total construction spending on manufacturing in the United States has skyrocketed to nearly $200 billion per month, more than doubling prepandemic levels.

Foreign direct investment can be another part of the solution to revitalize American manufacturing and job creation. Over a third of all foreign direct investments are in domestic manufacturing, exceeding a total of $120 billion a year. This bill would ensure we keep that flow of investments strong and that such investments support quality, good- paying jobs right here at home.

I commend Representatives Pence and Eshoo for their leadership on this issue, and I urge my colleagues to support this legislation.

I would summarize by saying that this is an excellent bill. There are so many ways to build up our manufacturing sector and to invest in our workforce. Many of those we have already done through the infrastructure law, the Inflation Reduction Act, and the CHIPS and Science Act. This is another way to shore up jobs and manufacturing here at home by encouraging foreign investments from friendly nations.

Mr. Speaker, I encourage my colleagues to vote ``yes'' on this bill, and I yield back the balance of my time.

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