Corker, Klobuchar Introduce Bill To Encourage Global Investment In U.S

Thursday, May 23, 2013

U.S. Senators Bob Corker and Amy Klobuchar, D-Minn., Thursday introduced bipartisan legislation to help create jobs and improve American competitiveness for attracting foreign direct investment in the United States.  

Recognizing the impact global investment has on the economy of states and communities across the nation, the Global Investment in American Jobs Act (S.1023) directs the Department of Commerce to initiate the first interagency assessment for Congress focused on making the U.S. more effective in competing for investment from top companies around the world, officials said. The bill is cosponsored by Senators Roy Blunt, R-Mo., and Kay Hagan, D-N.C.

“If we want the U.S. to be the very best place in the world to do business, we need to take a close look at what we’re doing right, what we’re doing wrong and how we can eliminate barriers that diminish investment in the U.S.,” said Senator Corker. “Volkswagen, Nissan and Electrolux are a few examples of companies that have made significant, long-term investments in Tennessee, creating good-paying jobs for Tennesseans and fueling economic development. This bill will help give us the information we need so we can continue to attract more of these kinds of investments throughout the country.”

“Global investment in our companies is critical to drive economic growth, support our workforce and keep our country competitive,” said Senator Klobuchar. “This legislation will help make sure that Minnesota and states across the country can continue to attract investment and create good jobs here at home.”

Jonathan Browning, president and CEO of Volkswagen Group of America, which employs over 5,900 Americans across the country, including 2,450 in Tennessee, said, “I applaud Senators Corker and Klobuchar for their leadership in introducing this important bill. Volkswagen Group of America knows the U.S. is a good place to invest. Our story is just one example of how global investment benefits the American economy, as seen by our more than $4 billion commitment to this market, including our $1 billion investment in our manufacturing facility in Tennessee. This legislation rightly aims to ensure that the United States is focused on enhancing its ability to attract and retain investment from around the world, which is imperative for creating stability in the U.S. economy and continued job creation.” 

“The Global Investment in American Jobs Act, is widely supported, bipartisan legislation,” said Sharon Sayles Belton, vice president, Government Affairs and Community Relations at Thomson Reuters which employs over 7,500 people in Minnesota. “With the expansion of the global economy we are in the most competitive environment our nation has ever experienced.  Having a comprehensive, interagency review of our policies and laws on foreign direct investment will contribute to making us more competitive and will help attract and retain sound investments from abroad. I applaud Senators Klobuchar and Corker for their leadership on this critical legislation and hope it fast tracks through the legislative process.”    

 According to information provided by the Organization for International Investment, foreign-based companies have a significant impact on the local economies of both Tennessee and Minnesota. In Tennessee, foreign-based companies contribute 112,500 jobs to the state’s economy and make up five percent of the state’s private-sector workforce. In Minnesota, foreign-based companies contribute 89,300 jobs to the state’s economy and make up four percent of the state’s private-sector workforce. Additional data showing the economic benefit of foreign investment nationwide can be found here: http://www.ofii.org/resources/jobs-by-state.html.

The American subsidiaries of companies headquartered abroad employ over five million American workers, produce nearly 18 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. For more information, visit: http://www.ofii.org/resources/insourcing-facts.html

The Global Investment in American Jobs Act 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; 

expressing the Sense of Congress that it is a top priority to enhance the nation’s competitiveness, prosperity, and security by ensuring the United States remains the premier global destination in which to invest, hire, innovate, and manufacture; and

tasking the Department of Commerce with assessing United States competitiveness for attracting FDI, producing an analysis of policies at the federal level that are closely linked to the ability to attract FDI, and making recommendations to ensure that the laws, regulations, and policies of the United States are properly aligned to give investors’ confidence to create American jobs.  

A copy of the Global Investment in America Jobs Act is available online here.


GKH Announces Honors For Brittany Faith

Brittany Thomas Faith, of the law firm of Grant, Konvalinka & Harrison, P.C., has been elected by her peers as secretary of the American Immigration Lawyers Association Mid-South Chapter and as a   member of the Association’s executive committee. The Mid-South chapter is a sub-chapter of the national Association that consists of lawyers in Tennessee, Arkansas, Mississippi, ... (click for more)

HHM CPA Firm Adds Lowe To Dealership Services Group

Chattanooga CPA firm Henderson Hutcherson & McCullough announces Scott Lowe has joined its Dealership Services Group, bringing over 20 years of experience. “Scott’s experience working as the chief financial officer for a large automotive group equips him with a unique skillset,” said HHM partner Travis Horton. “This experience coupled with his public accounting background ... (click for more)

County Commission Gives Up Fight On $900,000 In Discretionary Funds

County Commission members have given up the fight for the annual $900,000 in discretionary funds. Commission Chairman Chester Bankston said there was not enough money available after requests from a number of agencies and departments were cut to balance the budget without a tax increase. Commissioner Sabrena Smedley said the fact that commissioners can no longer allot the ... (click for more)

Athens, Tn., Man Killed And Several Others Injured In 2 Wrecks Near Ooltewah Exit Of I-75

One person was killed and several others injured in two wrecks early Wednesday morning on I-75 northbound at exit 11.   The victim was James Newman, 66, of Athens, Tn.   Northbound lanes were closed while emergency crews worked both accidents. Traffic was rerouted to Old Lee Highway to avoid the accident scene.   Traffic was backed up for an extended ... (click for more)

A Disturbing Trend At Exit 11 - And Response (2)

So, am I the first to notice a trend?   How many wrecks does exit 11 need before anyone asks "whats up with that?"  I have lost count of the wrecks that continue to happen, even after last year's awful loss of life (which I believe 51 percent of the blame should fall on the THP officer on duty).  The problem with this section of interstate are sight lines ... (click for more)

Roy Exum: What You Leave Behind

Randy Travis, one of the best at singing country songs that has ever been, had a song about three people who got killed when an 18-wheeler missed a stop sign. There was a farmer and a teacher, a hooker and a preacher on this bus and Randy tells us: “One's headed for vacation, one for higher education, An' two of them were searchin' for lost souls.” In that wonderful song, the ... (click for more)