Global Investment in American Jobs Act of 2023
What changed between versions
Supply chain language in finding (D) expanded from reducing dependence on 'China' to 'China and other foreign adversaries,' broadening the bill's applicability beyond a single country.
Review item (8) expanded to include 'screening for and preventing market distorting investments' when examining how other trusted countries deal with State-directed investment challenges.
New finding (8) states that foreign direct investment from any source should not result in net loss of US economic activity, productive capabilities, and supply chain resilience.
New finding (9) states that foreign direct investment from any source should strengthen US security and support US workforce, health and safety, consumer, and financial standards.
The report to Congress must now also be submitted to the Comptroller General, and the required protections in recommendations changed from 'security, labor, consumer, financial, or environmental' to 'security, workforce, consumer, or financial' - dropping environmental protections and replacing labor with workforce.
New review item (16) requires examination of the extent to which FDI from any source results in displacement, offshoring, or outsourcing, including impact on supply chains.
The Comptroller General was removed as a co-conductor of the initial review but a new subsection (f) requires the Comptroller General to submit a separate review and assessment of the Commerce Department's report to Congress within one year of receiving it.
New definition of 'foreign adversary' referencing 15 CFR part 7.4, and a new definition of 'State' covering states, DC, commonwealths, territories, possessions, and federally recognized Indian Tribes.
'Trusted country' definition expanded from 'a country' to 'a country or economy' and now uses the defined term 'foreign adversary' rather than leaving the phrase incomplete as in the introduced version.
Public comment timing changed from simply 'before' conducting the review to 'not sooner than 60 days before' the review is commenced, establishing a minimum public notice period.
