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Senate Report 119-116 - GLOBAL INVESTMENT IN AMERICAN JOBS ACT OF 2025
[Senate Report 119-116]
[From the U.S. Government Publishing Office]
Calendar No. 356
119th Congress } { Report
SENATE
2d Session } { 119-116
_______________________________________________________________________
GLOBAL INVESTMENT IN AMERICAN JOBS ACT OF 2025
__________
R E P O R T
of the
COMMITTEE ON COMMERCE, SCIENCE, AND TRANSPORTATION
on
S. 2563
[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]
March 12, 2026.--Ordered to be printed
______
U.S. GOVERNMENT PUBLISHING OFFICE
69-010 WASHINGTON : 2026
SENATE COMMITTEE ON COMMERCE, SCIENCE, AND TRANSPORTATION
one hundred nineteenth congress
second session
TED CRUZ, Texas, Chairman
JOHN THUNE, South Dakota MARIA CANTWELL, Washington
ROGER F. WICKER, Mississippi AMY KLOBUCHAR, Minnesota
DEB FISCHER, Nebraska BRIAN SCHATZ, Hawaii
JERRY MORAN, Kansas EDWARD J. MARKEY, Massachusetts
DAN SULLIVAN, Alaska GARY C. PETERS, Michigan
MARSHA BLACKBURN, Tennessee TAMMY BALDWIN, Wisconsin
TODD YOUNG, Indiana TAMMY DUCKWORTH, Illinois
TED BUDD, North Carolina JACKY ROSEN, Nevada
ERIC SCHMITT, Missouri BEN RAY LUJAN, New Mexico
JOHN CURTIS, Utah JOHN W. HICKENLOOPER, Colorado
BERNIE MORENO, Ohio JOHN FETTERMAN, Pennsylvania
TIM SHEEHY, Montana ANDY KIM, New Jersey
SHELLEY MOORE CAPITO, West Virginia LISA BLUNT ROCHESTER, Delaware
CYNTHIA M. LUMMIS, Wyoming
Brad Grantz, Majority Staff Director
Lila Harper Helms, Democratic Staff Director
Calendar No. 356
119th Congress } { Report
SENATE
2d Session } { 119-116
=======================================================================
GLOBAL INVESTMENT IN AMERICAN JOBS ACT OF 2025
----------------
March 12, 2026.--Ordered to be printed
----------------
Mr. Cruz, from the Committee on Commerce, Science, and
Transportation, submitted the following
R E P O R T
[To accompany S. 2563]
[Including cost estimate of the Congressional Budget Office]
The Committee on Commerce, Science, and Transportation, to
which was referred the bill (S. 2563) to direct the Secretary
of Commerce, in coordination with the heads of other relevant
Federal departments and agencies, to conduct an interagency
review of and report to Congress on ways to increase the global
competitiveness of the United States in attracting foreign
direct investment, having considered the same, reports
favorably thereon with an amendment in the nature of a
substitute and recommends that the bill, as amended, do pass.
PURPOSE OF THE BILL
The purpose of S. 2563 is to direct the Secretary of
Commerce, in coordination with relevant interagency working
groups and the heads of relevant Federal departments and
agencies, to review the United States' ability to attract
foreign direct investment from trusted countries. It also
requires a report to Congress with findings and recommendations
to strengthen U.S. competitiveness while protecting national
security.
BACKGROUND AND NEEDS
Foreign direct investment (FDI) occurs when foreign
companies establish or expand operations in the United States,
bringing with it capital, advanced technology, and management
expertise. These investments support new facilities, strengthen
supply chains, and generate high-quality jobs while deepening
U.S. connections to global markets. FDI drives innovation and
productivity and reflects confidence in the stability and long-
term growth of the American economy governed by the rule of
law.
The U.S. market continues to attract substantial foreign
capital. The Department of Commerce reports that new FDI
projects reached $151 billion in 2024 and supported more than
200,000 American jobs at newly established or acquired
facilities.\1\ Manufacturing accounted for nearly $68 billion
of that amount, about 45 percent of total new investment.\2\ By
the end of 2024, total FDI in the United States had climbed to
$5.71 trillion.\3\ U.S. FDI projects accounted for roughly 14
percent of all new global greenfield investments in 2024,
reflecting the Nation's strong competitive position even as the
European Union, Canada, and Asian economies are incentivizing
FDI in their countries.\4\
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\1\``New Foreign Direct Investment in the United States, 2024,''
Bureau of Economic Analysis, July 11, 2025, https://www.bea.gov/news/
2025/new-foreign-direct-investment-united-states-2024.
\2\Ibid.
\3\``Direct Investment by Country and Industry,'' Bureau of
Economic Analysis, July 22, 2025, https://www.bea.gov/data/intl-trade-
investment/direct-investment-country-and-industry.
\4\Valentina Romei and Sam Fleming, ``US Share of Global Foreign
Direct Investment Surges to Record,'' Financial Times, January 21,
2025, https://www.ft.com/content/38c1687a-dba5-4442-a7e6-5ec0e0b0ac5b.
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There is bipartisan interest in encouraging FDI.
Policymakers aim to maintain the United States' status as the
world's top destination for investment. Policy efforts focus on
attracting private-sector capital, reducing barriers to entry,
and creating American jobs. They also aim to reduce our
reliance on FDI from adversarial nations in order to strengthen
economic and national security.
Chinese state-owned enterprises (SOEs) remain a key policy
consideration in this debate. Chinese investment in the United
States totaled approximately $43.9 billion as of 2023.\5\ SOE-
linked transactions continue in sectors such as advanced
manufacturing, logistics, and energy, where state influence can
distort markets and undermine fair competition. U.S. policy
aims to encourage high-value, market-driven investment while
limiting state-backed capital that pursues strategic or
political objectives rather than commercial returns.
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\5\``Foreign Direct Investment: China,'' SelectUSA, August 2024,
https://www.trade.gov/sites/default/files/2024-09/China-508.pdf.
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SUMMARY OF PROVISIONS
S. 2563 would do the following:
Direct the Secretary of Commerce, in coordination
with relevant interagency working groups and the heads
of relevant Federal departments and agencies, to
conduct an interagency review on the global
competitiveness of the United States in attracting
foreign direct investment (FDI) from responsible
private sector entities in trusted countries.
Require the review to assess economic impacts,
investment trends, Federal policies, and barriers
affecting FDI in advanced technology and manufacturing
sectors.
Evaluate risks posed by state-directed or state-
backed foreign entities, including those influenced by
the Chinese Communist Party.
Analyze best practices from U.S. States and other
countries to improve FDI competitiveness and reduce
reliance on adversarial supply chains.
Ensure public input by publishing review plans and
proposed findings in the Federal Register.
Require a report to Congress within 1 year of
enactment with findings and recommendations to enhance
U.S. competitiveness while preserving security, labor,
consumer, financial, and environmental standards.
LEGISLATIVE HISTORY
S. 2563, the Global Investment in American Jobs Act of
2025, was introduced on July 31, 2025, by Senator Young (for
himself and Senator Peters) and was referred to the Committee
on Commerce, Science, and Transportation of the Senate. On
October 21, 2025, the Committee met in open Executive Session,
and by voice vote, ordered S. 2563 reported favorably with an
amendment (in the nature of a substitute).
H.R. 1679, a House companion bill to S. 2563, was
introduced on February 27, 2025, by Representative Evans (for
himself and Representative Kelly) and was referred to the
Committee on Energy and Commerce of the House of
Representatives. Representative Fitzpatrick is an additional
cosponsor. On March 4, 2025, that Committee met in open
Executive Session and, by voice vote, ordered H.R. 1679
reported favorably without amendment. On June 23, 2025, H.R.
1679 passed the House, by voice vote, under suspension of the
rules.
118th Congress
S. 2368, the Global Investment in American Jobs Act of
2023, was introduced on July 19, 2023, by Senator Young (for
himself and Senator Peters) and was referred to the Committee
on Commerce, Science, and Transportation of the Senate.
H.R. 813, a House companion bill to S. 2368, was introduced
on February 2, 2023, by Representative Pence and was referred
to the Committee on Energy and Commerce of the House of
Representatives. Representatives Allen, Strickland, Eshoo,
Blunt Rochester, and Crenshaw were additional cosponsors. On
March 9, 2023, that Committee met in open Executive Session
and, by a recorded vote of 50-0, ordered H.R. 813 reported
favorably as amended. On July 17, 2023, H.R. 813 passed the
House under suspension of the rules by a recorded vote of 386-
22.
117th Congress
H.R. 2907, the Global Investment in American Jobs Act of
2021, was introduced on April 30, 2021, by Representative Pence
(for himself and Representative Rush) and was referred to the
Committee on Energy and Commerce of the House of
Representatives. Eleven Representatives were later added as
cosponsors.
116th Congress
H.R. 7753, the Global Investment in American Jobs Act of
2020, was introduced on July 23, 2020, by Representative
McMorris Rodgers (for herself and Representative Rush) and was
referred to the Committee on Energy and Commerce of the House
of Representatives. Five Representatives were later added as
cosponsors.
ESTIMATED COSTS
In accordance with paragraph 11(a) of rule XXVI of the
Standing Rules of the Senate and section 403 of the
Congressional Budget Act of 1974, the Committee provides the
following cost estimate, prepared by the Congressional Budget
Office:
[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]
S. 2563 would require the Department of Commerce and the
Government Accountability Office (GAO) to study and report to
the Congress on the ability of the United States to attract
foreign direct investment and about barriers to trade faced by
advanced technology firms in the United States. Topics of study
include the economic effect of foreign direct investment,
challenges associated with foreign direct investment by state-
owned enterprises, and the influence of protectionist policies
enacted by other countries on the advanced technology economy.
Using information from the department and based on the cost
of similar studies, CBO estimates that implementing S. 2563
would cost $2 million over the 2026-2030 period. Any related
spending would be subject to the availability of appropriated
funds. CBO expects that the department would need about 12
economists and support staff, at an average cost of $195,000
each, to complete the study and prepare the report. CBO
estimates that the cost for GAO would be insignificant.
On June 20, 2025, CBO transmitted a cost estimate for H.R.
1679, the Global Investment in American Jobs Act of 2025, as
ordered reported by the House Committee on Energy and Commerce
on March 4, 2025. The two bills are similar, and CBO's
estimates of their budgetary effects are the same.
The CBO staff contact for this estimate is Sean
Christensen. The estimate was reviewed by H. Samuel Papenfuss,
Deputy Director of Budget Analysis.
Phillip L. Swagel,
Director, Congressional Budget Office.
REGULATORY IMPACT STATEMENT
In accordance with paragraph 11(b) of rule XXVI of the
Standing Rules of the Senate, the Committee provides the
following evaluation of the regulatory impact of the
legislation, as reported:
Number of Persons Covered
S. 2563 would cover foreign and domestic entities engaged
in or seeking to engage in foreign direct investment in the
United States, with a focus on responsible private sector
entities based in trusted countries. The bill directs the
Secretary of Commerce, in coordination with relevant
interagency working groups and the heads of relevant Federal
departments and agencies, to conduct an interagency review of
the U.S. investment climate. The review will examine barriers,
trends, and policies affecting foreign direct investment,
particularly in advanced technology sectors such as
manufacturing, services, digital trade, artificial
intelligence, quantum computing, and blockchain. Individuals
and businesses in these sectors may be affected by future
Federal policies or best practices informed by the review. The
bill may also affect U.S. workers employed in industries
supported by foreign investment, consumers who benefit from
goods and services, and communities and regions that rely on
investment-driven economic growth. Local governments, trade
associations, and research institutions engaged with foreign
investors may also experience indirect impacts.
Economic Impact
S. 2563 may enhance the U.S. economy by identifying and
promoting policies that attract and retain foreign direct
investment from responsible private sector entities in trusted
countries.
Privacy
S. 2563 would have no impact on the personal privacy of
individuals and would not impose new requirements or grant
authorities that would affect the privacy of businesses. The
bill would focus on analyzing trends, barriers, and policies
and would not require the collection, sharing, or disclosure of
personally identifiable information or proprietary business
data.
Paperwork
The Committee does not anticipate a major increase in
paperwork burdens resulting from the passage of this
legislation. S. 2563 would require the Secretary of Commerce,
in coordination with relevant interagency working groups and
the heads of relevant Federal departments and agencies, to
conduct an interagency review of foreign direct investment
policies and submit a report to Congress within 1 year. While
agencies may need to compile data and consult internally to
complete the review, the overall administrative burden is
expected to be limited and proportional to the purpose of
informing Congress and improving U.S. competitiveness in
attracting foreign direct investment.
CONGRESSIONALLY DIRECTED SPENDING
In compliance with paragraph 4(b) of rule XLIV of the
Standing Rules of the Senate, the Committee provides that no
provisions contained in the bill, as reported, meet the
definition of congressionally directed spending items under the
rule.
SECTION-BY-SECTION ANALYSIS
Section 1. Short title.
This section would provide that the Act may be cited as the
``Global Investment in American Jobs Act of 2025''.
Section 2. Definitions.
This section would define the terms ``foreign country of
concern'', ``responsible private sector entity'',
``Secretary'', and ``trusted country''.
Section 3. Sense of Congress.
This section would express the sense of Congress that
attracting foreign direct investment (FDI) from responsible
private sector entities in trusted countries is essential to
U.S. economic prosperity, global competitiveness, and security.
This section would state that United States' FDI policies
should remove unnecessary barriers in attracting investment,
promote the United States as a global investment destination,
support domestic development and deployment of advanced
technologies (artificial intelligence, blockchain, Internet of
Things, quantum computing, self-driving vehicles), strengthen
resilient supply chains, and reduce dependence on foreign
countries of concern.
This section would also clarify that while FDI from trusted
countries benefits the United States, policies should safeguard
U.S. security interests, encourage reciprocity abroad, and
address barriers to innovation such as data localization and
intellectual property infringement.
Lastly, this section would recognize that FDI from entities
influenced by a foreign country of concern poses a security
risk and warrants protective measures.
Section 4. Foreign direct investment review.
This section would require the Secretary of Commerce and
the Comptroller General of the United States, in consultation
with relevant interagency working groups and the heads of
relevant Federal departments and agencies, to conduct an
interagency review of U.S. competitiveness in attracting FDI
from responsible private sector entities in trusted countries,
focusing on barriers faced by advanced technology firms in the
digital global economy.
This section would require the review to consider economic
impacts of FDI in the United States, with a focus on domestic
manufacturing, services, trade, and jobs. It would examine
trends in global investment and data flows, as well as
underlying factors driving those trends. It would assess
Federal Government policies that facilitate the attraction and
retention of FDI from responsible private sector entities based
in trusted countries and would compare FDI to investment by
domestic entities. It would also analyze greenfield versus
merger and acquisition FDI and assess the unique challenges
posed by investments from state-owned enterprises and other
entities from foreign countries of concern.
It would also examine how trusted countries address state-
directed investment from foreign countries of concern and
opportunities for the United States to collaborate with like-
minded nations. It would assess Federal efforts to improve the
investment climate and facilitate FDI, along with innovative
State and local initiatives and best practices from other
trusted countries. It would also assess the impact of foreign
protectionist policies, such as forced data localization,
production localization, industrial subsidies, and intellectual
property infringement, as well as other barriers in the digital
global economy, especially when those policies arise from
foreign countries of concern.
This section would clarify that the review shall not
address laws or policies related to the Committee on Foreign
Investment in the United States.
This section would require the Secretary to provide
opportunities for public comment both before beginning the
review and before submitting the report to Congress.
Lastly, this section would require the Secretary, in
coordination with relevant interagency working groups and the
heads of relevant Federal departments and agencies, to submit a
report to Congress within 1 year of enactment, detailing the
review's findings and recommendations for increasing U.S.
global competitiveness in attracting FDI from trusted countries
while maintaining or strengthening U.S. security, labor,
consumer, financial, and environmental protections.
VOTES IN COMMITTEE
In accordance with paragraph 7(c) of rule XXVI of the
Standing Rules of the Senate, the Committee provides the
following description of the record votes during its
consideration of S. 2563:
Senator Markey offered amendments (for himself). By
rollcall vote of 13 yeas and 15 nays as follows, the amendments
were defeated:
YEAS--13 NAYS--15
Ms. Cantwell Mr. Cruz
Mrs. Klobuchar\1\ Mr. Thune\1\
Mr. Schatz\1\ Mr. Wicker
Mr. Markey Mrs. Fischer
Mr. Peters Mr. Moran
Ms. Baldwin Mr. Sullivan
Mrs. Duckworth\1\ Mrs. Blackburn
Ms. Rosen Mr. Young
Mr. Lujan Mr. Budd
Mr. Hickenlooper Mr. Schmitt
Mr. Fetterman\1\ Mr. Curtis
Mr. Kim Mr. Moreno
Ms. Blunt Rochester\1\ Mr. Sheehy
Mrs. Capito
Ms. Lummis
\1\By proxy.
CHANGES IN EXISTING LAW
In compliance with paragraph 12 of rule XXVI of the
Standing Rules of the Senate, the Committee states that the
bill as reported would make no change to existing law.
[all]