TOLEDO, OH (WTOL) - Ohio Democrat Sherrod Brown visited the Glass City to explain his United States Foreign Investment Review Act at UAW Local 12.
Brown, who is an advocate for labor unions and Jeep in Toledo, explained to union workers that his bill will create a review process of investments from outside businesses or countries.
The bill states there must be a review of any foreign investments that results in foreign control of any U.S. entity worth more than a billion dollars.
It would also give Congress the ability to request additional reviews, and essentially stop a foreign investment from happening if found that it was potentially dangerous to U.S. economy.
Brown said the bill isn't meant to discourage foreign investment, but to protect jobs and local impact.
"We want investment here. We want more growth, we want more jobs. We want to make sure they're not undermining U.S. economic interests, that they're not only trying to take over an industry and put Americans out of work," Brown said. "Foreign investments should lead to good-paying jobs in Lucas County...not huge payouts for the Chinese government. Investment by foreign companies can and should create jobs for Ohioans and economic growth for Ohio communities. It's simple; before we do business with a foreign entity, let's make sure it will create jobs and grow the U.S. economy.
He says the bill would require the Secretary of Commerce to make all decisions public and to submit an annual report.
A more detailed overview of the bill can be found here:
The United States Foreign Investment Review Act would:
- Require review of certain proposed foreign investments for their impact on the U.S. economy and jobs. The bill would require a review of any foreign investment that results in foreign control of any U.S. entity worth more than $1 billion, and a review of any transaction by a state-owned enterprise that would result in control of a U.S. entity worth more than $50 million.
- Create a process to efficiently review investments. Within 15 days, the Secretary of Commerce must approve or prohibit the transaction or inform the parties to the transaction that additional time is needed to complete the review. If the Secretary requires an extended review of the investment, a decision to approve, prohibit, or require modification of the transaction is due within 45 days of receiving written notification. The Secretary has the option to request 15 additional days for the extended review, but all transactions are reviewed and acted on within 60 days of receiving written notification.
- Give Congress the ability to request additional reviews. The bill also gives the Chair and Ranking Member of the Senate Finance Committee or House Ways and Means Committee the opportunity to request that the Secretary of Commerce review investments of any value.
- Ensure a transparent review. Under the legislation, the Secretary of Commerce must make all decisions public and submit an annual report to Congress on results of transactions reviewed. It also calls for a 10-day public comment period for each investment subject to an extended review.