Rep. Khanna Introduces Bill to Track $1.4 Trillion in Foreign Investment Promises
This bill was recently introduced in the House and is currently being reviewed by two different committees. It is in the early stages of the legislative process and is not yet scheduled for a vote. The bill is actively moving through the initial committee review phase.
While the bill focuses on protecting American jobs, creating a new federal agency with the power to block private investments is a major hurdle that usually lacks enough support to pass.
The bill requires semiannual reporting on whether foreign employees have been brought into the U.S. to work at facilities funded by covered investments. While the bill does not directly restrict visa holders, the transparency requirement and quality-job standards could create pressure to hire domestically rather than bring in foreign workers, potentially affecting visa holders employed at foreign-invested facilities.
“whether foreign employees have been brought into the United States to work directly at a facility funded by the investment or through a contractor”
Referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
No votes have been recorded for this legislation yet.
Sen. Tammy Baldwin and Rep. Ro Khanna introduced legislation to create the Foreign Investment Review Authority (FIRA), an independent board to vet direct foreign investments. The bill targets $1.4 trillion in pledges from Japan, South Korea, and Taiwan to ensure they benefit American workers.
The head of the Japan Bank for International Cooperation stated that projects under Japan's $550 billion investment pledge must meet strict risk standards. The comments come as U.S. lawmakers introduce the FIRM Commitment Act to track whether such promises translate into actual U.S. production.
The Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act would establish FIRA to track foreign investment commitments. The authority would decide if investments provide a net economic benefit, including quality job creation and domestic supply chain integration.
Document Type
Congressional Bill
Official Title
Foreign Investment Review Monitoring and Commitment Tracking Oversight Board Act
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