Senator Peters’ Bipartisan Legislation to Bolster America’s Economic Competitiveness Passes Commerce Committee

WASHINGTON, DC – Bipartisan legislation introduced by U.S. Senator Gary Peters (MI) to increase America’s global economic competitiveness and spur international investment across the United States has passed the Senate Commerce, Science, and Transportation Committee. For decades, foreign direct investment in the U.S. has bolstered Michigan’s economy by creating good-paying, high demand jobs in communities across our state, supporting innovation through research and development, and boosting the export of American-made goods. The Global Investment in American Jobs Act would support this effort by directing the Secretary of Commerce to conduct a government-wide review of ways to increase America’s global competitiveness in attracting foreign direct investment and report the findings to Congress.

“Michigan’s skilled workforce and expertise in critical manufacturing industries have always made our state a prime location for economic investment,” said Senator Peters, a member of the Commerce, Science, and Transportation Committee. “This bipartisan legislation would build on that success, helping to identify ways we can attract further investment and generate the good-paying jobs that will ensure we stay competitive on the global scale.”

Peters reintroduced the legislation with U.S. Senator Todd Young (R-IN). Specifically, the bill would:

• Identify unnecessary barriers to foreign direct investment from responsible private sector entities based in trusted countries and the jobs that such investment creates throughout the United States;

• Promote policies to ensure the United States remains the premier global destination to invest, hire, innovate, provide services, and manufacture products;

• Promote policies to ensure the United States remains the global leader in developing and deploying cutting-edge technologies, such as artificial intelligence and quantum computing;

• Maintain and expand resilient supply chains and reduce the dependence of the United States on supply chains from China and other foreign adversaries; and

• Maintain the United States’ commitment to an open investment policy with private-sector entities based in trusted countries which will encourage other countries to reciprocate and enable the United States to open new markets abroad for U.S. companies and their products.

Michigan’s strategic location, robust infrastructure, and highly skilled workforce have made our state a top global destination for investment, attracting $15.7 billion in foreign direct investment between 2020 and 2024 in industries like electrical and automotive components, metals, and renewable energy. This investment has supported roughly 326,000 Michigan jobs, according to the Global Business Alliance.

Peters has long led efforts to increase our nation’s global economic competitiveness while bringing good-paying jobs to Michigan communities. Peters helped author and pass into law the CHIPS and Science Act to boost U.S. manufacturing of semiconductor chips, strengthen critical domestic supply chains, and create good-paying American jobs. The CHIPS and Science Act additionally increased funding for the Manufacturing Extension Partnership (MEP) program, which has been a priority for Peters. The Senate recently passed Peters’ bipartisan legislation to establish a National Manufacturing Advisory Council within the U.S. Department of Commerce. This council would advise Congress and the Secretary of Commerce on strategies to ensure the United States remains the world’s top destination for manufacturing investment.

Peters also authored the bipartisan Securing Semiconductor Supply Chains Act to bolster American semiconductor manufacturing. This bill, which passed the Senate this year, would require the SelectUSA program to engage with state-level economic development organizations to identify strategies and address challenges in attracting foreign direct investment for semiconductor manufacturing.

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