Senator Peters Reintroduces Legislation to Increase America’s Global Competitiveness

WASHINGTON, DC ­– U.S. Senator Gary Peters (MI) reintroduced the Global Investment in American Jobs Act to increase America’s global economic competitiveness and ensure the U.S. remains the most attractive destination for international companies to invest. For decades, foreign direct investment in the U.S. has bolstered our state’s economy by creating more good-paying, high demand jobs in Michigan communities, 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 has long been a top destination for economic investment because of our world-class workforce and leadership in critical fields like advanced manufacturing,” said Senator Peters. “This bipartisan legislation would help attract further investment in our state, create good jobs and economic opportunity, and keep Michigan businesses and workers competitive on the world stage for years to come.”

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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