To the Members of the U.S. House of Representatives:
The U.S. Chamber of Commerce supports H.R. 7084, the Defending American Property Abroad Act. It is important that the Congress counter all efforts made by foreign nations to unlawfully seize American assets, safeguarding American businesses from unjust expropriation.
American businesses have invested $6.8 trillion dollars in outward foreign direct investment. Those investments drive growth in our economy and make us more competitive. Investment by U.S. multinational corporations generates roughly half of all our merchandise exports. The revenues earned abroad fund research and development activities overwhelmingly performed in the United States. Further, U.S. multinationals pay American workers on average 20% more than companies that just do business here at home.
For some sectors, such as extractive industries, investments follow where the natural resources reside, while American service providers often require a local presence to deliver services in foreign markets. All of these investments are worth protecting.
However, U.S. investment can become subject to unfair treatment and expropriation inconsistent with the rule of law. When this occurs, it is important for American companies to know that the U.S. government has their back. The Chamber urges passage of H.R. 7084 and would welcome Congress to consider additional measures to expand the protection afforded under this legislation.
Sincerely,
Sean Heather
Senior Vice President
International Regulatory Affairs & Antitrust
U.S. Chamber of Commerce
