Protect U.S. Investments Act of 2023

Protect U.S. Investments Act of 2023

This bill expands available protections for U.S. investors from certain prejudicial actions taken by foreign governments. It also expands sanctions for the expropriation (i.e., seizure) of U.S. investments.

Currently, the President must suspend assistance to foreign governments that have taken certain prejudicial actions against U.S. investments (known as the Hickenlooper amendment), including those that have taken steps to repudiate or nullify existing contracts or agreements with U.S. nationals (citizens and corporations). This bill specifies that these steps may include failing to meet, confer, or engage in good faith consultations and negotiations with a U.S. national (through their duly authorized representative) within 30 days of being served with a written request for such a consultation or negotiation.

Further, the bill provides a U.S. national with the right to petition the Foreign Claims Settlement Commission to render an advisory report to the President regarding the alleged treatment of the U.S. investment by the identified foreign country. If the commission fails to render a timely advisory report, the U.S. national may compel the suspension of assistance to that foreign country in any court of competent jurisdiction.

The bill prohibits any foreign public official who materially assisted in a prejudicial action against U.S. investments from receiving immigration status, receiving a visa, or being admitted into the United States. Such an official must also be denied remittance by every financial institution located in the United States. These sanctions shall apply until the prejudicial action is rescinded, reversed, permanently enjoined, or fully remediated.

Bill 118 hr 465, also known as the Protect U.S. Investments Act of 2023, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to strengthen protections for American investments both domestically and abroad.

One key provision of the bill is the establishment of a new office within the Department of Commerce that will be responsible for monitoring and enforcing compliance with international trade agreements. This office will work to ensure that American companies are not unfairly disadvantaged in foreign markets and will take action against countries that engage in unfair trade practices.

Additionally, the bill includes measures to increase transparency and accountability in the investment process. It requires companies to disclose more information about their investments and financial transactions, in order to prevent fraud and ensure that investors are making informed decisions. The Protect U.S. Investments Act of 2023 also includes provisions aimed at promoting economic growth and job creation in the United States. It encourages investment in domestic industries and infrastructure projects, and provides incentives for companies to keep jobs in the US rather than outsourcing them overseas. Overall, this bill is designed to protect and promote American investments, both at home and abroad. It aims to create a more level playing field for American companies in the global marketplace, while also fostering economic growth and job creation within the United States.