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American Business for American Companies Act of 2021
12/30/2022, 5:47 PM
Summary of Bill HR 3987
One key provision of the bill is the establishment of a grant program to provide financial assistance to American businesses looking to expand their operations or invest in new technologies. This program aims to help companies create jobs, increase productivity, and drive innovation within the United States.
Additionally, the bill includes measures to strengthen intellectual property protections for American businesses, ensuring that they can safeguard their innovations and inventions from theft or infringement. This is crucial for promoting continued growth and competitiveness in the global marketplace. Furthermore, the bill seeks to streamline regulations and reduce bureaucratic red tape that may hinder the growth of American businesses. By cutting unnecessary regulations and promoting a more business-friendly environment, the bill aims to create a more conducive climate for economic growth and job creation. Overall, the American Business for American Companies Act of 2021 is designed to support and empower American businesses, helping them thrive and succeed in an increasingly competitive global economy. By providing financial assistance, strengthening intellectual property protections, and reducing regulatory burdens, the bill aims to promote the growth and success of American companies across various industries.
Congressional Summary of HR 3987
American Business for American Companies Act of 2021
This bill makes permanent and expands restrictions that prohibit federal agencies from awarding contracts to inverted domestic corporations. (Similar restrictions have historically been included in annual appropriations measures.)
Specifically, an agency may not award a contract for the procurement of property or services (including a defense contract) to (1) any foreign incorporated entity determined to be an inverted domestic corporation or any subsidiary of such entity, or (2) any joint venture more than 10% of which is held by such an entity or subsidiary.
An inverted domestic corporation is a company that was previously incorporated in the United States or was a partnership in the United States but is now incorporated in a foreign country despite (1) a majority of the company being owned by the owners of the former domestic entity, or (2) management of the company primarily occurring in the United States.
