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American Business for American Companies Act of 2021

12/30/2022, 5:47 PM

Summary of Bill HR 3987

Bill 117 hr 3987, also known as the American Business for American Companies Act of 2021, aims to promote the growth and success of American businesses by implementing various measures. The bill focuses on supporting domestic companies and ensuring that they have a competitive edge in the global market.

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.

Current Status of Bill HR 3987

Bill HR 3987 is currently in the status of Bill Introduced since June 17, 2021. Bill HR 3987 was introduced during Congress 117 and was introduced to the House on June 17, 2021.  Bill HR 3987's most recent activity was Referred to the Committee on Oversight and Reform, and in addition to the Committee on Armed Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of June 17, 2021

Bipartisan Support of Bill HR 3987

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 3987

Primary Policy Focus

Government Operations and Politics

Potential Impact Areas

- Administrative law and regulatory procedures
- Corporate finance and management
- Department of the Treasury
- Foreign and international corporations
- Military procurement, research, weapons development
- Public contracts and procurement

Alternate Title(s) of Bill HR 3987

American Business for American Companies Act of 2021
To prohibit the award of Federal Government contracts to inverted domestic corporations, and for other purposes.
American Business for American Companies Act of 2021

Comments

Sponsors and Cosponsors of HR 3987

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