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CPA supports the BEA's self described mission
01
Aug '08
38 organizations representing U.S. manufacturing, labor, and agricultural interests sent a letter to the chairmen of four congressional committees (2 House and 2 Senate) urging Congress to reverse the U.S. Commerce Department's Bureau of Economic Analysis (BEA) decision to cease its survey of tracking new foreign direct investment in the United States now contained in its “New Investment Series.”

Without this data, the U.S. government and the American public will no longer be able to distinguish between foreign direct investments (FDI) used to acquire existing U.S. assets worldwide from FDI actually used to establish new U.S. businesses.

“Americans need a clear picture of what is happening with their economy,” said American Manufacturing Trade Action Coalition Executive Director Auggie Tantillo. He encouraged Congress to act swift on the FDI reporting issue and continued, “The fact that 90 percent of U.S. FDI is American companies and assets changing ownership to foreign hands signals that America effectively is servicing its debts by selling off many of its most profitable assets.”

“It is imperative that the U.S. Department of Commerce accurately account for all aspects of foreign direct investment in this country and not shortchange this important reporting process,” added Jerry Call, Executive Vice President of the American Foundry Society (AFS). “We need a clear picture of whether the foreign direct investment is for new start ups or acquiring established U.S. businesses.”

Brian O'Shaughnessy, Chief Co-Chair and Manufacturing Co-Chair of the Coalition for a Prosperous America (CPA), concluded, "The CPA supports the BEA's self described mission which is promoting: 'a better understanding of the U.S. economy by providing the most timely, relevant, and accurate economic accounts data in an objective and cost-effective manner.' We are confused about this as the BEA proposal runs counter to that mission, and expect the Congress to reverse it."

American Manufacturing Trade Action Coalition

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