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Foreign Investment in U.S. Securities [Updated June 14, 2006]
From the Summary: "Foreign capital inflows are playing an important role in the U.S. economy by bridging the gap between domestic supplies of and demand for capital. Foreign investors now hold more than 55% of the publicly-held and -traded U.S. Treasury securities. The large foreign accumulation of U.S. securities has spurred some observers to argue that this large foreign presence in U.S. financial markets increases the risk of a financial crisis, whether as a result of the uncoordinated actions of market participants or by a coordinated withdrawal from U.S. financial markets by foreign investors for economic or political reasons. […] To date, the world economy has benefitted from the stimulus provided by the nation's combination of fiscal and monetary policies and trade deficit. Over the long run, however, concerns are growing that U.S. economic policies and the accompanying large deficit in its international trade accounts could have a negative impact on global economic developments, especially for developing countries. This report relies on a comprehensive set of data on capital flows, represented by purchases and sales of U.S. government securities and U.S. and foreign corporate stocks, bonds, into and out of the United States, that is reported by the Treasury Department on a monthly basis. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-06-14
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U.S. Trade Deficit and the Impact of Rising Oil Prices [Updated June 9, 2006]
"Petroleum prices have risen sharply since early 2004. At the same time the average amount of imports of energy-related petroleum products has fallen slightly. The combination of sharply rising prices and a slightly lower level of imports of energy-related petroleum products translates into an escalating cost for those imports. This rising cost added an estimated $70 billion to the nation's trade deficit in 2005 and could add $80-$100 billion in 2006, depending on how sustainable is the rate of recent price increases. This report provides an estimate of the initial impact of the rising oil prices on the nation's merchandise trade deficit. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-06-09
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Trade Agreements: Impact on the U.S. Economy [Updated June 1, 2006]
"The United States is negotiating an unprecedented number of trade agreements. These agreements range from bilateral trade agreements with countries that account for meager shares of U.S. trade to multilateral negotiations that could affect large numbers of U.S. workers and businesses. During this process, Congress likely will be presented with an array of data estimating the impact of trade agreements on the economy, or on a particular segment of the economy. An important policy tool that can assist Congress in assessing the value and the impact of trade agreements is represented by sophisticated models of the economy that are capable of simulating changes in economic conditions. These models are particularly helpful in estimating the effects of trade liberalization in such sectors as agriculture and manufacturing where the barriers to trade are identifiable and subject to some quantifiable estimation. Barriers to trade in services, however, are proving to be more difficult to identify and, therefore, to quantify in an economic model. In addition, the models are highly sensitive to the assumptions that are used to establish the parameters of the model and they are hampered by a serious lack of comprehensive data in the services sector. Nevertheless, the models do provide insight into the magnitude of the economic effects that may occur across economic sectors as a result of trade liberalization. These insights are especially helpful in identifying sectors expected to experience the greatest adjustment costs and, therefore, where opposition to trade agreements is likely to occur. This report examines the major features of economic models being used to estimate the effects of trade agreements. It assesses the strengths and weaknesses of the models as an aid in helping Congress evaluate the economic impact of trade agreements on the U.S. economy. In addition, this report identifies and assesses some of the assumptions used in the economic models and how these assumptions affect the data generated by the models. Finally, this report evaluates the implications for Congress of various options it may consider as it assesses trade agreements. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-06-01
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Committee on Foreign Investment in the United States (CFIUS) [Updated May 17, 2006]
"The Committee on Foreign Investment in the United States (CFIUS) is comprised of 12 members representing major departments and agencies within the federal Executive Branch. While the group generally operates in relative obscurity, the proposed acquisition of commercial operations at six U.S. ports by Dubai Ports World in 2006 placed the group's operations under intense scrutiny by Members of Congress and the public. Prompted by this case, some Members are questioning the ability of Congress to exercise its oversight responsibilities given the general view that CFIUS's operations lack transparency. Other Members are revisiting concerns about the linkage between national security and the role of foreign investment in the U.S. economy. Some Members of Congress and others argue that the nation's security and economic concerns have changed since the September 11, 2001 terrorist attacks and that these concerns are not being reflected sufficiently in the Committee's deliberations. In addition, anecdotal evidence seems to indicate that the CFIUS process may not be market neutral, instead a CFIUS investigation of an investment transaction may be perceived by some firms and by some in the financial markets as a negative factor that adds to uncertainty and may spur firms to engage in behavior that is not optimal for the economy as a whole."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-05-17
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Exon-Florio National Security Test for Foreign Investment [Updated May 17, 2006]
"The proposed acquisitions of major operations in six major U.S. ports by Dubai Ports World and of Unocal by the China National Offshore Oil Corporation (CNOOC) sparked intense concerns among some Members of Congress and the public and has reignited the debate over what role foreign acquisitions play in U.S. national security. The United States actively promotes internationally the national treatment of foreign firms. Some Members of Congress and others are concerned with this policy, however, particularly with how it applies to allowing government owned companies unlimited access to the Nation's industrial base. Much of this debate focuses on the activities of a relatively obscure committee, the Committee on Foreign Investment in the United States (CFIUS) and the Exon-Florio provision, which gives the President broad powers to block certain types of foreign investment."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-05-17
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U.S. Trade Deficit and the Impact of Rising Oil Prices [Updated May 12, 2006]
"Petroleum prices have risen sharply since early 2004. At the same time the average amount of imports of energy-related petroleum products has fallen slightly. The combination of sharply rising prices and a slightly lower level of imports of energy-related petroleum products translates into an escalating cost for those imports. This rising cost added an estimated $70 billion to the nation's trade deficit in 2005 and could add about $100 billion in 2006, depending on how sustainable is the rate of recent price increases. This report provides an estimate of the initial impact of the rising oil prices on the nation's merchandise trade deficit. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-05-12
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U.S. Direct Investment Abroad: Trends and Current Issues [April 26, 2006]
"The United States is the largest investor abroad and the largest recipient of direct investment in the world. For some Americans, the national gains attributed to investing overseas are offset by such perceived losses as displaced U.S. workers and lower wages. Some observers believe U.S. firms invest abroad to avoid U.S. labor unions or high U.S. wages, however, 70% of U.S. foreign direct investment is concentrated in high income developed countries. Even more striking is the fact that the share of investment going to developing countries has fallen in recent years. Most economists conclude that direct investment abroad overall does not lead to fewer jobs or lower incomes overall for Americans and that the majority of jobs lost among U.S. manufacturing firms over the past decade reflect a broad restructuring of U.S. manufacturing industries. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-04-26
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Committee on Foreign Investment in the United States (CFIUS) [April 24, 2006]
"The Committee on Foreign Investment in the United States (CFIUS) is comprised of 12 members representing major departments and agencies within the federal Executive Branch. While the group generally operates in relative obscurity, the proposed acquisition of commercial operations at six U.S. ports by Dubai Ports World in 2006 placed the group's operations under intense scrutiny by Members of Congress and the public. Prompted by this case, some Members are questioning the ability of Congress to exercise its oversight responsibilities given the general view that CFIUS's operations lack transparency. Other Members are revisiting concerns about the linkage between national security and the role of foreign investment in the U.S. economy. Some Members of Congress and others argue that the nation's security and economic concerns have changed since the September 11, 2001 terrorist attacks and that these concerns are not being reflected sufficiently in the Committee's deliberations. In addition, anecdotal evidence seems to indicate that the CFIUS process may not be market neutral, instead a CFIUS investigation of an investment transaction may be perceived by some firms and by some in the financial markets as a negative factor that adds to uncertainty and may spur firms to engage in behavior that is not optimal for the economy as a whole."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-04-24
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Foreign Investment in U.S. Securities [Updated April 24, 2006]
From the Summary: "Foreign capital inflows are playing an important role in the U.S. economy by bridging the gap between domestic supplies of and demand for capital. Foreign investors now hold more than 55% of the publicly-held and -traded U.S. Treasury securities. The large foreign accumulation of U.S. securities has spurred some observers to argue that this large foreign presence in U.S. financial markets increases the risk of a financial crisis should foreign investors decide to stage a coordinated withdrawal from U.S. financial markets for economic or political reasons. […] To date, the world economy has benefitted from the stimulus provided by the nation's combination of fiscal and monetary policies and trade deficit. Over the long run, however, concerns are growing that U.S. economic policies and the accompanying large deficit in its international trade accounts could have a negative impact on global economic developments, especially for developing countries. This report relies on a comprehensive set of data on capital flows, represented by purchases and sales of U.S. government securities and U.S. and foreign corporate stocks, bonds, into and out of the United States, that is reported by the Treasury Department on a monthly basis. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-04-24
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U.S. Trade Deficit and the Impact of Rising Oil Prices [Updated April 12, 2006]
"Petroleum prices have risen sharply since early 2004. At the same time the average amount of imports of energy-related petroleum products has fallen slightly. The combination of sharply rising prices and a slightly lower level of imports of energyrelated petroleum products translates into an escalating cost for those imports. This rising cost added an estimated $70 billion to the nation's trade deficit in 2005 and could add about $100 billion in 2006, depending on how sustainable is the rate of recent price increases. This report provides an estimate of the initial impact of the rising oil prices on the nation's merchandise trade deficit. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-04-12
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Exon-Florio National Security Test for Foreign Investment [April 3, 2006]
"The proposed acquisitions of major operations in six major U.S. ports by Dubai Ports World and of Unocal by the China National Offshore Oil Corporation (CNOOC) sparked intense concerns among some Members of Congress and the public and has reignited the debate over what role foreign acquisitions play in U.S. national security. The United States actively promotes internationally the national treatment of foreign firms. Some Members of Congress and others are concerned with this policy, however, particularly with how it applies to allowing government owned companies unlimited access to the Nation's industrial base. Much of this debate focuses on the activities of a relatively obscure committee, the Committee on Foreign Investment in the United States (CFIUS) and the Exon-Florio provision, which gives the President broad powers to block certain types of foreign investment."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-04-03
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Exon-Florio National Security Test for Foreign Investment [Updated March 21, 2006]
"The proposed acquisitions of major operations in six major U.S. ports by Dubai Ports World and of Unocal by the China National Offshore Oil Corporation (CNOOC) sparked intense concerns among some Members of Congress and the public and has reignited the debate over what role foreign acquisitions play in U.S. national security. While the United States actively promotes internationally the policy of relaxing rules concerning foreign investment, including the national treatment of foreign firms, some Members of Congress and others are concerned with this policy as it relates to allowing foreign, and particularly government-owned companies, unlimited access to the Nations industrial base. Much of this debate focuses on the activities of a relatively obscure committee, the Committee on Foreign Investment in the United States (CFIUS) and the Exon-Florio provision, which gives the President broad powers to block certain types of foreign investment."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-03-21
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U.S. Trade Deficit and the Impact of Rising Oil Prices [Updated March 17, 2006]
"Petroleum prices have risen sharply since early 2004. At the same time the average amount of imports of energy-related petroleum products has fallen slightly. The combination of sharply rising prices and a slightly lower level of imports of energy-related petroleum products translates into an escalating cost for those imports. This rising cost added an estimated $70 billion to the nation's trade deficit in 2005 and could add more than $70 billion in 2006, depending on how sustainable are the recent price increases. This report provides an estimate of the initial impact of the rising oil prices on the nation's merchandise trade deficit. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-03-17
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Exon-Florio National Security Test for Foreign Investment [Updated March 15, 2006]
"The proposed acquisitions of major operations in six major U.S. ports by Dubai Ports World and of Unocal by the China National Offshore Oil Corporation (CNOOC) sparked intense concerns among some Members of Congress and the public and has reignited the debate over what role foreign acquisitions play in U.S. national security. While the United States actively promotes internationally the policy of relaxing rules concerning foreign investment, including the national treatment of foreign firms, some Members of Congress and others are concerned with this policy as it relates to allowing foreign, and particularly government-owned companies, unlimited access to the Nations industrial base. Much of this debate focuses on the activities of a relatively obscure committee, the Committee on Foreign Investment in the United States (CFIUS) and the Exon-Florio provision, which gives the President broad powers to block certain types of foreign investment."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-03-15
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China and the CNOOC Bid for Unocal: Issues for Congress [Updated February 27, 2006]
"The bid by the China National Offshore Oil Corporation (CNOOC) to acquire the U.S. energy company Unocal for $18.5 billion raised many issues with U.S. policymakers. Even though CNOOC ultimately withdrew its bid in the face of considerable opposition from some Members of Congress and other commentors, many economic, financial, and security issues are still to be resolved...The question of whether the proposed acquisition would have posed a security threat to the United States ultimately would have been decided by the President after a review by the Committee on Foreign Investment in the United States (CFIUS). The policy debate centered on whether a company that is majority owned by China - a country some view as a potential military threat - should be allowed to acquire American assets that include vital energy supplies, dual use technology, or access to sensitive geographical locations. Would CFIUS give sufficient consideration to U.S. economic security? Should CFIUS be strengthened? Out of 1,500 transactions notified to CFIUS since 1988, it blocked only one. Other questions touched on whether blocking the bid would push the Chinese quest for secure oil supplies farther into countries such as Iran or the Sudan? Also, would blocking the bid affect Beijing's approval for U.S. investments in China? Are American companies seeking to invest in China given equivalent opportunities in that market?"
Library of Congress. Congressional Research Service
Nanto, Dick Kazuyuki; Morrison, Wayne M.; Jackson, James K., 1949-
2006-02-27
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Exon-Florio National Security Test for Foreign Investment [Updated February 23, 2006]
"The proposed acquisition of Unocal by the China National Offshore Oil Corporation (CNOOC) has sparked intense concerns among some Members of Congress and the public and has reignited the debate over what role foreign acquisitions play in U.S. national security. While the United States actively promotes internationally the policy of relaxing rules concerning foreign investment, including the national treatment of foreign firms, some in Congress and others question some aspects of this policy as it relates to allowing foreign competitors unlimited access to the Nations industrial base. Much of this debate focuses on the activities of a relatively obscure committee, the Committee on Foreign Investment in the United States (CFIUS) and the Exon-Florio provision, which gives the President broad powers to block certain types of foreign investment. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-02-23
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U.S. Trade Deficit and the Impact of Rising Oil Prices [Updated January 20, 2006]
"Petroleum prices have risen sharply since early 2004. At the same time the average amount of imports of energy-related petroleum products has risen slightly. The combination of sharply rising prices and a slightly higher level of imports of energy-related petroleum products translates into an escalating cost for those imports. This rising cost could add an estimated $70 billion to the nation's trade deficit in 2005, depending on how sustainable are the recent price increases. This report provides an estimate of the initial impact of the rising oil prices on the nation's merchandise trade deficit. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2006-01-20
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U.S. Trade Deficit and the Impact of Rising Oil Prices [Updated September 20, 2005]
"Petroleum prices have risen sharply since early 2004. At the same time the average amount of imports of energy-related petroleum products has fallen slightly. The combination of sharply rising prices and a slightly decreased level of demand for imports of energy-related petroleum products translates into an escalating cost for those imports. This rising cost could add an estimated $60 to $90 billion to the Nation's trade deficit in 2005, depending on how sustainable are the recent price increases. This report provides an estimate of the initial impact of the rising oil prices on the Nation's merchandise trade deficit. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2005-09-20
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China and the CNOOC Bid for Unocal: Issues for Congress [September 15, 2005]
"The bid by the China National Offshore Oil Corporation (CNOOC) to acquire the U.S. energy company Unocal for $18.5 billion raised many issues with U.S. policymakers. Even though CNOOC ultimately withdrew its bid in the face of considerable opposition from some Members of Congress and other commentors, many economic, financial, and security issues are still to be resolved. The CNOOC bid came at a time when China had become the second largest consumer of petroleum in the world and, rather than being a net oil supplier to the world, had become heavily dependent on imports. This new strategic challenge for Beijing had apparently caused it to pursue a more secure energy supply. The CNOOC bid also coincided with a period of high oil prices caused partly by China's increasing demand, growing uneasiness in the United States over the rise of China and the security and economic challenge it was presenting, the large bilateral trade deficit with China, and concerns about whether Beijing was playing by international trade rules--particularly giving insufficient protection to intellectual property rights and systematically holding down the value of its currency."
Library of Congress. Congressional Research Service
Nanto, Dick Kazuyuki; Morrison, Wayne M.; Jackson, James K., 1949-
2005-09-15
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Trade Agreements: Impact on the U.S. Economy [Updated April 20, 2005]
This Congressional Research Service report discusses the features of economic models used by Congress to evaluate the impact of foreign trade agreements. "The United States is negotiating an unprecedented number of trade agreements. […] An important policy tool that can assist Congress in assessing the value and the impact of trade agreements is represented by sophisticated models of the economy that are capable of simulating changes in economic conditions. […] This report examines the major features of economic models being used to estimate the effects of trade agreements. It assesses the strengths and weaknesses of the models as an aid in helping Congress evaluate the economic impact of trade agreements on the U.S. economy. In addition, this report identifies and assesses some of the assumptions used in the economic models and how these assumptions affect the data generated by the models. Finally, this report evaluates the implications for Congress of various options it may consider as it assesses trade agreements. This report will be updated as events warrant." Included tables: Estimated Economic Effects on the United States of a 33% Reduction in Barriers to Trade in Agriculture, Manufactures, and Services at the Doha Development Round; Estimated Economic Effects on the United States of Free Trade Agreements With Various Trading Partners; Projected Sectoral Employment Effects (Job Gains and Losses) in the United States of Various Trade Agreements; Projected Sectoral Employment Effects (Job Gains and Losses) in the United States of Various Trade Agreements.
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2005-04-20
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Financial Action Task Force: An Overview [March 4, 2005]
"The National Commission on Terrorist Attacks Upon the United States, or the 9/11 Commission, recommended that tracking terrorist financing 'must remain front and center in U.S. counterterrorism efforts.' As part of these efforts, the United States plays a leading role in the Financial Action Task Force on Money Laundering (FATF). The independent, intergovernmental policy-making body was established by the 1989 G-7 Summit in Paris as a result of growing concerns among the Summit participants about the threat posed to the international banking system by money laundering. After September 11, 2001, the body expanded its role to include identifying sources and methods of terrorist financing and adopted eight Special Recommendations on terrorist financing to track terrorists' funds. This report provides an overview of the Task Force and of its progress to date in gaining broad international support for its Recommendations. This report will be updated as warranted by events."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-
2005-03-04
