Invest in America First Act
THE INVEST IN AMERICA FIRST ACT
The Invest in America First Act would prohibit Congress and the President from giving nonmilitary foreign aid to countries that have a Gross Domestic Product (GDP) over $1.5 trillion. There are exemptions for humanitarian and security aid. Humanitarian aid could be given in the event of a natural disaster in the form of supplies and materials, but not just a lump sum of money. Security aid could be given to countries for security threats that are deemed dangerous to the national security of United States.
In Fiscal Year 2010, the U.S. gave China $27.2 million in foreign aid, even though they hold over $1.1 trillion in U.S. Treasury securities. The same year, the U.S. gave Russia $71.5 million in aid even though they hold over $168 billion in U.S. Treasury securities.
From 2008-2012, the United States provided roughly $3.225 billion in foreign aid to countries whose GDPs are over $1.5 trillion.
Below is a list of those countries that currently have a GDP over $1.5 trillion and the foreign aid they receive from the U.S.
*GDP of the country on a purchasing power parity (PPP) basis, as determined by the most recent publication of the Central Intelligence Agency's The World Factbook.
The following countries hold U.S. Treasury securities, receive foreign aid, and have had an annual budget surplus at least once since 2007: China, Russia, Brazil, and Mexico.
TEXT OF THE BILL
H. R. 528
To prohibit foreign assistance to countries with a gross domestic product of $1,500,000,000,000 or more.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Invest in America First Act of 2013”.
SEC. 2. PROHIBITION ON FOREIGN ASSISTANCE TO COUNTRIES WITH A GDP OF $1,500,000,000,000 OR MORE.
(1) IN GENERAL.—Except as provided in paragraph (2), assistance may not be provided under any provision of law to a country with a GDP of $1,500,000,000,000 or more.
(2) EXCEPTION.—The prohibition on assistance under paragraph (1) shall not apply with respect to military assistance, security assistance, or humanitarian assistance.
(b) Definitions.—In this Act—
(1) the term “GDP” means, with respect to a country, the gross domestic product of the country on a purchasing power parity (PPP) basis divided by the population of the country, as determined by the most recent publication of the Central Intelligence Agency’s The World Factbook; and
(2) the term “humanitarian assistance”—
(A) means assistance, provided on such terms and conditions as the President may determine, for the relief and rehabilitation of victims of natural and manmade disasters, including food, water, medicine, clothing, and shelter; and
(B) does not include direct financial assistance for the purposes described in subparagraph (A).