Defending American Jobs Act of 2004

More than 50 members of Congress soon will introduce a bill designed to bar U.S. companies from receiving government financial aid if they don't protect local jobs to the same extent they protect jobs they provide outside the U.S.
The Defending American Jobs Act of 2004 will be introduced by Rep. Bernard Sanders (Ind.-Vt.) with 50 co-sponsors from both the Republican or Democratic parties, Sanders said in a statement on his Web site.

Under the proposed legislation, companies seeking government assistance would have to disclose their local and overseas workforce levels and would be ineligible for assistance if their policies favor overseas workers at the expense of U.S. workers.

One of the organizations that will be targeted is the U.S. Export-Import Bank, which provides trade financing and other help to U.S. companies that do business abroad.

Sanders identified several IT and telecommunications companies as major benefactors of the Ex-Im Bank, including Motorola Inc., Lucent Technologies Inc. and IBM.

In particular, he has singled out Motorola for taking almost $500 million in direct loans and loan subsidies from the Ex-Im Bank, while reducing its U.S.-based workforce to only 56% of its total workforce.

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