Lateefah Simon: “It was mentioned that other countries buy a great deal from us. I ask unanimous consent to have printed in the Record…”

“It was mentioned that other countries buy a great deal from us. I ask unanimous consent to have printed in the Record right now the requirements of Australia, Canada, The Netherlands, Norway, Sweden, and the United Kingdom, all of which are more severe than the requirements that I suggest in this amendment. Foreign Government "Local Content" Requirements for Defense Contracts Local Content Requirements A company in the United States that wants to sell defense-related marine equipment to governments in many other industrialized nations must comply with offset or other requirements that include a "local content" obligation to produce 50% or more of the system within the customer's country. "Local content" means that a U.S. company must substitute its own production with sourcing and engaging subcontractors in the target country. Also, the U.S. company frequently is required to conduct free transfer of technology to achieve the required local content. Liquidated damages can be assessed if the local content requirements are not fulfilled.”