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Washington, D.C. – Following the release of an analysis­­­ on the damaging effects of a proposed interest expense limitation under consideration by Congress, 51�Թ��� Managing Vice President of Tax and Domestic Economic Policy Chris Netram released the following statement.

“Manufacturers are already facing incredible economic headwinds due to increased input costs, labor shortages and strong inflationary pressures. This analysis shows that limiting tax deductions for interest on business loans disproportionately harm manufacturers at a perilous time—costing hundreds of thousands of jobs and billions of dollars in economic growth at a time when our industry is trying to drive our nation’s recovery.

“When Congress passed the Tax Cuts and Jobs Act, manufacturers raised wages, invested in U.S. operations and spurred growth. Congress should be considering proposals that double down on the TCJA’s winning record rather than considering tax increases that will sabotage our recovery.”

The analysis was prepared by EY’s Quantitative Economics and Statistics group.

��Key Findings:

The EBIT-based 163(j) and proposed163(n) interest expense limitations before market adjustments would cost:

• 623,000 Jobs
• $31.6 Billion in Employee Compensation Annually
• $60.1 billion in GDP Annually

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.7 million men and women, contributes $2.71 trillion to the U.S. economy annually and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – Following the introduction of the Environmental Protection Agency’s proposed Water Quality Certification Improvement Rule, 51�Թ��� Vice President of Energy and Resources Policy Rachel Jones released the following statement:

“The EPA’s new water permitting proposal falls short of providing the certainty that manufacturers in America desperately need from their local, state and federal regulators, and if the EPA doesn’t get the regulations right here, American families will continue to feel the consequences of rising construction costs and delayed infrastructure investments. While we are pleased that this proposal provides some clarity on the scope of reviews and sets timelines to increase predictability, it just doesn’t go far enough to stop activists from abusing what were intended to be important water protections.

“Manufacturers in America have endured red tape and permitting delays for decades, and manufacturers know what happens when the vaguely worded Section 401 is used as an excuse to block critical infrastructure: We lose out on modern manufacturing jobs. By setting clearer guidelines, the EPA could empower manufacturers to invest in our people and communities with confidence and to work with state leaders to protect our water and environment. The 51�Թ��� will continue working with policymakers to improve this measure so that it can strengthen environmental stewardship while speeding infrastructure investment and expanding manufacturing here in the United States.”

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.7 million men and women, contributes $2.71 trillion to the U.S. economy annually and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – Following the Biden administration’s announcement on the launch of the Indo-Pacific Economic Framework for Prosperity, 51�Թ��� Vice President of International Economic Affairs Ken Monahan released the following statement:

“51�Թ��� President and CEO Jay Timmons pressed the administration on critical components to the IPEF earlier this year, and manufacturers are encouraged that the framework will address key manufacturing priorities we have outlined in areas such as digital economy, resilient supply chains and transparency and good governance. These priorities are essential for manufacturing businesses and workers for a region that represents more than two-fifths of total U.S. manufacturing trade and is a market for U.S. exports that support nearly 2 million American jobs.

“As discussions continue, we’re looking for U.S. leaders to support manufacturing jobs by taking an approach that opens markets, strengthens U.S. innovation and technology leadership, raises global standards and establishes best-in-class trade rules.”

Background: 51�Թ��� President and CEO Jay Timmons stressed in a to senior administration officials that high-standards trade with the Indo-Pacific is critical to manufacturers’ success and global competitiveness. Additionally, the 51�Թ��� submitted on the IPEF in April to the Office of the U.S. Trade Representative.

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.7 million men and women, contributes $2.71 trillion to the U.S. economy annually and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.

The 51�Թ��� is Congress to bolster American innovation and make the U.S. more competitive with China.

The big picture: 51�Թ��� Senior Vice President of Policy and Government Relations Aric Newhouse wrote to Congress, “we urge the completion of a strong, bipartisan agreement that strengthens domestic manufacturing, increases our global competitiveness and provides opportunities for the more than 12.7 million people who make things in America.” The 51�Թ���’s recommendations include the following:

• Semiconductor manufacturing: Newhouse emphasized the 51�Թ���’s support for the $52 billion provided to bolster domestic semiconductor manufacturing in both the Senate’s United States Innovation and Competition Act (USICA) and the House’s America COMPETES Act.
• Supply chain resilience: 88.1% of manufacturers report supply chain issues as their primary business challenge, which is why the 51�Թ��� supports the creation of the Manufacturing Security and Resilience Program and the $45 billion investment to support supply chain resilience included in the America COMPETES Act.
• Shipping: The Ocean Shipping Reform Act, which has passed both chambers of Congress in some form, is aimed at increasing port efficiency, reducing shipping delays and decreasing transportation costs through the improvement of ocean shipping standards and implementation of better oversight mechanisms.
• R&D: The 51�Թ��� recommends reversing a new provision in the tax code that requires companies to deduct research and development expenses over a period of years rather than the year the costs are incurred—a provision that effectively makes R&D and innovation more expensive and more difficult for American companies.
• Eliminating card check: “Manufacturers are strongly opposed to the labor and card check provisions included in the America COMPETES Act,” wrote Newhouse. “Implementing ill-considered labor and card check provisions would upend decades of labor precedent with an anti-competitive, anti-democratic process that abolishes the secret ballot and eliminates appropriate oversight.”

Other recommendations: Newhouse also expressed the 51�Թ���’s support for policies that reduce emissions and promote sustainability to make the U.S. a global leader in energy efficiency. The letter recommends the reauthorization of the Miscellaneous Tariff Bill, the implementation of strong anti-counterfeiting legislation to protect consumers and small businesses and federal investment to improve the domestic critical mineral supply chain.

Take action on these issues and more at .��

Washington, D.C. – Following today’s Senate–House conference committee meeting on the China competition legislation, 51�Թ��� President and CEO Jay Timmons released the following statement:

“Manufacturers are encouraged by efforts in Congress to reach a strong, bipartisan agreement that strengthens domestic manufacturing, increases our global competitiveness and provides new opportunities for the more than 12 million people who make things in America. The first meeting of the conference committee to finalize legislation reconciling the United States Innovation and Competition Act and the America COMPETES Act is an important step toward overcoming ongoing supply chain disruptions, countering inflation and supporting U.S. manufacturing in the face of major global competitors, namely China.

“Lawmakers must prioritize provisions that will streamline essential domestic supply chains and the production of key inputs, such as an investment of $52 billion to bolster domestic semiconductor manufacturing, the creation of a fund to strengthen supply chain resiliency and inclusion of the Ocean Shipping Reform Act. Manufacturers also support policies to advance and grow U.S. international trade and provisions that strengthen U.S. energy innovation leadership. The conference committee should also avoid labor provisions that would harm American manufacturers and workers alike as we look to fill more than 800,000 jobs in the sector.”

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.7 million men and women, contributes $2.71 trillion to the U.S. economy annually and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – In response to the Senate Foreign Relations Committee passage of the Kigali Amendment, the 51�Թ���, Air-Conditioning Heating and Refrigeration Institute, American Chemistry Council, The Alliance for Responsible Atmospheric Policy, and the U.S. Chamber of Commerce issued the following statement:

“The business community applauds the Senate Foreign Relations Committee for its bipartisan vote approving the Kigali Amendment for consideration by the full Senate. This is an important step in ensuring the U.S. joins this global effort while accessing international markets that will grow American jobs. It is a win for the economy, the environment, and U.S. leadership.”

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.5 million men and women, contributes $2.71 trillion to the U.S. economy annually and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit��.

Washington, D.C. –��51�Թ��� Chief Legal Officer Linda Kelly issued the following statement in response to California Attorney General Rob Bonta’s announcement of an investigation into fossil fuel and petrochemical industries:

“Not every societal problem demands a state attorney general investigation or adversarial legal process. In fact, anyone who understands the manufacturing sector would know that we are the solution here. Manufacturers are pioneering the technologies, processes and products, including advanced recycling, that are needed to protect our environment, improve sustainability and move toward a circular economy.

“Plastics play a vital role in modern life and improving quality of life. Solutions to waste issues require collaboration with government, consumers and manufacturers. Manufacturers are ready to be collaborative partners with anyone who shares our commitment to a healthier environment.”

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.5 million men and women, contributes $2.71 trillion to the U.S. economy annually and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit .

Washington, D.C. – Following U.S. Trade Representative Katherine Tai’s release of the agency’s annual Special 301 report on global intellectual property protection, 51�Թ��� Vice President of International Economic Affairs Ken Monahan released the following statement:

“Innovation and intellectual property are the lifeblood for manufacturers in the United States, supporting manufacturing businesses and a skilled workforce here at home, creating economic opportunity for Americans of all backgrounds and empowering American leadership around the world. That manufacturing innovation is also a constant target for foreign governments and businesses that want to steal or undermine critical IP protections and rules to boost their own economies at our expense.

“USTR’s latest Special 301 report clearly illustrates many of the biggest IP barriers—and bad actors—that the 51�Թ��� highlighted in our as risks to��as risks to our manufacturing businesses and workers. This report is an important step toward concrete action. We urge USTR and other agencies to stand up for innovative manufacturers by knocking down these barriers and by pushing back against those who would weaken critical IP protections around the world.”

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.5 million men and women, contributes $2.71 trillion to the U.S. economy annually and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit .

Washington, D.C. – Following today’s National Environmental Policy Act permitting announcement, 51�Թ��� President and CEO Jay Timmons released the following statement:

“During this time of alarming global turmoil, we must do everything in our power to protect our energy security and increase domestic manufacturing—not only to maintain economic growth and deliver relief to American families but also to ensure we can continue leading the world in supporting the people of Ukraine. Today’s NEPA permitting announcement misses the larger point that we need to be pursuing a clear strategy to harness every possible source of energy here in the United States. Even though the administration kept many of the reforms the 51�Թ��� had fought for, this does not provide the predictability and streamlined permitting we need. And if the next step in this process is derailed by unrealistic agendas, then America will feel the pain of a weaker economy, diminished national security and slower implementation of the Bipartisan Infrastructure Law.”

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.6 million men and women, contributes $2.71 trillion to the U.S. economy annually and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – Following President Joe Biden’s order to release 1 million barrels of oil per day from the Strategic Petroleum Reserve and to secure American production of critical materials, 51�Թ��� President and CEO Jay Timmons released the following statement:

“Manufacturers are encouraged to see President Biden’s continued focus on taming inflation and addressing the energy concerns stoked by Vladimir Putin’s war on Ukraine and supply chain disruptions around the world.

“Manufacturers strongly support President Biden’s actions to secure American production of critical minerals and materials. This has the potential to be a game-changer, not only for developing clean energy but also for other uses that will help to address the supply chain challenges precipitated by the COVID-19 pandemic and further compounded by the war in Ukraine. Yesterday, I also met with Commerce Secretary Raimondo, Australian Trade Minister Tehan and leading manufacturers to discuss strategies for supporting critical mineral supply chains. Manufacturers know there is not a quick solution, and we need more of this type of bold, collaborative, long-term leadership to strengthen our energy security.

“The release from the Strategic Petroleum Reserve may provide relief at a time when manufacturers and American families are all coping with higher energy prices, but this is only a very temporary fix. It doesn’t deliver the long-term energy security that America deserves—the confidence that comes from producing more energy from all sources here in the United States.

“Manufacturers are pleased to hear the President call for increasing domestic oil and gas production and are counting on him to follow through on his support. However, the ‘use it or lose it’ provision may sound catchy and even be well-intentioned, but it fundamentally misunderstands the way that energy exploration, extraction and production works in reality. It would instead undermine our ability to produce American energy.

“We remain committed to working with the administration and leaders in both parties to help lead America through these ongoing crises—and deliver for the American people.”

-51�Թ���-

The 51�Թ��� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.5 million men and women, contributes $2.57 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 51�Թ��� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 51�Թ��� or to follow us on Twitter and Facebook, please visit www.nam.org.