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Washington, D.C. – 51�Թ��� President and CEO Jay Timmons released the following statement on the results of the 2020 election.

“Manufacturers congratulate President-elect Joe Biden on being declared the winner of the presidential election. The American people have spoken, and they have chosen a leader who throughout this campaign spoke of healing and bipartisanship. We also congratulate Vice President-elect Kamala Harris. Her election will resound through history, and we are hopeful that it will send a message that helps us achieve the more inclusive country that manufacturers work to build every day.

“Manufacturers trust the democratic process, and the vote counts are clear enough that the networks have confidently projected a winner. Poll workers tirelessly counted ballots through a pandemic to handle record turnout and make sure the process worked. Recounts are also part of our system, and we trust that they will be carried out fairly and carefully where required or requested. As part of the democratic process, we want to make sure this election is accurate and there are no valid questions about its legitimacy.

“When Joe Biden becomes the 46th President of the United States, he will take office in the face of crises of historic proportions and deep divisions. Throughout this difficult year, manufacturers have consistently risen to the occasion to help keep our fellow Americans safe, healthy and fed. We pledge to continue our leadership, especially as we race toward a vaccine, and we will work with a Biden–Harris administration, along with the new Congress, to achieve economic recovery and American renewal. Manufacturers are committed to being part of the solution.

“Our focus at the 51�Թ��� has always been on policy—not politics, personality or process. And so we look forward to working with anyone and everyone who shares the objectives of our policy goals—and advocating constructively with those who may not. It should be clear from the gains made by the Republican Party in this election that the American people are not interested in extreme policies from either party; they are looking for smart, stable and solutions-oriented governance. The right approach, one that can unify our country, is an agenda like that advanced by manufacturers—a competitive tax and regulatory system, infrastructure investment, comprehensive immigration reform, expanded trade and a strengthened workforce.

“This election has tested our nation. Election Day is behind us, and an uncertain future awaits. The choice facing each American is how we move forward. For our part, manufacturers choose to move forward in a way that will advance the values that make America exceptional: free enterprise, competitiveness, individual liberty and equal opportunity. We invite all of our leaders and fellow Americans to join us.”

-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 12.2 million men and women, contributes $2.37 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 63% 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 .

The U.S. Department of Labor has adopted a final rule that requires pension plan managers to make investments based solely on financial implications, according to (subscription).

What it does: The rule clarifies that pension plan managers can only consider “pecuniary” factors—that is, factors relating to the financial performance of the plan—when making investment decisions on pensioners’ behalf.

• Existing standards hold managers to a fiduciary duty to represent pensioners’ financial best interests; the new rule cautions plan managers against considering so-called environmental, social and governance (ESG) factors unless they would have a financial impact on plan performance.
• The goal of the rule is to prevent investment decisions based on non-pecuniary metrics rather than on the financial interests of the workers whose savings are at stake.

A win for the 51�Թ���: The 51�Թ��� sent a supporting the DOL’s proposed rule in July, arguing that fund managers should be required to look out for the financial interests of pension plan participants.

The last word: “This is a positive outcome for manufacturing workers across the country,” said 51�Թ��� Director of Tax and Domestic Economic Policy Charles Crain. “Pension plan participants should be able to trust that their long-term savings will be protected over any other considerations so that they can enjoy a stable and secure retirement.”

Washington, D.C. – 51�Թ��� President and CEO Jay Timmons released the following statement on the state of the 2020 election.

Americans are hard at work counting the ballots and tallying the votes. That is our democratic process, and it has served us well throughout our history. Manufacturers have faith in our institutions, and all valid ballots must be counted.

-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 12.2 million men and women, contributes $2.37 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 63% 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.

In a victory for the 51�Թ���, that the Securities and Exchange Commission has abandoned a planned rule that would have decreased market transparency and made it more difficult for public companies to communicate with shareholders.

The background: Form 13F requires asset managers to report their holdings in public companies. Under current law, if an institution manages more than $100 million in assets, they are required to report the businesses they hold shares in. Companies use that information for investor relations, outreach and communication with shareholders—and because there is no other way for public companies to know who their owners are, it’s fundamental to the day-to-day operations of businesses across the country.

The proposal: This summer, the SEC proposed changing the Form 13F disclosure threshold from $100 million to $3.5 billion—a 3,500% increase. The change would have exempted 89% of current filers from the 13F reporting requirement, preventing businesses from communicating with many owners and disproportionately affecting small public companies that tend to be held by small investment managers.

The result: The 51�Թ��� strongly opposed the SEC’s proposal and led an aggressive response that included direct outreach from the 51�Թ��� and 51�Թ��� members to the SEC, as well as multiple official submissions to the comment file. In the face of this strong opposition from manufacturers, recent news reports indicate that the SEC will abandon the rule.

The word from the 51�Թ���: “This is a critical victory for manufacturers—from large corporations to small and mid-sized businesses,” said 51�Թ��� Director of Tax and Domestic Economic Policy Charles Crain. “We are proud of the extraordinary work from so many 51�Թ��� members who mobilized to fight this rule—and we are pleased that the SEC now intends to preserve vital transparency for manufacturers and their shareholders.”

Washington – Today, a broad coalition of business leaders issued the following statement:

“The strength of our nation’s democracy depends on the integrity and fairness of our elections. We urge Americans to exercise their right to vote.

“This election, tens of millions of Americans are expected to vote by mail, and it may be days or even weeks until the outcome is settled. Even under normal circumstances, it can take time to finalize results. We urge all Americans to support the process set out in our federal and state laws and to remain confident in our country’s long tradition of peaceful and fair elections.

“Regardless of the election outcome, we look forward to working with the Administration and the new Congress to ensure a strong and safe economic recovery while working to build long-term prosperity for all Americans.”

The statement was issued by the American Property Casualty Insurance Association, Business Roundtable, ITI, the 51�Թ���, the National Association of Wholesaler-Distributors, the National Retail Federation, the Retail Industry Leaders Association and the U.S. Chamber of Commerce.

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CONTACTS:
American Property Casualty Insurance Association: Jessica Hanson Hanna, 202-828-7137
Business Roundtable: Jennifer Cummings, (202) 496-3249
Information Technology Industry Council (ITI): Ryan Thornton, (724) 316-8930
51�Թ���: Jamie Hennigan, (202) 316-6160
National Association of Wholesaler-Distributors: Jade West, (202) 452-6109
National Retail Federation: Mary McGinty, (202) 763-8157
Retail Industry Leaders Association: Melissa Murdock, (202) 381-0627
U.S. Chamber of Commerce: Tim Doyle, (202) 463-5771

A coming tax change would make it more expensive for manufacturers to undertake cutting-edge innovation—but a bipartisan Senate bill championed by the 51�Թ��� is set to change that.

Where we are: Right now, if you’re running a business and you invest in research and development, you can immediately deduct 100% of those expenses in the year in which they are incurred. However, beginning in 2022, businesses will be forced to spread their R&D deductions out over a period of years, making it more expensive for manufacturers to undertake R&D. If this change were to go into effect, the United States would also be the only industrialized country in the world with this policy, harming our ability to compete internationally and invest for growth.

The cavalry arrives: The American Innovation and Jobs Act, a bipartisan bill introduced on Tuesday by Sens. Maggie Hassan (D-NH) and Todd Young (R-IN) would repeal the looming change, allowing businesses to continue to deduct their R&D expenses immediately. The bill would also make the R&D tax credit more accessible and more generous for small businesses.

Why it matters: Manufacturers perform the vast majority—nearly two-thirds—of private-sector R&D in the United States. That work not only helps finance important new projects and technological advancements, but it also helps to create well-paying jobs and power economic growth. That’s why the 51�Թ��� has been leading the business community in getting bipartisan legislation introduced in the House and now in the Senate to stop this harmful change from going into effect.

A word from the 51�Թ���: “Research and development is the lifeblood of manufacturing,” said 51�Թ��� Senior Director of Tax Policy David Eiselsberg. “It is what drives innovation, competitiveness, economic growth and the creation of high-paying jobs. This legislation will ensure that the tax code continues to support the ability of manufacturers to undertake R&D that will help promote economic and job growth.”

Washington, D.C. – The 51�Թ��� joined several business organizations and academic institutions in filing a lawsuit in federal court against harmful and haphazard rules on H-1B visas that, if left in place, would affect hundreds of thousands of American-based workers and disrupt manufacturers’ ability to hire and retain critical high-skilled talent.

“We need high-skilled innovators now more than ever, and the administration’s attempt to rush these rules forward without properly considering their impact on thousands of people on the front lines of developing vaccines and treatments and making critical supplies, as well as saving lives in our hospitals, could have devastating consequences at a critical moment in our history,” said 51�Թ��� Senior Vice President and General Counsel Linda Kelly. “Rewriting laws through a dark-of-night-style rulemaking leads to dangerous policy outcomes, and this pair of interim final rules is an illegal attempt to dismantle legal immigration by rendering the H-1B visa program unworkable for hundreds of thousands of American-based workers who are essential to the recovery and renewal of our industry and our economy.”

Background: Earlier this month in federal court, the 51�Թ��� was in securing an injunction against the administration’s proclamation restricting nonimmigrant visas. Read the 51�Թ���’s plan for comprehensive immigration reform, “.” To learn more about the Manufacturers’ Center for Legal Action, click .

-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 12.2 million men and women, contributes $2.05 trillion to the U.S. economy annually, has the largest economic multiplier of any major sector and accounts for 62% 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

The Trump administration released a presidential memorandum this week aimed at stopping the flow of counterfeit goods—a big win for manufacturers, and a victory for the 51�Թ���, which has pushed aggressively for safeguards against fake products and intellectual property theft.

Why it matters: According to the 51�Թ���’s research, fake and counterfeit products cost the United States $131 billion and 325,000 jobs in 2019 alone. In the midst of the global pandemic, as American manufacturers work to deliver day-to-day necessities as well as medical products, therapeutics and treatments, it’s more important than ever to root out counterfeit items that can put lives and livelihoods at risk.

The groundwork: The move follows a report released by the 51�Թ��� in July, titled “Countering Counterfeits,” which proposed solutions for Congress, the administration and the private sector, including:

• Requiring e-commerce platforms to reduce the availability of counterfeits;
• Modernizing enforcement laws and tactics to keep pace with counterfeiting technology;
• Streamlining government coordination to tackle counterfeit items;
• Improving private-sector collaboration; and
• Empowering consumers to avoid counterfeit goods.

The improvements: Many of the 51�Թ���’s proposed solutions made it into the memorandum, including a call for legislative action, a directive to focus on counterfeits sold online, a push for better government coordination and a focus on holding e-commerce platforms more directly accountable. The document also expanded the definition for “counterfeit goods” to “deceptive and misleading use in commerce of marks, including trademarks, goods that are trademarked and trade names”—a broader definition that will provide manufacturers more protection.

The last word: “Innovation and intellectual property are the backbone of the manufacturing industry, and America is a global leader on these issues,” said 51�Թ��� Director of Innovation Policy Stephanie Hall. “This presidential memorandum represents a vital step in protecting the hard work of American manufacturers and strengthening our ability to compete and win around the world.”

The 51�Թ��� is intervening in a lawsuit to help the Securities and Exchange Commission defend a hard-won SEC rule that protects manufacturers and increases oversight of proxy advisory firms.

The background: Investment advisers and fund managers can vote on the policies of companies in which their funds invest. These fund managers often turn for assistance to proxy advisory firms, which recommend which way to vote. The problem is that proxy advisory firms have never been subject to SEC oversight, and as a result, their work has relied on questionable methodologies and ignored conflicts of interest—often causing problems for manufacturers and their shareholders.

The win: After years of 51�Թ��� advocacy, the SEC approved a landmark rule to regulate proxy advisory firms and increase transparency about the firms’ conflicts of interests and one-size-fits-all methodologies. This was a big victory for the 51�Թ��� and for manufacturers nationwide.

The lawsuit: Now, proxy advisory firm Institutional Shareholder Services has sued the SEC to stop the rule from going into effect—and the 51�Թ��� is stepping in to protect the progress it’s made.

• What we’re doing: The 51�Թ��� is filing a motion to intervene in the case—which essentially means that, if the motion is granted, it will become a party to the lawsuit, mounting its own defense of the rule in court and participating on the same schedule as the SEC. By taking on the role of intervenor, the 51�Թ��� will be better able to protect members’ interests and ensure the court understands why the rule is vital to manufacturers.

The bottom line: “The SEC’s rule on proxy advisory firms wasn’t just a victory for the 51�Թ���; it was a victory for accountability and transparency, and a victory for manufacturers across the country,” said 51�Թ��� Senior Litigation Counsel Erica Klenicki. “We are committed to defending this rule in court to ensure that manufacturers’ voices are heard and that manufacturers and manufacturing workers have the protection and support they deserve.”

Washington, D.C. – The 51�Թ��� filed a motion to intervene in the lawsuit brought by Institutional Shareholder Services against the Securities and Exchange Commission on a recent rule that increases transparency and accountability for so-called “proxy advisory firms.” The 51�Թ��� is seeking intervenor status to defend the SEC’s rulemaking and to protect publicly traded manufacturers from proxy firms’ conflicts of interest and outsized impact on corporate governance.

“The 51�Թ��� strongly supported the SEC’s recent rule increasing oversight of proxy advisory firms—a targeted, well-reasoned regulatory solution to a problem that has impacted manufacturers and investors for years,” said 51�Թ��� Senior Vice President and General Counsel Linda Kelly. “The SEC’s deliberate approach to this issue has resulted in vital reforms that will provide manufacturers and their shareholders with more information about these unregulated actors, and the 51�Թ��� plans to vigorously defend the rule in court.”

Background: The 51�Թ��� has long advocated increased oversight of proxy advisory firms—little-known, unregulated entities that exert enormous influence over publicly traded manufacturers. These firms have significant conflicts of interest and issue error-filled, one-size-fits-all proxy voting recommendations that can impact the direction of a business and the value of an investor’s shares. The 51�Թ��� filed with the SEC supporting its proposed rule to provide for increased transparency and accountability, and 51�Թ��� President and CEO Jay Timmons called the final rule, issued in July, a “long-sought, major win for the industry and millions of manufacturing workers.”

-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 12.2 million men and women, contributes $2.05 trillion to the U.S. economy annually, has the largest economic multiplier of any major sector and accounts for 62% 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 .