Press Releases

Washington, D.C. – A U.S. District Court judge has placed Institutional Shareholder Services’ lawsuit against the Securities and Exchange Commission in abeyance pending the outcome of the SEC’s recently announced review of its proxy firm rule. ISS is seeking to overturn a National Association of Manufacturers–supported rule that protects investors by enhancing transparency and accountability for so-called “proxy advisory firms.”

The court’s order comes on the heels of Chairman Gary Gensler’s directive to SEC staff to review the proxy firm rule and the Division of Corporation Finance’s announcement that it will not recommend enforcement action to protect businesses and investors from the firms’ errors and conflicts of interest while said review is ongoing.

“We are disheartened by the SEC’s decision to abandon its defense of these vital reforms just days before a federal judge was to hear oral arguments outlining—as detailed by both the NAM and the SEC over the past several months—why this lawful, reasonable and minimally burdensome rule must be upheld,” said NAM Senior Vice President and General Counsel Linda Kelly. “Although the case is currently stayed, the Manufacturers’ Center for Legal Action will continue to represent manufacturers’ interests—including by calling out any efforts to bypass the required notice-and-comment process to keep this lawfully issued rule on ice indefinitely.”

The NAM will continue to engage directly with the SEC during its ongoing review, as it did throughout the years-long rulemaking process that led to the final rule.

“The NAM championed the SEC’s efforts to bring appropriate oversight and transparency to proxy advisory firms, and manufacturers strongly oppose any efforts to rescind the rule’s critical reforms, which protect the interests of manufacturing workers,” said NAM Senior Vice President of Policy and Government Relations Aric Newhouse. “This rule was developed following years of debate and multiple rounds of public comment, and there is no justification for repealing it less than a year after finalization, without any chance for its vital investor protections to take effect and be fairly evaluated. If the SEC does decide to move forward, any changes must be proposed via notice-and-comment rulemaking with robust opportunities for the public to weigh in on the SEC’s new approach.”

Background:

In October 2020, the NAM filed a motion to intervene in ISS v. SEC, followed by a motion for summary judgement outlining why the SEC’s lawful, reasonable and minimally invasive rule must be upheld. The NAM has long advocated for 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 investors’ shares. In July 2020, the SEC issued final regulations limiting proxy firms’ outsized influence, a move NAM President and CEO Jay Timmons called a “long-sought, major win for the industry and millions of manufacturing workers.”

-NAM-

The National Association of Manufacturers 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 12.3 million men and women, contributes $2.35 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 NAM 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 NAM or to follow us on Twitter and Facebook, please visit nam.org.

Washington, D.C. – Today, following the release of President Joe Biden’s budget for FY 2022, National Association of Manufacturers President and CEO Jay Timmons released this statement:

“A budget is an important statement of a president’s priorities, and manufacturers are pleased to see President Biden prioritizing bold investments in infrastructure. The president’s clear commitment to ‘investing in ourselves’ is encouraging—and infrastructure is the right place to start. Manufacturers will continue working with both parties to secure a strong infrastructure deal.

“We know the president wants America to succeed and lead, and we agree. There are differences of opinion, however, on how to accomplish that laudatory goal. That is why we remain steadfast in our view that the competitive tax structure for businesses in America that was enacted in 2017 must not be disturbed. After the 2017 tax reform law, America saw the best year for manufacturing job creation in more than two decades, and the NAM’s recent tax study showed that tax increases under consideration would eliminate 1 million jobs in just the first two years. We can’t truly move forward as a country if we take a giant step backward with archaic tax laws.

“Manufacturers are confident that by working together in a bipartisan manner, we can find common ground that lifts everyone up and leaves no one behind. We look forward to continuing to work with the administration and members of the House and Senate from both political parties to accomplish exactly that.”

-NAM-

The National Association of Manufacturers 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 12.3 million men and women, contributes $2.35 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 NAM 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – The National Association of Manufacturers has launched a national television and digital advertising campaign urging lawmakers to stand up for manufacturers that make lifesaving medicines, including the COVID-19 vaccines that are now getting us back to work safely, by opposing H.R. 3 and its foreign-styled price setting on critical pharmaceuticals.

The campaign calls on members of Congress from both parties to oppose policies that would slow our private-sector research engine in its tracks and diminish America’s ability to rapidly develop lifesaving cures by leaving us less prepared to respond to future crises and more reliant on other nations.

“We learned the hard way during the pandemic that we cannot rely on others to protect our nation’s health. Congress must stand up for its innovators and manufacturers whose medicines and treatments keep us healthy. They should oppose H.R. 3 and its top-down government-led controls that would undermine our ability to respond to our health care needs and develop lifesaving cures. When COVID-19 attacked, manufacturers delivered the vaccines that are now putting Americans back to work safely, reopening our economy and letting us get back to the moments we miss. Now is not the time to weaken our ability to respond to the next crisis or abandon American values of free enterprise. We are calling on members of Congress to stand with manufacturers and oppose H.R. 3,” said NAM President and CEO Jay Timmons.

This new television and digital advertising campaign is running in media markets across the nation and follows NAM efforts to oppose drug price controls that have included numerous television, radio and print advertisements featured in nationwide outlets. To view the ad, click here.

-NAM-

The National Association of Manufacturers 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 12.3 million men and women, contributes $2.35 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 NAM 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – National Association of Manufacturers President and CEO Jay Timmons released the following statement on the passing of former U.S. Sen. John Warner:

“John Warner was an American legend. We mourn the loss of this great statesman, but we should also learn from the example of his life. He was the ultimate public servant, one who fearlessly put country over politics and who knew that reaching compromise and consensus in service of the nation was a virtue, not a vice. And for that he was admired by his staff, revered by his colleagues, appreciated by his constituents and respected by leaders all around the world.

“Sen. Warner was a friend of manufacturers. And as a veteran of World War II and the Korean War, as well as a former Secretary of the Navy and Chairman of the Senate Armed Services Committee, he understood well our industry’s role as the arsenal of democracy. Our industry is grateful for his lifetime of leadership.

“I was fortunate to see Sen. Warner in action firsthand. When I was on staff in the Senate, his office was down the hall. I vividly remember walking into a shattered Pentagon with him after 9/11. And I also recall all the small kindnesses he offered through the years. He never failed to ask how you were doing. He cared, and he stayed in touch, and that is why he forged so many unbreakable bonds of friendship through the years—with people from all walks of life.

“We need more leaders like Sen. Warner in American life. We need more statesmen who can bring us together. May his memory be an inspiration.

“We are keeping Jeanne, his children, his entire family and many loved ones in our prayers.”

-NAM-

The National Association of Manufacturers 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 12.3 million men and women, contributes $2.35 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 NAM 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – As Congress and the Biden administration continue to make progress on negotiations to invest in our nation’s failing infrastructure, the National Association of Manufacturers released a new study detailing the short- and long-term damage to the American economy if the corporate tax rate were raised to 25%, the top marginal tax rate were increased, the 20% pass-through deduction were repealed, certain expensing provisions were eliminated and more.

In April, the NAM released a study on the harmful impacts of rolling back key provisions of the Tax Cuts and Jobs Act, including raising the corporate tax rate to 28%.

“Manufacturers are encouraged by the bipartisan negotiations continuing this week. Infrastructure investment and retaining competitive tax policies are a win–win for America. But there are some still advocating for increasing taxes on manufacturers—just not quite as much as the 28% proposed originally by President Biden. They might mean well, but that doesn’t change the fact that America will still lose jobs and investment in our communities at a time when manufacturers are working to build the post-pandemic world,” said NAM President and CEO Jay Timmons.

The negative consequences would include the following:

• One million jobs would be lost in the first two years.
• The average reduction in employment would be equivalent to a loss of 500,000 jobs per year over the next decade.
• By 2023, GDP would be down by $107 billion, by $169 billion in 2026 and by $89 billion in 2031.
• Ordinary capital, or investments in equipment and structures, would be $70 billion less in 2023 and $70 billion and $51 billion less in 2026 and 2031, respectively.
• And more.

Click here for a summary of the study’s details and findings. Read the full study, “Dynamic Estimates of the Macroeconomic Effects of Tax Rate Increases and Other Tax Policy Changes,” conducted by Rice University economists John W. Diamond and George R. Zodrow,” here.

National Association of Manufacturers President and CEO Jay Timmons will host a media conference call today at 1:15 p.m. EDT following this year’s NAM State of Manufacturing Address.

You can watch the 2021 NAM State of Manufacturing Address beginning Friday at noon EDT here. RSVP to [email protected] for conference call details.

Background on manufacturing growth following the enactment of tax reform in 2017:

• In 2018, manufacturers added 263,000 new jobs. That was the best year for job creation in manufacturing in 21 years.
• In 2018, manufacturing wages increased 3% and continued going up—by 2.8% in 2019 and by 3% in 2020. Those were the fastest rates of annual growth since 2003.
• Manufacturing capital spending grew by 4.5% and 5.7% in 2018 and 2019, respectively.
• Overall, manufacturing production grew 2.7% in 2018, with December 2018 being the best month for manufacturing output since May 2008.

Manufacturers strongly support President Biden’s call for bold infrastructure investment, which can be achieved through a combination of revenue sources like those identified in the NAM’s “Building to Win.”

-NAM-

The National Association of Manufacturers 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 12.3 million men and women, contributes $2.35 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 NAM 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org

Washington, D.C. – Following the announcement by the United States Trade Ambassador that the Biden administration will support waiving intellectual property protections for COVID-19 vaccines, National Association of Manufacturers President and CEO Jay Timmons released the following statement:

“We are all horrified by the images that we are seeing in India and in other places around the world hard-hit by COVID-19. The proposed WTO/TRIPS waiver would not solve this crisis and would exacerbate the core manufacturing and distribution challenges, as well as introduce serious new safety concerns.

“Rather than rushing to suspend critical protections and standards, investing in even greater production capacity would result in expanded vaccine access. Pharmaceutical manufacturers continue to work around the clock to help the world get armed against COVID-19. We should do everything possible to build on that heroic work, not undermine the protections that make this innovation possible in the first place.”

-NAM-

The National Association of Manufacturers 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 12.3 million men and women, contributes $2.33 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 NAM 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – Following President Joe Biden’s first presidential address to Congress, National Association of Manufacturers President and CEO Jay Timmons released this statement:

“Thanks to the leadership of vaccine manufacturers and the Biden administration’s successful vaccine distribution efforts, Americans are getting back to the activities and the people they love. Though the capacity limits in the House chamber tonight remind us that we still have a long way to go, our future is looking brighter.

“We look forward to working with President Biden to achieve historic infrastructure investment, including the many priorities offered in our ‘Building to Win’ plan, which, in addition to identifying areas of investment, also provides multiple funding solutions.

“Manufacturers have also provided roadmaps on critical issues ranging from immigration to climate change. We’re ready to work with President Biden and members of any party to deliver bipartisan progress on these issues and more, all while ensuring we’re strengthening the manufacturing workforce, not jeopardizing manufacturing growth in the United States.

“To that point, raising taxes on manufacturers—including many small businesses that pay at the individual rate—would stop our recovery in its tracks; we would lose 1 million jobs in just the first two years alone. Small manufacturers would be especially hard hit at this critical juncture, restricting their ability to raise wages and benefits, hire more workers and invest in their communities. Similarly, changes to the longstanding tax rules on the transfer of family businesses to the next generation of manufacturers would cost American jobs.

“Returning to archaic tax policies and one of the highest business tax rates in the developed world is not the way to build our future, nor are federal policies to force workers to join a union. Anti-worker policies like the PRO Act would inject uncertainty by driving a wedge in established employee–employer relationships and curtail future manufacturing investments that support our communities and families.

“As we continue to get armed against COVID-19, manufacturers are focused on building the next, post-pandemic world—one that affords even greater opportunity for all Americans.”

Background:

The NAM continues to put forward commonsense proposals to educate and inform policymakers on ways to strengthen manufacturing in America while achieving our shared objectives.

• Tax Policy Protecting Manufacturing Jobs
• “Building to Win” Infrastructure Plan
• “The Promise Ahead,” Taking Action on Climate
• “A Way Forward” on Immigration
• “Strengthening the Manufacturing Supply Chain”

-NAM-

The National Association of Manufacturers 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 12.3 million men and women, contributes $2.35 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 NAM 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – Following President Joe Biden’s announcement on the 2030 greenhouse gas pollution reduction target, National Association of Manufacturers President and CEO Jay Timmons released the following statement:

“Climate change is an issue our generation must tackle. Like past generational challenges—world wars, the space race, the COVID-19 response and vaccine development—manufacturers will lead the way and ensure our country emerges stronger. After all, it is manufacturers who will make the needed products and technologies—clean energy, carbon capture, batteries, microgrids, efficiency, advanced vehicles and more.

“The President’s goal is bold, to be sure. But when have Americans ever been timid in the face of difficulty? We look forward to learning more specific details of the administration’s plan, and manufacturers are ready to work with policymakers on both sides of the aisle to achieve success for our nation and world. As we explain in ‘The Promise Ahead,’ manufacturers’ plan for taking action on climate, we believe that a unified federal policy combined with an equitable and enforceable international agreement is key.

“Meeting President Biden’s ambitious pledge will require manufacturing might and innovation, which means we will also need policies that keep manufacturing strong and competitive—historic infrastructure investment; a tax code that continues to promote investment, job creation and research and development; a diverse and reliable energy supply; incentives for workforce development; and more opportunities to export our innovative products and technologies to other countries. And as manufacturers rise to meet this challenge, the rest of the economy will prosper because for every $1.00 spent in manufacturing, another $2.79 is added to the economy—the highest multiplier effect of any economic sector.

“Manufacturing holds the key to solving this global challenge. Confronting climate change will not be easy. But with the right policies, it is neither the first nor the last challenge that manufacturing ingenuity will solve.”

Background: Today, President Biden announced a new target for the United States to achieve a 50–52% reduction from 2005 levels in economy-wide net greenhouse gas pollution by 2030, building on progress to date and by positioning American workers and industry to tackle the climate crisis.

Earlier this year, the NAM released “The Promise Ahead,” its policy roadmap on addressing climate change.

-NAM-

The National Association of Manufacturers 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 12.3 million men and women, contributes $2.33 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 NAM 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – National Association of Manufacturers President and CEO Jay Timmons released the following statement after the U.S. Senate passed the COVID-19 Hate Crimes Act with strong bipartisan support.

“This overwhelmingly bipartisan bill sends a clear and strong message that horrific violence against the AAPI community or any other race- or identity-based violence is incompatible with American values. Manufacturers will not stand by while hateful factions promote racism and intolerance in our communities, and this bill will help us more fully understand the problem so that all of us can take action.

“Manufacturers stand against all forms of hate and believe in a society and a workforce that has a place for all people, regardless of race, ethnicity, age, gender, religion, sexual orientation, gender identity, disability, national origin, economic status or other background. No American should be targeted based on who they are, and everyone should be encouraged to be their authentic selves every day.

“We owe it to ourselves to stay constructively uncomfortable and to have tough conversations about the role racism and discrimination plays in our society. As we work to build the future, manufacturers are committed to building an inclusive America whose strength comes from our diversity.”

-NAM-

The National Association of Manufacturers 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 12.3 million men and women, contributes $2.32 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 NAM 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – Following the unveiling of Senate Republicans’ infrastructure framework, National Association of Manufacturers President and CEO Jay Timmons released the following statement:

“Manufacturers applaud Senate Republicans’ proposal for infrastructure investment, just as we welcomed the release of President Biden’s bold infrastructure plan. This type of give-and-take is how we reach bipartisan consensus, and this is a chance to continue the conversation and restore trust between the parties after months of partisanship.

“Manufacturers’ future depends on historic investment that will empower America to lead the world in modern infrastructure. Building the next, post-pandemic world requires investing in roads, bridges, pipes, waterways, 5G, the electric grid and so much more. As manufacturers have laid out in our ‘Building to Win’ plan, we not only have a vision of where to invest but also how to pay for it without harming manufacturers’ competitiveness. So, we look forward to working with both parties to finally get this done.”

-NAM-

The National Association of Manufacturers 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 12.3 million men and women, contributes $2.33 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 NAM 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 NAM or to follow us on Twitter and Facebook, please visit www.nam.org.