Press Releases

Washington, D.C. Today, Steve Sukup, President and CEO, Sukup Manufacturing Co., testified before the House Ways and Means Committee during a field hearing titled, “The Success of Pro-Growth, Pro-Worker Tax Policy in the American Midwest.”

Below please find his remarks as prepared for delivery:

Good morning Chairman Smith and to all the members joining us this morning.

Thank you for the opportunity to appear before you today at this important hearing. It’s a very special time for our community, and we are grateful to host you today.

My name is Steve Sukup, and I’m President and CEO of Sukup Manufacturing.  We are located just up Interstate 35 in Sheffield, and I am proud to say that Sukup Manufacturing is the largest family-owned and operated manufacturer of grain storage, drying, and handling equipment.

For over sixty years, Sukup has been a critical part of the U.S. food supply chain here in the heartland. Our company is located in Congressman Feenstra’s district, and I’d like to thank him for being here today.

The tax reform bill of 2017 was a shot in the arm for manufacturers across our sector. Sukup has grown over the past several decades, but nothing compares to when the Tax Cuts and Jobs Act was signed into law.

For example, thanks to the lowering of the corporate rate to 21%, Sukup grew our workforce by a third, adding roughly 200 well-paying manufacturing jobs to our community.

The key to Sukup’s success has not only been our culture, but our dedication to creating and pushing our industry forward. Sukup has held over 100 U.S. patents. We are pioneering ways to make grain storage and drying more safe, profitable, and efficient for farmers and ranchers across the country.

This is largely made possible by our massive investments in research and development. In the years following tax reform, Sukup increased our R&D investment by several million dollars, with 95% of that money going towards engineering and staff wages, bringing well-paying jobs to Iowa.

One of these critical R&D investments is our Safe T Homes®. When a catastrophic earthquake struck Haiti in 2010, Sukup’s Safety Manager wanted to develop an efficient, quick-assembly home from one of our grain bins to provide relief. I encouraged him to build a prototype, and today, our Safe T Homes®, as you saw on the fair ground today, are changing lives worldwide.

We also developed the world’s largest 2.2-million-bushel bin for ethanol plants. That is big enough to house a Boeing 767, but yes, the landing is difficult.

Unfortunately, after being part of our tax code for seventy years, the expiration of immediate R&D expensing has made it harder for us to invest in the technologies and products of the future. Congress should reinstate the immediate expensing of R&D so manufacturers like Sukup can continue to innovate.

Following the passage of the 2017 tax law, Sukup went from roughly $5 million in capital spending to almost $15 million, thanks to 100% accelerated depreciation. This allowed us to fund new equipment purchases and fulfill our mission of providing Sukup employees with reliable, safe, and efficient equipment.

Unfortunately, full expensing began to expire in 2023. We believe that was a mistake, as it is common sense that our tax code should encourage investments that leads to growth.

Many manufacturing teams, including our company, would benefit from seeing this provision restored, and Congress should do so immediately.

An accountant once told me, if you don’t have debt, that means you’re not coming up with new ideas. Many manufacturers like us borrow funds to finance essential long-term investments.

Tax reform made it less expensive to take out business loans, which manufacturers use to invest and grow their operations. Unfortunately, this pro-growth standard expired in 2022 as well, making debt financing much more expensive.

We are also counting on you to preserve tax reform’s sensible changes to the estate tax, so that I can ensure the third and fourth generations of Sukups can continue in our family business.

Discussing tax policy before Congress is something of tradition in our family. About 20 years ago, my father Eugene Sukup testified before the Senate Finance Committee, along with Warren Buffett.

Since then, thanks to tax reform, we have had an incredible growth streak in our business, and every one of our employees and customers has benefited. I urge you to help us keep that growth streak going. Maintaining the 21% corporate rate, as well as the tax provisions I just described, is so important to manufacturers everywhere.

Because of these policies, we’ve been able to not only maintain our business, but to provide a great living, health benefits, and soon expanded childcare for our employees and the community—even as we aid those in need around the globe.

Again, thank you for being here today, and thank you for looking at ways to keep Sukup Manufacturing a rural Iowa success story.

-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 nearly 13 million men and women, contributes $2.89 trillion to the U.S. economy annually and accounts for 53% 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 release of prices set for the first 10 prescription drugs that were subject to price controls under the Inflation Reduction Act, National Association of Manufacturers President and CEO Jay Timmons released the following statement:

“The pricing mandates released by the Department of Health and Human Services on groundbreaking medicines harm innovation and will slow the development of needed therapies and cures by hampering manufacturers’ ability to pioneer new drugs and treatments. America has led the way in medical and scientific breakthroughs to battle the most devastating and severe illnesses and conditions. There are so many more diseases for which we need to find a cure—like cancer, juvenile diabetes and Alzheimer’s to name just three—and this price control scheme threatens our ability to do so.

“Health care manufacturers in the U.S. invest more than $100 billion annually to create new medicines, putting nearly 17% of their sales right back into R&D. Developing and putting a new drug on the market is a particularly costly and risky endeavor, costing $2.3 billion and taking 15 years, on average. More than 90% of experimental drugs ultimately fail, resulting in billions of dollars of lost investment. But biopharmaceutical manufacturers are committed to finding treatments and cures to devastating diseases like cancer.

“Price controls will limit R&D, plain and simple, as every dollar of revenue curtailed by price controls is a dollar that can’t be devoted toward the astronomically high cost of developing a new medicine.

“This will have an immediate impact on the White House’s manufacturing strategy. Manufacturers are ready to take the lead following President Biden’s announcement Tuesday of $150 million in grants toward his Cancer Moonshot initiative, to prevent more than 4 million cancer-related deaths by 2047, but we’re concerned that goal could be hampered and delayed by the mandates within the IRA.

“There is ultimately a human cost to anything that slows or halts biopharmaceutical manufacturers’ work to develop new treatments or expand production and make those treatments more widely available. Americans’ quality of life will suffer—or they may even lose their lives—because a new treatment was not available in time.

“To truly help Americans, Congress should begin by curtailing the middlemen who are really driving up the prices without giving anything back, such as pharmacy benefit managers. PBMs have severely distorted the cost of pharmaceuticals and lifesaving therapies, driving up the price for patients and employers alike. PBM reform is the way to drive down costs.”

-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 nearly 13 million men and women, contributes $2.89 trillion to the U.S. economy annually and accounts for 53% 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 that Vice President Kamala Harris and Minnesota Gov. Tim Walz will be the Democratic nominees for president and vice president, National Association of Manufacturers President and CEO Jay Timmons released the following statement:

“When manufacturing is strong, America is strong. We are the industry that strives every day to strengthen communities and unlock opportunity across this country. So the NAM is committed to engaging with the Harris–Walz campaign to hear their economic vision, find common ground and educate the candidates on the policies needed to advance a manufacturing competitiveness agenda—as we will with federal candidates and campaigns at all levels. We are counting on the next administration to champion the 13 million people who make their living in modern manufacturing.

“As a former teacher, Gov. Walz understands the importance of ensuring the next generation has the skills needed for promising careers in modern manufacturing. As a governor, he has been a champion of high-tech manufacturing across the North Star State and helped spur growth in the semiconductor industry following the passage of the CHIPS and Science Act. To drive growth across the United States, we must continue to push bipartisan policy like this and the Bipartisan Infrastructure Law achieved under the Biden–Harris administration.

“But even as we continue creating jobs in manufacturing, our economy faces strong headwinds, including a growing slate of unbalanced federal regulations and a looming wave of tax increases in 2025 that will significantly and negatively impede the ability of manufacturers to continue to invest, grow jobs and raise wages. The next administration must be a constant partner for manufacturers, spearheading legislation and policies that help businesses create jobs, invest in their communities and improve the quality of life for everyone.”

-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 nearly 13 million men and women, contributes $2.87 trillion to the U.S. economy annually and accounts for 53% 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 bipartisan passage of the Energy Permitting Reform Act of 2024 markup in the Senate Energy and Natural Resources Committee, National Association of Manufacturers President and CEO Jay Timmons released the following statement:

“Manufacturers have been calling attention to the consequences of America’s broken permitting process for years, while building a case for reform. Both sides of the aisle now realize that these critical updates will enable Congress to achieve its broader energy goals and the development of:

• Renewable energy projects;
• Pipelines for traditional energy, hydrogen and carbon capture storage;
• Critical mineral mines and processing facilities;
• Semiconductor and battery manufacturing fabs;
• Interstate transmission lines; and
• Hydroelectric and nuclear power plants.

“These developments are absolutely critical for us to be able to compete with China. As this legislation progresses, many of the commonsense policies outlined in the Energy Permitting Reform Act will help unlock the full potential of our industry, bolster our nation’s energy security and create American jobs. Streamlining permitting processes, cutting red tape, requiring that federal agencies make timely decisions and reducing the potential for baseless litigation will help prevent years-long delays for manufacturers—delays that give other countries a distinct advantage and put our own security at risk. America should never be content with a system that can take 10 or 15 years to approve urgently needed projects, when approval can take a fifth of that time in other countries that still adhere to high standards.

“We thank Chairman Manchin and Ranking Member Barrasso for introducing this legislation and look forward to working with lawmakers to advance it.”

-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 nearly 13 million men and women, contributes $2.89 trillion to the U.S. economy annually and accounts for 53% 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.

Longport, N.J. – Today, the Business Council of New York State was honored with the 2024 Leadership Award from the Conference of State Manufacturers Associations, whose members also serve as the National Association of Manufacturers’ official state partners and drive manufacturers’ priorities on state issues, mobilize local communities and help move federal policy from the ground up in all 50 states and Puerto Rico. BCNYS was recognized for their work to attract and maintain the manufacturing workforce.

“We congratulate BCNYS and President and CEO Heather Mulligan for their work to overcome significant legislative challenges this past year while engaging in critical programs to increase the state’s workforce,” said Utah Manufacturers Association President and CEO, NAM board member and COSMA Chair Todd Bingham. “Continued focus on sound policy and engaging with the next generation of manufacturing workers shows what our state groups can do to prove that the United States remains the strongest manufacturing economy in the world.”

The Leadership Award recognizes the achievement of a state manufacturing association that has developed impactful initiatives to support manufacturers and strengthen manufacturing in their state. BCNYS worked diligently throughout the year to engage effectively with the state legislature on high-stakes regulatory and policy priorities to maintain a competitive business climate for New York’s manufacturers. Additionally, they spearheaded the CareerLaunch program with the Boys & Girls Clubs of the Capital Area to connect businesses to a skilled workforce in an ongoing effort to close the jobs gap in the state. The program works to help young adults in and out of school explore career pathways and teaches financial literacy skills, confidence boosting and resume and interview prep.

“BCNYS worked tirelessly to help drive meaningful policy decisions while exploring new avenues to connect more New Yorkers with opportunities in manufacturing,” said NAM President and CEO Jay Timmons. “The NAM congratulates Heather and the entire organization for its dedicated, successful efforts to spur manufacturing growth, allowing their workers and businesses to invest in their communities and thrive across the Empire State.”

Washington, D.C. – Following President Biden’s decision not to seek reelection, National Association of Manufacturers President and CEO Jay Timmons released the following statement:

“President Biden took office amid a global crisis—a pandemic of historic proportion. Beginning with the early days of his transition, manufacturers were proud to continue working with the White House as our country mobilized to distribute vaccines and to reopen our economy. Since then, manufacturers also joined with President Biden to deliver historic wins for our industry and our country—a bold, bipartisan infrastructure law that had eluded us for far too long; the game-changing CHIPS and Science Act, which invests in our economy and our national security; and significant incentives for domestic energy development along with initial reforms to our permitting system. In under four years, President Biden built a substantial legacy.

“To be sure, we have our disagreements, but even when we disagree, the administration has been sure to seek out manufacturers’ input, and that is the approach we would want to see from any president—an open door and a listening ear.

“For manufacturers, our focus has been and will remain on policy—not politics, personality or process. So while the commentary and coverage will likely focus on campaigns and candidates, we are focused on what we can still achieve. We have seen significant manufacturing job growth in recent years, and there are now more manufacturing jobs in America than at any point since 2008. We will continue working with President Biden until he passes the torch to the next commander in chief.

“President Biden may not have predicted that we would also face a global crisis of democracy—a crisis that became most evident the day Russia brutally invaded Ukraine. Yet he has rallied the world to the cause of democracy, been a steadfast ally of Ukraine—just as manufacturers have been—and taken great strides to strengthen our institutions. This challenge is unlikely to subside before he leaves office, which means it is up to all of us to work with the next president to continue restoring faith in our principles, our institutions and democracy itself.

“As he concluded his inaugural address, President Biden encouraged all of us, saying, ‘So, with purpose and resolve we turn to the tasks of our time—sustained by faith, driven by conviction and devoted to one another and to this country we love with all our hearts.’ May we continue moving forward in that spirit today.”

-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 nearly 13 million men and women, contributes $2.89 trillion to the U.S. economy annually and accounts for 53% 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 that Senator J.D. Vance (R-OH) will be the Republican vice presidential candidate, National Association of Manufacturers President and CEO Jay Timmons released the following statement:

“Senator Vance is a fellow Ohioan and understands the transformative power of manufacturing to improve the quality of life for everyone. The NAM board has had the chance to hear his powerful personal story firsthand, learning about the experiences and Appalachian roots that have made him a champion for expanding opportunity for all. He recognizes the role manufacturing plays in building strong communities and an exceptional nation, and he is committed to supporting the growth of our industry.

“We are at a critical moment for the 13 million people who make things in America, and for the whole nation. Whoever is elected to lead our country for the next four years will need to enact a policy agenda that empowers manufacturers to invest in their communities, create jobs and increase wages. The NAM is committed to working with all candidates to shape the manufacturing strategy in the next administration and advance the NAM’s ‘Competing to Win’ policy agenda for growing manufacturing in the U.S.”

-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 nearly 13 million men and women, contributes $2.89 trillion to the U.S. economy annually and accounts for 53% 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 events at the political rally for former President Trump in Butler, Pennsylvania, National Association of Manufacturers President and CEO Jay Timmons released the following statement.

“Violence should never be the answer and must be clearly condemned, along with those who would foment it. In America, we resolve our differences through our votes, not violence. While the details of today’s incident are investigated, all Americans should commit ourselves to the peaceful expression of our ideas and our politics and to the protection of our democracy. We offer our prayers for former President Trump, for the families of the innocent bystanders who lost their lives and for any others who were injured.”

-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 nearly 13 million men and women, contributes $2.89 trillion to the U.S. economy annually and accounts for 53% 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. – Today, the United States Supreme Court overruled the Chevron doctrine—a requirement that federal courts defer to an administrative agency’s interpretation of an ambiguous statute—that had proven unworkable and incoherent.

“The legal and regulatory landscape has transformed in the blink of an eye. Manufacturers will not waste a moment in seizing this opportunity—an opportunity that we have never seen before—to leverage this decision to rein in the regulations that are holding back manufacturers from improving lives,” said National Association of Manufacturers President and CEO Jay Timmons. “The NAM Legal Center and our best-in-class advocacy team will be on the field, leveraging this decision and the new tools it gives us, to fight back new regulations we are facing today as well as whatever may come our way in the next administration. For anyone who wants to see manufacturing grow and succeed in America, today heralds the possibility for a much brighter future.”

“Today’s ruling is a game changer for manufacturers as Chevron was at least partly to blame for the unpredictability and overreach that have become synonymous with the modern regulatory state,” said NAM Chief Legal Officer Linda Kelly. “We are hopeful that this marks the end of an overbearing regulatory system that had become complex, and compliance in many cases that was contradictory from agency to agency. For the past 40 years, Chevron has tipped the scales in favor of unelected officials and against the regulated public. Now the onus is on Congress to provide clear guardrails and guidelines in its intent to ensure that laws are implemented in a manner that achieves their goal. Manufacturers are eager to work with lawmakers to develop policies that promote innovation, job creation, economic growth and improved quality of life for all Americans.”

“Manufacturers have been the subject of a regulatory onslaught, with agencies’ far-reaching decisions affecting companies of all sizes,” said NAM Managing Vice President of Policy Chris Netram. “The EPA, SEC and DOL—the aggressive nature of rulemaking and enforcement actions that exceed authority come from the alphabet soup of regulators. The NAM has been successful in fighting key rules in court, and today’s decision gives us the ability to challenge even more actions while ensuring future agency actions do not exceed the authority mandated by Congress.”

-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 nearly 13 million men and women, contributes $2.89 trillion to the U.S. economy annually and accounts for 53% 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.–Yesterday, the U.S. Court of Appeals for the Fifth Circuit ruled in the National Association of Manufacturers’ favor in NAM v. SEC, overturning the Securities and Exchange Commission’s rescission of critical provisions of its 2020 proxy advisory firm rule. NAM Chief Legal Officer Linda Kelly released the following statement on the ruling:

“This decision confirms that federal agencies are bound by the rule of law, even as administrations change. Manufacturers depend on the SEC to be a steady regulatory hand at the wheel of America’s world-leading capital markets—an obligation the agency abandoned in rescinding the commonsense, compromise 2020 proxy advisory firm rule.

“The NAM Legal Center is proud to have secured this critical victory, which strikes down the SEC’s unlawful about-face and preserves important provisions from the 2020 rule designed to protect manufacturers and Main Street investors from proxy firms’ outsized influence. We will continue to fight in court to uphold the 2020 rule—and to work with the SEC and with Congress to ensure appropriate oversight of these powerful actors.”

Background:

• The NAM has long called for increased oversight of proxy advisory firms. In July 2020, the SEC issued final regulations to enhance transparency and accountability for proxy firms, a move NAM President Jay Timmons called a “long-sought, major win for the industry and millions of manufacturing workers.” In October 2020, the NAM filed a motion to intervene in ISS v. SEC (ISS’s attempt to overturn the rule) in support of these reforms—a case that is still ongoing in the U.S. Court of Appeals for the D.C. Circuit.
• In June 2021, the SEC announced that it was suspending enforcement of the 2020 rule; the NAM filed suit against the SEC in October 2021 challenging this unlawful suspension. The U.S. District Court for the Western District of Texas ruled in the NAM’s favor in that case, vacating the SEC’s suspension of the rule.
• In July 2022, the SEC rescinded critical portions of the 2020 rule, a move that Timmons said “epitomizes ‘arbitrary and capricious’ rulemaking”; the NAM later filed suit to challenge the rescission. The Fifth Circuit decision overturns the SEC’s 2022 rescission of important provisions that increased transparency into proxy firms’ recommendations.

-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 nearly 13 million men and women, contributes $2.89 trillion to the U.S. economy annually and accounts for 53% 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.