Though some midterm races remain uncalled, the NAM is preparing the next phase of its competitiveness agenda. Last Thursday, it offered members a breakdown of the election results so far and what they mean for manufacturing policies and priorities in the United States.
The briefing: Hosted by NAM Vice President of Government Relations Jordan Stoick, the conversation provided members with an overview of the NAM’s key issue areas, presented by several of the NAM’s policy experts.
- Tax: According to NAM Managing Vice President of Tax and Domestic Economic Policy Chris Netram, the NAM is pushing Congress to approve key tax incentives for manufacturers in a year-end package, including the reversal of a harmful change in the treatment of R&D expenses that took effect earlier this year and an extension of 100% bonus depreciation. Beyond the lame-duck session, the NAM will be fighting to make tax reform permanent, he added.
- Trade: According to NAM Vice President of International Economic Affairs Policy Ken Monahan, the NAM will be advocating reauthorization of the Miscellaneous Tariff Bill. Going forward, priorities will include guarding against the TRIPS waiver at the World Trade Organization (which would harm manufacturers’ intellectual property rights), defusing regulatory and market access challenges in Mexico and promoting a robust market-opening agenda overall.
- Energy: NAM Vice President of Energy and Resources Policy Rachel Jones said energy security is likely to remain a key focus of policymakers. She highlighted permitting reform as a possible area for bipartisan progress and noted that implementation of new climate incentives and programs will likely come with heightened oversight from the new Congress next year.
- Infrastructure: NAM Vice President of Infrastructure, Innovation and Human Resources Policy Robyn Boerstling noted that supply chain challenges are the most difficult issue facing manufacturers at the moment. She also provided an update on rail negotiations, addressed the National Labor Relations Board’s robust pro-labor agenda and spoke out in favor of the NAM’s commonsense immigration approach, among other issues.
The outlook: “The good news is that regardless of the outcome, the NAM remains uniquely positioned to continue to effectively advocate on your behalf with the Biden administration and with both parties, whoever’s in control on Capitol Hill,” said Stoick.
- “We’ve worked successfully with the administration and the current Congress over the past two years to achieve important policy wins on things like infrastructure and the CHIPS semiconductor and competition bill. And we’ve been successful at pushing back on harmful policies and overreach, including stopping what should be considered some of the worst parts of the tax increases that were proposed over the past two years.”