Home / Knowledge / News / Textiles / SOCMA backs American Manufacturing Competitiveness Act
SOCMA backs American Manufacturing Competitiveness Act
20
Apr '16
The Society of Chemical Manufacturers and Affiliates (SOCMA) has welcomed the introduction of the American Manufacturing Competitiveness Act of 2016, a bill that would strengthen the Miscellaneous Tariff Bill (MTB) process. The bill was introduced by House Ways & Means Committee Chairman Kevin Brady (R-TX) and committee leadership.

"We are extremely pleased by the introduction of a bill that would, at long last, establish a new process for the enactment of a Miscellaneous Tariff Bill," William E. Allmond, SOCMA Vice President of Government and Public Relations, said in a press release. "The proposed bill is a positive step forward in creating and delivering an open and transparent process for both chambers to consider manufacturing tax cuts, which will benefit many American manufacturers.

"Passage of the MTB is especially critical to our SOCMA member companies, of which about 80 percent are small and medium-sized manufacturers," Allmond said. "Without duty suspensions provided through the MTB, our members are paying millions of dollars more for raw materials and intermediate products that are not available to them in the US but are essential to their manufacturing processes. The cost savings help our members maintain competitive operations, invest in new facilities, re-train workers, and preserve our manufacturing base."

The proposed bill would require a review of domestic availability, including public comments, by the International Trade Commission (ITC), an independent, non-partisan agency. After its analysis, the ITC would then issue a public report to Congress recommending certain products that meet the MTB tests. Congress would then be able to consider the MTB within existing rules.

"We strongly urge Congress to work quickly and jointly to pass a new MTB process that allows each chamber to set up MTB processes consistent with their rules," Allmond said. (SH)

Fibre2Fashion News Desk – India

Must ReadView All

Textiles | On 22nd May 2017

GST to be biggest achievement of Modi govt: ASSOCHAM

Goods and Services Tax (GST) which is near a roll-out would be the...

Textiles | On 22nd May 2017

Maintaining NAFTA benefits is crucial: Cotton council

The US must remain a participant in a vibrant North American Free...

Apparel/Garments | On 22nd May 2017

Retailers ask Congress not to go for consumption tax

The National Retail Federation has asked US Congress to focus on...

Interviews View All

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search