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Christina Crooks

Manufacturers Support Key Changes to Dodd-Frank

By | Shopfloor Policy | No Comments

Today, the House Financial Services Committee held a hearing on draft legislation that would essentially repeal and replace the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). Among other things, the bill, titled the Financial CHOICE Act, would eliminate or amend several provisions that have been harmful and costly to manufacturers.

Designed to be a Republican alternative to the 2010 Dodd-Frank Act, which committee Republicans see as a drag on economic growth and access to capital, the Financial CHOICE Act includes several provisions of importance to manufacturers, including repeal of the CEO pay-ratio and conflict minerals requirements and an amendment to the clawback requirement. Manufacturers have been struggling with how to comply with these costly and burdensome requirements since they were first put into the law nearly seven years ago. Read More

NAM Urges SEC to Suspend Pay Ratio Rule

By | Shopfloor Policy | No Comments

In response to a February 6 statement and request for comment made by U.S. Securities and Exchange Commission (SEC) Acting Chairman Michael Piwowar as he reexamines the pay ratio rule, the National Association of Manufacturers (NAM) submitted comments March 23 urging the SEC to indefinitely suspend implementation of the rule while encouraging Congress to repeal this onerous requirement. The NAM also joined with several other trade associations in a joint letter to the SEC, voicing unified opposition to the pay ratio requirement.  Read More

NAM Supports Investing in America’s Small Manufacturers

By | Shopfloor Policy | No Comments

While Congress provided extremely helpful tools to small manufacturers looking to purchase equipment of machinery when it approved a permanent, enhanced Section 179 expensing provision as well as 50 percent bonus depreciation in 2015, some manufacturers still face difficulties accessing credit needed for these and other business needs. With this in mind, Sens. Chris Coons (D-DE) and Cory Gardner (R-CO) and Congressmen Tim Ryan (D-OH) and Patrick McHenry (R-NC) along with other members of Congress have introduced the Investing in America’s Small Manufacturers Act (S. 347/H.R. 1186) to expand the resources small manufacturers have at their disposal to access credit, expand and grow. Read More

Congressman Introduces Bill to Repeal Section 385 Rule

By | Shopfloor Policy | No Comments

Last year, the National Association of Manufacturers (NAM) led the business community’s charge against the Department of Treasury’s proposed Section 385 debt/equity regulation that was proposed in April 2016. Under the original proposal, Treasury could retroactively treat a company’s related party debt as equity in common business transactions, overturning longstanding tax policy and well-established case law. Read More

More in Congress Call for Urgent Repeal of the Medical Device Tax

By | Health Care, Shopfloor Policy, Taxation | No Comments

Co-authored by Christine Scullion, NAM Director of Human Resources Policy

For years, the National Association of Manufacturers (NAM) has been urging Congress to do away with the 2.3 percent excise tax on medical device manufacturers stemming from the Affordable Care Act (ACA) that threatens to hinder growth and innovation in this industry. Now, more members of Congress are joining in calling for a repeal of this onerous taxand fast!

The NAM has always strongly opposed industry- and product-specific taxes, as they serve to inhibit growth in targeted sectors and impede on the ability of  companies to compete in the global marketplace. The 2.3 percent tax applies to sales of taxable medical devices starting in January 2013, but thanks to the efforts of manufacturers and our friends in Congress, a two-year moratorium on the medical device tax was enacted. The moratorium runs out at the end of 2017, making swift repeal a priority.

Congressmen Erik Paulsen (R-MN) and Ron Kind (D-WI) have been leaders on this issue and have most recently introduced the Protect Medical Innovation Act of 2017 (H.R. 184) to repeal the medical device tax once and for all. A bipartisan majority of 245 members of the House have cosponsored H.R. 184. As another positive sign of support in the House, Congressman Jim Banks (R-IN) and 17 other members of the House freshman and sophomore class sent a letter to House Speaker Paul Ryan (R-WI) asking that H.R. 184 be put on the fast track toward passage and enactment.

On the other side of the Capitol, Senate Finance Committee Chairman Orrin Hatch (R-UT) and a bipartisan group of nine senators have introduced the Medical Device Access and Innovation Protection Act (S. 108), which also aims to repeal the medical device tax. The NAM strongly supports H.R. 184 and S. 108 and applauds the bipartisan, bicameral support the legislation has received.

While the effort to repeal and replace the ACA will be a considerable undertaking, the NAM is urging Congress to include full repeal of the law’s burdensome taxes on manufacturers, including the medical device tax, “Cadillac” tax and the health insurance tax in the upcoming budget reconciliation bill.

 

NAM Supports House Action to Rescind Burdensome SEC Rule

By | Shopfloor Policy, Taxation | No Comments

The National Association of Manufacturers (NAM) is pleased that the House will soon be voting on H.J. Res. 41, a resolution providing for congressional disapproval under the Congressional Review Act of a Securities and Exchange Commission (SEC) rule relating to the disclosure of payments by resource extraction issuers (the Section 1504 rule). The existing SEC extraction issuers rule, as finalized, subjects manufacturers to reporting requirements that are overly burdensome and is an impediment to manufacturing growth in the global economy.  Read More

Ohio Companies to Treasury: 385 Regulations Negatively Impact Business

By | Shopfloor Policy, Taxation | No Comments

A group of nearly 50 Ohio companies, including a number of manufacturers, sent a letter to Treasury today about the negative impact the proposed Section 385 regulations are already having on businesses. In the letter, the Ohio companies warned that the regulations, if finalized in their current form, would “significantly impede the ability of our businesses to invest and create jobs in Ohio.”

The letter echoes sentiments the National Association of Manufacturers (NAM) has shared with the Treasury Department in meetings, testimony and comment letters about the uncertainty, costs and compliance challenges posed by these proposed debt/equity rules. The NAM has also taken this message to Capitol Hill, where manufacturers continue to brief congressional staff on the serious strain these regulations would have on manufacturers’ corporate finance operations, if the rules are not withdrawn or, at a minimum, significantly modified. Read More

House Committee Approves Bill to Repeal Pay Ratio, Conflict Minerals

By | Policy Experts, Shopfloor Policy, Taxation, Trade | No Comments

Blog co-authored with Ken Monahan, director of international trade policy.

More than six years since Congress approved the Dodd-Frank Wall Street Reform and Consumer Protection Act, the House Financial Services Committee on Tuesday took a step to modify or repeal various provisions from that law. The Financial CHOICE Act (H.R. 5983), approved by the committee, specifically addresses some of the provisions that manufacturers have been raising concerns with for years, including the pay ratio and conflict minerals requirements. Read More