“Because of tax reform, we’ve decided to move more quickly on capital investment.”
The EPA’s Scientific Advisory Board (SAB) recently announced it will take a hard look at the EPA’s planned repeal of emission requirements for glider vehicles, glider engines, and glider kits. We’re pleased the SAB is looking into the emission impacts of gliders, which are older, used engines dropped into a new truck body. We have been concerned with the glider rule repeal, which we fear could create a loophole allowing the ability for glider vehicles to be sold as functional equivalents to new motor vehicles without complying with current safety or environmental standards. That creates emissions issues, given that some of the older, pre-2000 glider engines lack the controls for air pollutants that are mandatory in new vehicles.
The SAB, we hope, will evaluate how much gliders emit relative to new trucks. When EPA proposed emissions rules on gliders in 2016, its modeling concluded that gliders emit 20 to 40 times as much nitrogen oxide (NOx) and soot as new trucks. EPA’s proposed repeal in 2017 cited a study from Tennessee Tech University that found that glider emissions were on par with new trucks; however, Tennessee Tech then pulled the study and disavowed it, citing “knowledgeable experts within the University” who have “questioned the methodology and accuracy of the report.”
We really need some answers here before EPA makes a decision whether to repeal the glider rule. If EPA’s original emissions estimate is correct, then the glider rule repeal means trucks without modern pollution controls will be entering the fleet and emitting 20 to 40 times as much NOx and soot as their new counterparts. That puts a squeeze on manufacturers, who face limitations on their NOx and PM emissions due to strict EPA regulations on ozone and particulate matter, and will be forced to compensate for higher-than-usual emissions from the transportation sector. We also encourage the EPA to take a hard look at the economy-wide jobs and economic impact of the glider repeal, to determine whether the costs outweigh the benefits as required by Executive Orders 12866, 13563 and 13771.
The NAM has joined the Main Street Investors Coalition, a new group that will focus on ensuring corporate governance decisions on Wall Street are being made in the best interests of the millions of workers whose retirement security depends on companies remaining laser-focused on long-term growth – and on long-term shareholder returns.
The financial security of Main Street investors, who own stock through their retirement accounts, depends on companies growing and expanding. For too long, the interests of mom-and-pop shareholders have been secondary to the political agendas of major financial industry players.
Manufacturers believe that when companies can invest for growth, the middle class prospers. Often that prosperity takes the form of more jobs and higher wages. But retirement account balances are an important component of American families’ financial health. When financial industry players push agendas that divert time, attention and resources toward their pet causes, it means that less can be invested to pursue the growth that Main Street investors deserve. It’s time that someone stood up for the financial security of everyday, hardworking Americans.
The Main Street Investors Coalition is being launched to raise investors’ awareness of how the system works and currently is being abused – and advance a reform agenda designed to help fix it. Along with the NAM, coalition members include the American Council for Capital Formation, the Equity Dealers of America, the Savings & Retirement Foundation and the Small Business & Entrepreneurship Council.
Learn more about the Main Street Investors Coalition at mainstreetinvestors.org.
“The significant positive impact of tax reform in the U.S. reinforces Novelis’ decision to expand at this time.”