WASHINGTON, May 11, 2016 /PRNewswire/ -- The Society of Chemical Manufacturers and Affiliates (SOCMA) applauds Tuesday's passage in the Senate of the American Manufacturing Competitiveness Act of 2016 (S.2794).
This bipartisan legislation, which passed by unanimous consent, would create a Miscellaneous Tariff Bill (MTB) process to eliminate duty suspensions on inputs and other products not produced or available in the United States that are important to the manufacturing process.
"SOCMA would especially like to thank Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) for their leadership in passing the American Manufacturing Competitiveness Act," said SOCMA President and CEO Lawrence D. Sloan. "The new MTB process will assist U.S. chemical manufacturers in regaining their competiveness, investing in research and development efforts, and creating new jobs."
"SOCMA has worked with lawmakers in both the House and Senate for more than four years to get a new MTB process passed, and we are excited to see if finally come to fruition," Sloan said.
The bill will 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 will issue a public report to Congress recommending certain products that meet these requirements. Congress would then consider the MTB within existing rules.
"We look forward to working with the ITC to ensure we have a system in place that helps our manufacturers here in America compete in the global market and win," Sloan said.
With Senate passage, the MTB bill is now headed to the President's desk for his signature.
Since 1921, SOCMA has represented a diverse membership of small, medium and large chemical companies located around the world. www.socma.com.
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SOURCE Society of Chemical Manufacturers and Affiliates