WASHINGTON, April 28, 2016 /PRNewswire-USNewswire/ -- The Society of Chemical Manufacturers and Affiliates (SOCMA) applauds Wednesday's overwhelming passage of the American Manufacturing Competitiveness Act of 2016 (H.R. 4923) by the House of Representatives. This bipartisan legislation would create a Miscellaneous Tariff Bill (MTB) process to eliminate tariffs on inputs and other products that aren't produced or available in the United States.
"With 80 percent of specialty chemical manufacturers importing raw materials for which there is no domestic source, passage of this bill is a huge deal," said William E. Allmond, SOCMA Vice President of Government and Public Relations. "It brings us one step closer to helping SOCMA members maintain their competitiveness and enabling them to continue to innovate and create jobs here in the United States."
The legislation passed in a 415-2 vote.
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 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 urge the Senate to act quickly and consider this legislation that would ensure we finally have in place a system that helps specialty chemical manufacturers here in America compete in the global market and win," Allmond said.
"Given the strong bicameral, bipartisan support for the MTB process reform bill, SOCMA is hopeful that the Senate will be able to consider the measure now that it has cleared the House," he said.
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