WASHINGTON, Nov. 21, 2014 /PRNewswire-USNewswire/ -- The Society of Chemical Manufacturers and Affiliates (SOCMA) today welcomed U.S. Congressman Paul D. Ryan as the new Chairman of the House Committee on Ways and Means for the 114th Congress. Ryan was selected this week by members of the House Republican Steering Committee to chair the powerful committee. William E. Allmond, SOCMA Vice President of Government and Public Relations, issued the following statement on behalf of the association:
"Effective trade policy is critical to the success of our industry, which is ranked as the U.S.'s third-largest exporter. Congressman Ryan is a proven supporter of pro-manufacturing policies, and we expect him to make trade legislation like Trade Promotion Authority (TPA) a top priority in the next Congress. TPA would not only 'fast-track' ratification of our pending free trade agreements, it would also help ensure the best possible outcomes from the negotiations and give Congress opportunities for input and oversight. Our industry would see new markets open up for our products through expanded trade and elimination of non-tariff barriers—which means increased investment, growth and jobs. We welcome Congressman Ryan and look forward to working with the House Ways and Means Committee, under his leadership, to pass legislation that bolsters innovation and competition for the specialty manufacturing industry."
Totaling $199 billion in exports, the chemical industry is a bastion of innovation and an asset to the U.S. economy. Small- and medium-sized businesses, which make up the majority of the SOCMA membership, comprise 95.5 percent of known chemical manufacturers in the U.S., and 18.3 percent of all chemical manufacturers worldwide.
In addition to TPA, SOCMA is hopeful to see progress on the Miscellaneous Tariff Bill (MTB), which would prevent the expiration of thousands of duty suspension currently helping the bottom line of many small and medium sized chemical manufacturers. SOCMA is also supportive of a permanent extension of the Research and Development (R&D) tax credit as part of a comprehensive tax reform package.
SOCMA is the only U.S.-based trade association dedicated solely to the specialty chemical industry. www.socma.com.
Contact: Jennifer Drogus
Senior Manager, PR & Media
SOURCE Society of Chemical Manufacturers and Affiliates