CARBON SEQUESTRATION TECHNOLOGY IMPORTANT FOR UTAH
April 8, 2010 – EDCUtah – President’s MessageI am pleased to tell you about one of the most significant scientific endeavors taking place in Utah right now. Carbon sequestration research at the University of Utah is at the epicenter of energy development technology and has enormous import for Utah and the U.S. It will have impact on our energy independence, our ability to maintain a balanced portfolio of energy resources, and at the same time help reduce green house gas emissions. With the financial support of the Department of Energy and a host of other partners, USTAR Researcher Brian McPherson and his team are leading the effort to test the feasibility of storing carbon dioxide thousands of feet underground. Interest in Dr. McPherson’s work is building here in the U.S. and abroad and Utahns should all be keenly interested in the potential this important technology has to offer. I hope you will read the feature story in this newsletter for greater insight into this exciting technology.
Today's Economic Review also includes links to many of the ED-related news stories from the past week. As always, if you have comments, suggestions or topics you'd like to see in the Economic Review, please contact us by clicking the "Comments" link on the bottom of this page. Enjoy!
Jeff Edwards
President and CEO
U.S. JOBLESS CLAIMS JUMP UNEXPECTEDLY
April 8, 2010 – Today in Manufacturing.net
First-time claims increased by 18,000 in the week ending April 3, to seasonally adjusted 460,000 -- worse than economists' estimates of a drop to 435,000... continue
MORE U.S. CEOS EXPECT TO ADD JOBS
Survey shows that for the first time in two years, more CEOs expect to be adding jobs than cutting jobs over the next six months... continue
BERNANKE:
April 8, 2010 – Late Wire Today in Manufacturing.net
Problems in the housing market and high unemployment are the biggest economic challenges the nation faces, Federal Reserve Chairman said Wednesday ... continue
REPORT: CHINA CLOSE TO REVISING CURRENCY
April 8, 2010 – Today in Manufacturing.net
New York Times said revision will allow greater variation in value of Chinese yuan, combined with 'small but immediate jump' in its value against the dollar... continue
ADMINISTRATION’S EXPORT INITIATIVE IS A GOOD START
April 8, 2010 – NAM Capital BriefingPresident Obama unveiled the Administration's National Export Initiative (NEI) in March, announcing initial actions designed to help achieve the goal of doubling U.S. exports in five years. While the NEI seeks to expand all U.S. exports for large and small firms, an important aspect is a new emphasis on expanding small and medium-sized company exports. As part of that, the Office of the U.S. Trade Representative (USTR) has established a new assistant USTR position to coordinate trade policy affecting small and medium-sized firms.
The NAM welcomes the Obama Administration’s efforts to boost employment by promoting exports. After all, manufacturers account for two-thirds of U.S. exports. Between 2003 and 2008, exports provided 50 percent of the total increase in manufacturing production – and if jobs are to increase in the future, exports will have to pull even more weight.
The NAM is currently seeking input from its members on a list of recommendations the President can implement to reach his goal of doubling exports.
PASSAGE OF MISCELLANEOUS TARIFF BILL VITAL TO MANUFACTURERS' COMPETITIVENESS
President Obama’s agenda during the first year of his Administration has centered on high-profile domestic issues such as health care reform and card check – both of which would have a significant impact on manufacturers throughout the United States. Congressional consideration of international policy matters such as the Miscellaneous Tariff Bill (MTB) has continued with much less fanfare, but it also critical to the strength of American manufacturers and the competitiveness of the U.S. economy.
The MTB provides vital tariff suspensions for companies that import foreign inputs not produced in the United States. These tariff suspensions temporarily remove duties on imported goods, helping U.S. manufacturers produce goods affordably and stay competitive in the global marketplace. On December 31, 2009, however, hundreds of duty suspensions from the MTB expired, leaving U.S. manufactures to face increased tariffs on inputs and components critical to their production processes.
Typically, Congress passes an MTB every three years, but recent developments in the House of Representatives have placed its passage in serious jeopardy. Early in 2009, House Democratic leadership issued a series of legislative rule changes, which included reclassifying individual tariff suspension requests under the MTB as “earmarks” (funds directed to specific projects at the discretion of Congress). To complicate matters, last month, the House Republican Conference decided to oppose all forms of earmarks in legislation throughout the remainder of the year. This combination would preclude Republican lawmakers from supporting the MTB.
This means that since the previous MTB expired at the end of 2009, American manufacturers have been subject to import duties on products that are vital to their production processes but unavailable in the United States. Placing additional cost burdens on manufacturers will lower their competitiveness and force them to pass on these costs to their American customers who purchase the finished products.
Failure to pass the MTB is a missed opportunity to create jobs in the United States. Each day these tariffs remain in place, manufacturers in America are at a competitive disadvantage in the global marketplace.
The NAM is urging Congress to take prompt action on this pressing issue. In a January 28, 2010, letter to House and Senate leadership and the chairmen and ranking members of the House Ways and Means Committee and the Senate Finance Committee, the NAM joined seven other business groups to encourage each committee “to complete its work on this MTB package quickly so that both the House and Senate can consider and approve this legislation without delay.” Both committees of jurisdiction have publicly recognized the significant impact the MTB has on helping U.S. manufacturers compete at home and abroad.
Manufacturers are also pressing for provisions that would extend the MTB to December 31, 2013 and retroactively to January 1, 2010. The MTB passed by the previous Congress also was applied retroactively, setting a precedent for the current Congress to act in a similar fashion.
The suspension of tariffs through the MTB will allow U.S. manufacturers to retain, expand and maintain their factories and facilities. In addition, dozens of NAM member companies currently facing these tariffs have duty suspension requests that have already been vetted and cleared and will go into effect upon enactment of the MTB. The current situation hinders U.S. manufacturers’ ability to compete internationally and drive job growth at home.
The NAM remains committed to securing this legislation’s passage this year in order to preserve its benefits for manufacturers. For more information on the MTB, contact NAM Director of Trade Policy Douglas Goudie at dgoudie@nam.org or (202) 637-3078.
HHS ROLLS OUT HEALTH CARE REFORM
April 8, 2010 – NAM Capital BriefingThe Department of Health and Human Services (HHS) is moving full steam ahead with implementing the new health care reform law. With many reforms coming into effect this year, the Department has promised the regulatory process will be transparent and it will be watching health insurers closely to ensure compliance with the law. HHS Secretary Kathleen Sebelius already has issued a letter to insurers clarifying congressional intent and noting it will issue regulations on the pre-existing conditions reforms for children.
DC CIRCUIT: FCC HAS NO AUTHORITY OVER BROADBAND
April 8, 2010 – NAM Capital BriefingThe DC Circuit Court of Appeals' ruling April 6 that the Federal Communications Commission (FCC) has no power to regulate the Internet will set off a flurry of activity when Congress comes back on April 12. The ruling in Comcast v. FCC throws a number of initiatives, including the National Broadband Plan, into question. The NAM is concerned that, in order to quickly remedy the situation, the FCC might attempt to reclassify broadband as a telecommunications service – in essence applying telephone regulations to high-speed Internet services. The NAM has urged the FCC to refrain from imposing such onerous regulations, as manufacturers rely on an open Internet to spur investment, innovation and job growth. It is anticipated the Congress will also seek to extend the FCC's authority over broadband services.
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