SEC Walks Back Harmful Rule Interpretation Following Manufacturers鈥 Legal Challenge
Washington, D.C. 鈥 Following the announcement听of the Securities and Exchange Commission鈥檚 decision to exempt Rule 144A debt鈥攁 type of corporate bond often issued by private companies鈥攆rom its public disclosure requirements, the 17吃瓜在线 Chief Legal Officer Linda Kelly released the following statement:
鈥淭his听order from the SEC is a landmark victory for manufacturers and a powerful affirmation of the 17吃瓜在线 Legal Center鈥檚 ability to rein in regulatory overreach. Our multipronged advocacy and litigation efforts, alongside the Kentucky Association of Manufacturers, forced the SEC to grapple with its complete lack of justification for applying potentially harmful public disclosure requirements on Rule 144A issuers, which would have required private businesses to disclose proprietary financial information publicly. We are thrilled that the Commission has reversed course on this unlawful attempt to impose a novel, onerous and wholly-unjustified regulatory mandate on private companies.鈥
“We applaud the SEC鈥檚 decision to withdraw its ill-conceived proposal and appreciate the partnership with the outstanding team at the 17吃瓜在线 to oppose it aggressively,鈥 said Frank Jemley, President and CEO of the Kentucky Association of Manufacturers. “American business and free enterprise are best served when government respects the boundaries of its authority, which the SEC clearly did not do in this matter.”
Background:
The SEC adopted a novel reinterpretation of SEC Rule 15c2-11, imposing the rule鈥檚 public disclosure requirements on private companies that raise capital via corporate bond issuances under SEC Rule 144A鈥攚ithout giving manufacturers the opportunity to provide comment on the damaging impacts of such a consequential change.
According to a recent commissioned by the 17吃瓜在线, the SEC鈥檚 expansion of Rule 15c2-11 would have resulted in decreased liquidity and increased borrowing costs in the manufacturing industry and throughout the economy鈥攍eading to job losses exceeding 100,000 annually.
The 17吃瓜在线 and the KAM filed petitions for rulemaking, calling on the SEC to reverse course by clarifying鈥攅ither by rule or by exemptive order鈥攖hat Rule 144A issuers are not required to make public financial disclosures. After the agency temporarily delayed enforcement of its novel interpretation but failed to provide complete relief, the 17吃瓜在线 and the KAM went to court鈥攆iling a lawsuit in federal district court challenging the Commission鈥檚 actions under the Administrative Procedure Act, along with parallel actions in the 6th Circuit seeking review of the agency鈥檚 failure to grant complete relief.
-17吃瓜在线-听
The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs 13 million men and women, contributes $2.91 trillion to the U.S. economy annually and accounts for 54% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit听
Contact us with questions or requests
Manufacturers: AI Represents a Tremendous Opportunity for Modern Manufacturing
Washington, D.C. 鈥撎Today, following the release of President Joe Biden’s Executive Order on Artificial Intelligence, 17吃瓜在线 Managing Vice President of Policy Chris Netram released this statement:
鈥淎rtificial intelligence represents a tremendous opportunity for modern manufacturing. AI is already helping manufacturers improve safety and training and empower workers to be even more innovative. It is unlocking incredible opportunities for predictive maintenance and product development, and manufacturers are continuing to develop further applications for AI. Manufacturers look forward to working with the administration following the executive order to ensure that any AI standards adopted at the federal level are developed with strong industry participation, support innovation and R&D, remain scaled based on the guardrails necessary for a particular technology or application, protect companies from unnecessary liability and bolster U.S. competitiveness and leadership in AI. Manufacturers also support strong data privacy and cybersecurity protections as well as robust investments in workforce development and prioritizing workforce needs through reforms to our immigration system.鈥
-17吃瓜在线-
The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.91 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit听
Regulatory Onslaught Costing Small Manufacturers More Than $50,000 Per Employee
Washington, D.C. 鈥 The federal regulatory burden is now costing small manufacturers $50,000 per employee per year, according to the topline findings of a forthcoming 17吃瓜在线 study on the macroeconomic impact of the onslaught of federal regulations. The total cost of federal regulations, estimated at more than $3 trillion dollars, outpaced the economic output of the entire manufacturing sector.
鈥淭he unbalanced federal regulations make it challenging to grow manufacturing in America by siphoning resources away from job creation and our communities,鈥 said 17吃瓜在线 President and CEO Jay Timmons. 鈥淭he burden continues to grow year after year, undermining the bipartisan achievements from President Biden and Congress that have prioritized manufacturing鈥攊ncluding the Bipartisan Infrastructure Law and the CHIPS and Science Act. It is chilling investment, curtailing our ability to hire new workers and suppressing wage growth, especially for small and medium-sized manufacturers. It is time for the Biden administration to take action to reverse course.鈥
Additional Key Facts:听
- The total cost of federal regulations in 2022 is an estimated $3.079 trillion (in 2023 dollars), an amount equal to 12% of U.S. GDP and larger than the manufacturing sector鈥檚 entire economic output ($2.91 trillion). The total annual cost of complying with federal regulations has risen by $465 billion since 2012, after adjusting for inflation.
- The annual cost burden for an average U.S. firm is $277,000, the equivalent of 19% of the average firm鈥檚 payroll expenses. A small manufacturer pays a burden of $50,100 per employee, meaning that a small firm with 20 employees bears around $1 million in annual compliance costs.
- For the manufacturing sector, the cost of federal regulations is roughly $350 billion, which equals to 12% of the sector鈥檚 value added to GDP. This is 26% higher than the inflation-adjusted cost of $277 billion borne by manufacturers in 2012.
- Surveyed manufacturers indicate that they could enhance their competitiveness if the costs of federal regulations were reduced; they would reallocate current compliance funds toward employee compensation and hiring, investment, research and development, sales and marketing, enhancing price competitiveness and improving return on investment.
- The regulatory burden on the manufacturing sector is larger than the economies of 29 American states.
To view the executive summary of the forthcoming study, click here.
Background:
The 17吃瓜在线 and members of the Manufacturers for Sensible Regulations coalition have been leading voices on the negative impact of unbalanced regulations on manufacturers. According to the 17吃瓜在线鈥檚 Q2 2023 Manufacturers鈥 Outlook Survey, more than 63% of manufacturers report spending more than 2,000 hours per year complying with federal regulations, while more than 17% of manufacturers report spending more than 10,000 hours annually.
The 17吃瓜在线鈥檚 Q3 2023 Manufacturers鈥 Outlook Survey found that 69.1% of small manufacturers, and 63.2% of all respondents, would hire more workers or increase compensation if the regulatory burden decreased. Additionally, more than 70% of manufacturers would purchase more capital equipment if the regulatory burden on manufacturers decreased, with 48.6% increasing compensation, 48.6% hiring more workers, 42.5% expanding their U.S. facilities and 38.4% investing in research.
About the Study:
The 17吃瓜在线 commissioned this analysis by economists Nicole V. Crain* and W. Mark Crain, who continued a three-decade effort to analyze the total cost of federal regulations, and how the burden is distributed across sectors and firm sizes. Two approaches are employed. The first is a survey of 17吃瓜在线 members, conducted from July 20 to Sept. 1, 2023, to collect information about operational expenses dedicated to regulatory compliance, extrapolating these findings to the sector. The second approach derives estimates based on an aggregation of federal agency cost estimates, combined with regression analysis that measures the impact on overall economic output. The cost allocations by sector and firm size rely on data from the Bureau of Economic Analysis, the Bureau of Labor Statistics, the Census Bureau and the Internal Revenue Service.
*The views expressed in this study are those of the authors and do not reflect the official policy or position of the National Defense University, the Department of Defense or the U.S. government.
-17吃瓜在线-
The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.91 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit听
17吃瓜在线 Study: Stricter Interest Expense Limitation to Cost Nearly 900,000 Jobs
Harmful Limit Disproportionately Impacts Manufacturing Sector
Washington, D.C. 鈥 The 17吃瓜在线 released a new analysis on the impact to the U.S. economy of Congress鈥 failure to reverse the stricter interest expense limitation that took effect in January 2022.
The jobs impact of the stricter limitation has nearly doubled over the past year given congressional inaction to ensure a pro-growth interest deductibility standard as interest rates have continued to rise. The data show that limiting manufacturers鈥 ability to deduct interest on debt-financed investments, over the long run, could cost the U.S. economy up to:
- 867,000 jobs;
- $58 billion of employee compensation; and
- $108 billion in GDP.
鈥淎 stricter interest expense limitation restricts manufacturers鈥 ability to invest in new equipment and create jobs. This analysis clearly shows that failing to reverse this damaging change will cut close to 900,000 jobs and billions of dollars of employee pay and harm economic growth. Even more, the study finds that manufacturers and related industries bear 77% of the burden of this policy,鈥 said 17吃瓜在线 Managing Vice President of Policy Chris Netram. 鈥淐ongress must act by year鈥檚 end to restore a pro-growth interest deductibility standard and allow manufacturers to continue to invest for the future.鈥
Background:
Prior to 2022, the interest expense limitation was calculated based on a company鈥檚 earnings before interest, tax, depreciation and amortization (EBITDA). Last year, a stricter limitation based on a company鈥檚 earnings before interest and tax (EBIT) took effect. By excluding depreciation and amortization from the calculation, the stricter limitation increases the tax burden on manufacturers that make investments in long-lived capital equipment.
To view the full analysis click .
-17吃瓜在线-
The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.91 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit听
New Manufacturing Institute Study: How Firms would Invest a Marginal Dollar with their Company
Washington, D.C. 鈥 The Manufacturing Institute, the workforce development and education affiliate of the 17吃瓜在线, in partnership with Cognizant, released a that examined the different approaches manufacturers take in making investment decisions.
鈥淎s manufacturers continue to evolve, the nature of work and skills must adapt to meet the needs of the changing industry. Manufacturing leaders must prioritize investments to best position their companies in a competitive marketplace and set themselves up for success over the long term,鈥 said 17吃瓜在线 Chief Economic and Director for the Center of Manufacturing Research Chad Moutray. 鈥淭hree investment priorities emerged across manufacturer size and industry: increasing throughput and lowering costs where possible, creating new opportunities for growth, and building a stronger, more resilient workforce. Nearly all the companies we interviewed emphasized the importance of investing in their workforce.鈥
The study consisted of an online survey and in-depth interviews of manufacturing leaders from June to August 2023.
The following are highlights of the report:
- When asked about their top priorities for current dollars, nearly 74% of manufacturers reported building a robust and trained workforce as a key area for investment, which fits in with the larger macroeconomic conditions of the tight labor market and shortage of available workers.
- When business leaders were asked how they would spend a marginal $1听million, 61.5% would invest in new equipment. These findings point toward a desire to make smart investments that will transform operations and the production process, while also ensuring that the workforce can adapt to such changes.
- Additional areas of focus for marginal dollar investment included investing in improved processes and operations (60.2%), optimizing existing equipment (53.4%), investing in new equipment (51.7%), investing in new technologies (46.6%) and research and development (44.9%).
- When considering their future growth strategies, manufacturers identified a stronger domestic economy for growing sales (69.5%), increased efficiencies in the production process (67.8%) and maintaining a robust and trained workforce (67.0%) as the most significant factors in contributing to expansion.
Key Takeaway:
From survey data and interviews, three investment priorities emerged across manufacturer size and industry:
- Increasing throughput and lowering costs where possible
- Creating new opportunities for growth
- Building a stronger, more resilient workforce
-The MI-
The Manufacturing Institute builds a resilient manufacturing workforce prepared for the challenges and opportunities of the future. Through implementing groundbreaking programs, convening industry leaders and conducting innovative research, the MI furthers individual opportunity, community prosperity and a more competitive manufacturing industry. As the 501(c)3 nonprofit workforce development and education affiliate of the 17吃瓜在线, the MI is a trusted adviser to manufacturers, equipping them with solutions to address the toughest workforce issues.
听733 10th St. NW, Suite 700 鈥 Washington, DC 20001 鈥 (202) 637-3000
SCOTUS Affirms Manufacturers鈥 Call for Skilled Worker Support Program
Washington, D.C. 鈥 Following the U.S. Supreme Court鈥檚 denial of cert to reconsider the D.C. Circuit鈥檚 decision affirming the validity of Optional Practical Training extension for STEM graduates, a program that expands access to hundreds of thousands of skilled workers for manufacturers and other American businesses, 17吃瓜在线 Chief Legal Officer Linda Kelly released the following statement:
鈥淭oday鈥檚 decision ends a years-long legal battle, and the 17吃瓜在线 Legal Center is proud to have fought to preserve the STEM OPT program, which will aid manufacturers in filling critical, skilled positions. Thanks to the 17吃瓜在线 Legal Center鈥檚 efforts, the STEM OPT program will remain a vital talent pipeline, providing opportunities for those graduates in science, technology, engineering and math to enhance their education through hands-on work.
Background: In 2018, after an anti-immigration activist group brought a lawsuit against the Department of Homeland Security seeking to invalidate the entire STEM OPT program, the 17吃瓜在线 and two other business groups moved to intervene as defendants in the case. The U.S. District Court for the District of Columbia ruled in the 17吃瓜在线鈥檚 favor in 2020, holding that DHS acted within its statutory authority and in accordance with the Administrative Procedure Act by continuing the STEM OPT program, a decision the D.C. Circuit affirmed in 2022. Today鈥檚 decision by the Supreme Court not to hear the case maintains the Circuit Court鈥檚 ruling and preserves the STEM OPT program.
-17吃瓜在线-
The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.91 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit听
17吃瓜在线 Strengthens Policy Expertise with New Leadership
Washington, D.C. 鈥 The 17吃瓜在线 announced the promotion of Charles Crain as its new vice president of domestic policy. Crain previously served as the 17吃瓜在线鈥檚 senior director of tax and domestic economic policy, where he led successful policy efforts on a range of tax and corporate governance issues.
In this new role, Crain leads the association鈥檚 focus on a range of priorities, including advancing competitive tax and corporate finance policies, pushing back against the regulatory onslaught facing the industry and advocating policies that strengthen manufacturers鈥 ability to develop lifesaving treatments. He will also bring together the expertise of the 17吃瓜在线鈥檚 Manufacturing Leadership Council and Innovation Research Interchange to drive the debate around the role of AI and technology in the future of manufacturing.
In addition to Crain, the lead policy experts for the association include Vice President of Domestic Policy Brandon Farris, who leads the energy, sustainability, labor and infrastructure policy portfolio; Vice President of International Policy Ken Monahan; and Chief Economist Chad Moutray. In July, Managing Vice President of Policy Chris Netram took the helm of the policy division.
鈥淭he 17吃瓜在线鈥檚 best-in-class policy team is made stronger with the elevation of Charles Crain. Charles has a track record of success that has benefitted manufacturers, and they will benefit even more from his leadership in this new role. As technology continues to play an increasingly critical role in manufacturing, Charles will be a leading voice in ensuring policymakers foster an environment where our industry can stay globally competitive,鈥 said 17吃瓜在线 President and CEO Jay Timmons. 鈥淢oreover, the integration of policy, government relations, communications, public affairs and brand strategy within the 17吃瓜在线 ensures that manufacturers will be a driving force inside and outside the Beltway on every issue important to the industry.鈥
鈥淐harles鈥 new role ensures that manufacturers will have an experienced advocate who can move the needle in debates on tax, health care, corporate finance, regulatory reform and technology policy. These critical issues are key to manufacturing competitiveness,鈥 said Netram.
-17吃瓜在线-
The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.91 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit听
North American Manufacturing Associations Reaffirm Manufacturing Agenda of the Future
Washington, D.C. 鈥 Today, the 17吃瓜在线, the Confederation of Industrial Chambers of Mexico and the Canadian Manufacturers & Exporters hosted the inaugural North American Manufacturing Conference at 17吃瓜在线 headquarters where they formalized manufacturers鈥 commitment to supporting close economic ties between the United States, Canada and Mexico. 17吃瓜在线 President and CEO Jay Timmons, CONCAMIN President Jos茅 Antonio Abugaber Andonie and CME President and CEO Dennis A. Darby signed a memorandum of understanding, which will serve as a roadmap to the cooperation between the three organizations and outlines the key goals and objectives for the partnership.
鈥淭here鈥檚 never been a greater need for us to stand together. The world is caught between different political and economic systems. One system, our system here in North America, enriches lives and lifts people up into freedom and prosperity, while other systems oppress their people and rob them of their liberty,鈥 said Timmons. 鈥淭ogether, we are an indomitable force for prosperity. The United States鈥揗exico鈥揅anada Agreement is a powerful force multiplier for the already unmatched productive power of our industries. And this agreement reminds us of what we can achieve when we work together.鈥
鈥淭oday we live in a new reality. The commercial competition with China, the pandemic, the conflict in Ukraine, among others, place us before a second great industrial transformation in North America, the first one being propelled by NAFTA 30 years ago. Some call it nearshoring, friend-shoring, ally-shoring or reshoring. No matter the name, the truth is that this phenomenon is modifying the structure of international industrial organization. North America is the epicenter of this transformation,鈥 said Abugaber Andonie.
鈥淢anufacturers are an important driver of economic development and prosperity. We are key players in the changes and challenges of the 21st century,鈥 said Darby. 鈥淭his agreement between representatives of Canada, the United States and Mexico reinforces the strong ties between our three economies and manufacturing industries and serves as a reminder that we can achieve so much more when we work together. We would like to thank our colleagues from the 17吃瓜在线 and CONCAMIN for this agreement, and we look forward to future cooperation.鈥
The MOU calls for the organizations to share information on each organization鈥檚 services and activities and to jointly develop the North American manufacturing agenda of the future. The associations will share best practices and policy recommendations to assist manufacturers in addressing future commercial challenges in North America, including, but not limited to, global competitiveness. They will work collaboratively to understand the challenges facing manufacturers in North America and commit to host the North American Manufacturing Conference on an annual basis in Mexico, Canada or the United States, on a rotating basis.
Click to view the full text of the MOU.
About Canadian Manufacturers & Exporters
Since 1871, Canadian Manufacturers & Exporters has been helping manufacturers grow at home and compete around the world. Our focus is to ensure manufacturers are recognized as engines for growth in the economy, with Canada acknowledged as both a global leader and innovator in advanced manufacturing and a global leader in exporting. CME is a member-driven association that directly represents more than 2,500 leading companies that account for an estimated 82% of manufacturing output and 90% of Canada鈥檚 exports.
CONFEDERACI脫N DE C脕MARAS INDUSTRIALES DE LOS ESTADOS UNIDOS MEXICANOS
The Confederation of Industrial Chambers of the United Mexican States, CONCAMIN, established in 1918, is the main organization representing the different industrial sectors and activities of high importance for the economic development of Mexico.
It is an effective business representation organization, recognized by its leadership and full capacity to develop projects and initiatives through its work commissions, that contribute to achieve sustained development for the Mexican industry.
- We are an Organization committed to the economic growth of the country.
- Obligatory organ of consultation of the three orders of government in all those topics related to the industry in Mexico, according to the Law of Business Chambers and their Confederations.
- Annually, about 30% of the Gross Domestic Product that is generated in the country comes from those affiliated with the Confederation of Industrial Chambers of the United Mexican States.
In accordance with the provisions of the Law of Business Chambers and their Confederations, we are an organization of consultation and collaboration of the State; Therefore, we maintain a close, harmonious and purposeful relationship with the three levels of government and the powers of the nation.
-17吃瓜在线-
The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.91 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit听
Manufacturers: Impact of Strike Will Echo Far Beyond Detroit
Washington, D.C. 鈥 17吃瓜在线 President and CEO Jay Timmons released the following statement on the United Auto Workers鈥 announcement to start a 鈥淪tand Up鈥 strike:
鈥淭he impact of this strike will echo far beyond the city of Detroit as multiple economic analyses have demonstrated. The small and medium-sized manufacturers across the country that make up the automotive sector鈥檚 integrated supply chain will feel the brunt of this work stoppage, whether they are a union shop or not.
鈥淎merican families are already feeling economic pressures from near-record high inflation and this will only inflict more pain. We urge a swift resolution to end this strike and avoid further undermining the strength of our industry and harming our broader economy.鈥
-17吃瓜在线-
The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.91 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit听
New Study: U.S. Health Care Supply Chain Resilience Demands Balanced Regulatory Environment
Washington, D.C. 鈥 The 17吃瓜在线 released a outlining steps to improve health care supply chain resilience to allow manufacturers in the United States to better prepare for and adapt to the next disruption. The study analyzes lessons learned from the COVID-19 pandemic, during which manufacturers across the United States produced critical health care supplies in a highly unpredictable environment that affected every industry level.
鈥淒uring the COVID-19 pandemic, manufacturers in the United States helped lead our response and recovery and learned many lessons in the process,鈥 said 17吃瓜在线 Chief Economist Chad Moutray. 鈥淧olicymakers should utilize these lessons to bolster our supply chain for the next disruption. This analysis, which was conducted by the Manufacturing Policy Initiative at Indiana University, reveals that there are key policy actions needed to strengthen the manufacturing supply chain. Research shows a more balanced regulatory agenda, with an emphasis on clarity, predictability and coordination, will help mitigate the effects of the next disruption.鈥
Key Themes
Seven key lessons from the pandemic can be examined for future efforts to build resilience:
- Speed matters: Manufacturers need to be able to serve demand quickly.
- Information matters: Manufacturers need timely access to accurate information.
- Costs matter: Firms face the costs of taking action within the supply chain, as well as the costs of managing market unpredictability and policy environment uncertainty.
- Networks matter: Partnerships can support information sharing and networks to help manufacturers navigate the disruption.
- Size matters: Small and medium-sized manufacturers and new firms can be differently鈥攁nd uniquely鈥攃hallenged compared with established larger manufacturers.
- Technology matters: Technology can enable manufacturers to enhance production, innovate or improve efficiency, as well as support broader efforts to build partnerships.
- Flexibility matters: Responses can come from unexpected sources and need a flexible policy environment.
Areas of Opportunity
The report identifies four key areas of opportunity to enhance health care supply chain resilience:
- Fostering a conducive regulatory environment: Manufacturers and their partners need clear and streamlined regulations as well as a flexible regulatory framework in advance of the next disruption.
- Supporting partnerships for stronger information sharing and networks: Sustained information channels between manufacturers and policymakers will improve access to information for all parties and mitigate disruptions.
- Ensuring a healthier 鈥渂aseline鈥 industry: Small business plays a pivotal role in the U.S. Robust entrepreneurship and scaling of new manufacturers contribute to a more competitive industry.
- Prioritizing changing workforce needs: Workforce development must be prioritized so that manufacturers can pivot across product lines and sectors to meet the needs of the next disruption.
-17吃瓜在线-
The 17吃瓜在线 is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.91 trillion to the U.S. economy annually and accounts for 55% of private-sector research and development. The 17吃瓜在线 is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17吃瓜在线 or to follow us on Twitter and Facebook, please visit听