RELEASE: KHANNA, RUBIO INTRODUCE BILL TO RESTORE AMERICAN MANUFACTURING LEADERSHIP
Washington, D.C. —U.S. Senator Marco Rubio (R-FL) and U.S. Representative Ro Khanna (D-CA) joined forces to introduce the National Development Strategy and Coordination Act in the 118th Congress to jumpstart a national project to restore American manufacturing leadership.
This is a shared purpose that can unify Americans from the coasts to the heartland to the South. It is also work that can bring elected officials together to chart a bipartisan path forward — not an easy feat in a narrowly divided Congress.
"From the loss of good jobs, to a weakened industrial base, to shortages of basic grocery and pharmaceutical items, Americans are suffering from decades of misguided offshoring to countries like China. If we want to be a strong nation, we have to rebuild and invest in critical industries at home. This bill lays the groundwork by creating the roadmap, using existing tools within our government, to focus on and invest in things that actually matter." – Senator Rubio
"We made a strategic mistake in this country. We stopped caring about production and allowed American jobs to be offshored and factory towns to be decimated. Now, we're waking up to the consequences. It is time for an economic renewal of production. My bill with Senator Rubio will help fix our supply chain issues in the long term and invest in critical industries and good paying jobs at home." – Representative Khanna
Background. The bill would authorize $20 billion over 10 years to "supercharge" loans made by other federal financing facilities. The funding, controlled by the Department of Treasury's Federal Financing Bank, would be directed by a new executive committee of cabinet-level agency heads, including the Secretaries of Treasury, Defense, Commerce, and the Administrator of the Small Business Administration, among others.
This committee would be charged with developing a National Development Strategy every four years. To execute that plan, it would further be authorized to direct agencies with existing direct loan and loan guarantee programs to set priorities for those programs consistent with the National Development Strategy.
Want more information? Click here for a one-pager on the bill and here for the full House bill text.
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