Washington Roundup: Nominations, Trade Policy, and Tax
Two key Trump Administration nominations are moving toward confirmation while the House and Senate begin to haggle over the best process to pass tax legislation.
Howard Lutnick, President Trump’s nominee for Commerce Secretary was approved by the Senate Committee on Commerce and now advances to a full senate vote, which he is likely to clear. A long-time Wall Street investor, Lutnick served as CEO of Cantor Fitzgerald. In his nomination hearing, he strongly supported President Trump’s America First agenda, with tariffs taking a center stage. He has advocated to “use tariffs to create reciprocity, fairness and respect.” Lutnick has also been a proponent of American semiconductor manufacturing and he has been outspoken about the benefits of the CHIPS & SCIENCE Act.
Jamison Greer, U.S. Trade Representative Nominee, passed his confirmation vote in the Senate Finance Committee, sending him to a full senate vote to become the Representative. Greer served as Chief of Staff to U.S. Trade Representative Robert E. Lighthizer in President Trump’s first term. Greer has supported plans for a universal tarrif to reverse the U.S. trade deficit and promote American industrialization.
The Congressional budget reconciliation process is officially under way, with Republicans in the House and Senate releasing competing budget resolutions. Reconciliation is a specific legislative process that can be used to expedite passage of spending bills if specific rules are followed. Conflict has between the House and Senate. As the Senate prepares to move its budget plan, the House Republicans plan received a late endorsement from President Trump. The House is pushing for one bill with both tax cuts and border funding, while Senate Republicans are trying to get each passed in separate resolutions, which they see as the more viable solution. Both House and Senate aim to include key provisions for the composites industry, including full expensing for research and development and bonus depreciation for capital equipment.
SEC Reverses Guidance on Proxy Ballots For Publicly Traded Companies
The Securities and Exchange Commission rescinded Staff Legal Bulletin 14L, which had allowed activities to mandate consideration of social policy proposals on corporate proxy ballots, even when the policies in question were unrelated to a company’s business.
ACMA joined the National Association of Manufacturers and a hundred other associations asking the Trump Administration to take this action, among a list of other regulatory steps.
SLB 14L “empowered activists at the expense of manufacturers and Main Street investors—turning the proxy ballot into a debate club, forcing businesses to court controversy and divert resources from growth and value creation,” NAM President Jay Timmons said in a statement following the announcement.
Please contact ACMA’s Dan Neumann with any questions.