As he started his third term, U.S. Sen. Marco Rubio promised an economic focus on American industry. Now he has filed a series of bills aimed at that goal.
The Miami Republican dropped five bills in the hopper at the start of the 118th Congress focused on encouraging the making of goods in the U.S. His legislation touched on attracting medical device manufacturing, spurring small business investment and modernizing the energy grid.
“We cannot be a strong nation if we are dependent on hostile foreign regimes for basic goods, medicines, and critical technologies,” Rubio wrote in a Medium post. “There is growing bipartisan support to prioritize rebuilding our critical industries. From lifesaving medicines to rare-earth minerals and everything in between, we need to be a nation that makes things again. Doing so will strengthen our nation’s supply chains and bring good jobs back to America.”
The bills included the Medical Manufacturing, Economic Development and Sustainability (MMEDS) Act. He has filed versions of this bill since 2020. As written, the legislation would enact a tax credit for companies making medical devices or pharmaceuticals in other countries to move production to the U.S. or Puerto Rico; Puerto Rico Resident Jenniffer González-Colón filed a companion bill in the House.
The bill envisions tying the tax credit to the federal income tax liability for wages, something Rubio hopes will encourage repatriating facilities to economically distressed zones on U.S. soil.
Rubio also filed the American Innovation and Manufacturing Act. The bill, introduced with Idaho Republican Sen. Jim Risch, would set up a new Small Business Investment Company program that would provide “preferential and patient capital” to American small manufacturing companies.
The Facilitating the Reshoring of Energy Grid Component Manufacturing Act, a bill Rubio first filed in August, would set up a new energy grid product manufacturing loan program within the Department of Energy. That would finance $8 billion in loan guarantees for any re-equipping, expanding or establishing a domestic energy grid product. Component manufacturing must be located in the U.S. for businesses to qualify for loans.
The Obtaining National and Secure Homeland Operations for Rare Earth (ONSHORE) Manufacturing Act would focus on mining by incentivizing the development of rare earth metallurgy manufacturing facilities in the country. Again, Rubio’s legislation looks to the Department of Energy to house a financial investment program.
And the Agility in Manufacturing Preparedness Act, if passed and signed, would require the Health and Human Services Department and the Biomedical Advanced Research and Development Authority to partner with the National Institute for Innovation in Manufacturing Biopharmaceuticals. The agencies would contract NIH to evaluate the current capacity and vulnerabilities of biopharmaceutical manufacturing.
This bill comes with a bipartisan co-sponsor, Delaware Democratic Sen. Chris Coons.
Each piece of legislation is a version of legislation Rubio has introduced in prior terms, most of it just from 2022. He also has promised to re-file another bipartisan bill, the National Development Strategy and Coordination Act, which was first submitted in December. The bill would increase strategic communication between federal finance programs in hopes of rebuilding critical U.S. industries. Rep. Ro Khanna, a California Democrat, will file the companion bill in the House.
Rubio said the legislation is a road map to a pro-American economy that lifts the working class and is part of a Common Good Capitalism vision he has pushed for years.
“When I first made the case for Common Good Capitalism and pro-America industrial policy in 2019, the Washington establishment, from both the Left and the Right, dismissed my claims as heresy, a dangerous and unnecessary departure from the bipartisan post-Cold War consensus,” Rubio said. “Now, three years and a pandemic later, everyone from Wall Street CEOs to the President of the United States is talking about the need for a more resilient economy.”
January 25, 2023 at 6:55 am
You have to give credit where credit is due. As a Democrat and sometimes critic of Rubio , these are good bills and good policy for Americans!! Hope he can get them to the finish line!
January 25, 2023 at 7:09 am
Me and my fellow Comrad leftist posters we do not want Rubio’s economic prosperity. We want the economey driven so far into the dirt that American leaders will welcome our CCP masters as our rullers for a few grains of rice and a gallon of gas. Our CCP future masters have assured us woke folk they will round up all Maga’s and put them in very strict labor camps. Also sexual gender swapping and forever abortions will be encouraged and all non MAGA’s will enjoy free weed, meth, crack, fentinal, heroin, sex dolls, ky jelly, and all you can swill down IPA beer!!!!! We are quite upset at Blacks and Hispanics for abandoning the Democratic Party and our future CCP masters do have room for those backstabbers in the parties labor camps as well as those nasty MAGA’s. Rejoice my fellow leftist posters the CCP has promised to also put our parents in the labor camps and allow us to live forever in our parents basements and play vidio games, post nasty comments on twitter and TICK TOCK while wearing just our underwear eating lots of comfort foods like mac&cheese, tasty chickin nuggs with gallons of ranch dressing forever!!!!!!! YES YES YES!!!!!!! Our utopian society is upon us my fellow leftist posters. LEFTIST UTOPIAN SOCIETY (and comfert food) FOREVER!!!!! I just love my fellow leftist posters and have found my forever online posting home right here with my fellow like thinkers.
January 25, 2023 at 9:38 am
Why can’t Republicans and Democrats work together for once and not throw about of worthless pork into this.
It is funny how we have these universally good ideas during COVID that just get forgotten and overlooked. Almost all our medicine is not made in the USA. No computer chips are made in the USA. Worse yet these are often only made by one or two countries in the whole world. Wars aside; a natural disaster in South Korea could put us back in the stone age because the World would not have any computer chips. The World needs to diversify and some of that strategically needs to come back to the USA.
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