Making It in RI: Sheldon's Plan to Support Local Manufacturers
"Rhode Island’s manufactureres, long the backbone of our economy, have been hit hard in recent years by new global competition and rising production costs. Senator Whitehouse will continue working to craft legislation to help our manufacturing economy."
"From the textiles of Slater Mill to the submarines of General Dynamics Electric Boat, Rhode
Island has always led the way in producing for our nation. Global competition presents new
challenges for Rhode Island manufacturers and I will continue to advocate for programs that
level the playing field, help our companies grow and prosper, and create new jobs." --Senator Sheldon Whitehouse
End tax benefits for companies that ship jobs overseas. In January Sheldon introduced the Offshoring Preventions Act (OPA), which will close a perverse tax loophole that rewards companies for moving factories overseas. Under current law, an American company with a factory in China can delay paying income tax on the profits made through the Chinese subsidiary. The OPA will end that offshoring benefit by prohibiting companies from deferring income tax payment on profits made from goods produced overseas and sold to American consumers.
Stop China’s unfair currency manipulation. The Chinese government’s currency manipulation floods our market with inexpensive Chinese goods while making American products costly for Chinese consumers. Sheldon supports legislation that would permit the United States to impose trade sanctions on countries like China that artificially control their currency valuation.
Help small businesses obtain capital. In an effort to give small businesses easier access to credit, the Recovery Act temporarily waived borrower and lender fees for the Small Business Administration’s most popular loan programs. Sheldon believes that we must renew those fee waivers to ensure that small businesses have access to the capital they need to grow.
Increase support for manufacturing strategy programs. Sheldon has long supported the Manufacturing Extension Program, a partnership between the states and the federal government that provides small manufacturers with technical and business consulting services. He will continue to champion robust funding for this important program and RIMES, its Rhode Island affiliate.
Give small businesses a bankruptcy reorganization option. Current bankruptcy law makes it difficult for small businesses to successfully reorganize in bankruptcy. This year Sheldon will re-introduce the Small Business Jobs Preservation Act, which would create an alternative to Chapter 11, permitting small businesses to reorganize more efficiently and small business owners to maintain equity in their companies.
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Washington, DC - The U.S. Senate today passed bipartisan legislation to crack down on unfair currency manipulation by China and other nations. The bipartisan Currency Exchange Rate Oversight Reform Act, cosponsored by U.S. Senator Sheldon Whitehouse (D-RI), supports American manufacturing jo...…Read MorePosted on 10/11/2011 |
Posted on 10/4/2011
Washington, DC - U.S. Senator Sheldon Whitehouse (D-RI) released the statement below today regarding the successful procedural vote in the U.S. Senate to advance legislation that would crack down on unfair currency manipulation by China and other nations. The Senate voted this evening to inv...…Read MorePosted on 10/3/2011 |
Providence, RI - As the U.S. Senate continues to debate legislation to reauthorize the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, Senator Sheldon Whitehouse today visited a local small business helped by the programs and called for the continu...…Read MorePosted on 4/1/2011 |
Mr. WHITEHOUSE. Thank you, Mr./Madam President. As we continue to debate important small business legislation, I rise today to introduce an amendment to further support investment and job creation in U.S. companies. In particular, my amendment would bolster our domestic manu...…Read MorePosted on 3/30/2011 |
Washington, DC - As the U.S. Senate continues to debate legislation to reauthorize funding for the Small Business Innovation Research (SBIR) program, Senator Sheldon Whitehouse has introduced an amendment to the bill to keep good jobs in America. The amendment, based on Whitehouse’sPosted on 3/30/2011 |
Washington, DC - Continuing his efforts to boost manufacturing jobs in Rhode Island, U.S. Senator Sheldon Whitehouse today wrote to the Obama Administration to enlist the president’s support for his ...…Read MorePosted on 3/8/2011 |