Making It in RI: Sheldon's Plan to Support Local Manufacturers
"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.