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Making it in Rhode Island
Senator Whitehouse Unveils Plan to Boost Rhode Island Businesses
“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 to grow and prosper, and create new jobs."
- Senator Sheldon Whitehouse
NEW CHALLENGES
Rhode Island’s manufacturers, long the backbone of our economy, have been hit hard in recent years by new global competition and rising production costs. Over the past four years, Senator Whitehouse has worked to craft and support legislation to help Rhode Island businesses. As Congress begins a new term and the Ocean State continues to recover from a severe recession, Senator Whitehouse plans to introduce and support a series of measures designed to help our manufacturing economy.
A WAY FORWARD
End tax benefits for companies that ship jobs overseas. When the Senate reconvenes later this month, Senator Whitehouse will introduce 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 differing 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. Senator Whitehouse 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. Senator Whitehouse believes that we must extend those fee waivers to ensure that small businesses have access to the capital they need to grow.
Increase support for manufacturing strategy programs. Senator Whitehouse 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. Senator Whitehouse will continue to champion robust funding for this important program and RIMES, its Rhode Island affiliate.
Preserve jobs by helping small businesses reorganize. When struggling businesses can restructure in bankruptcy, jobs are saved and economic value is preserved. Unfortunately, current bankruptcy law makes it difficult for smaller, family-owned companies to successfully reorganize in bankruptcy. Senator Whitehouse will soon reintroduce his Small Business Jobs Preservation Act, which would create an alternative to Chapter 11, permitting small businesses to reorganize more efficiently and their owners to maintain equity.
Contact Sheldon:
Providence Office:
170 Westminster Street
Suite 1100
Providence, RI 02903
401-453-5294 phone
401-453-5085 fax
Washington Office:
Hart Senate Office Building
Room 502
Washington, D.C. 20510
202-224-2921 phone
202-228-6362 faxOnline:
http://www.whitehouse.senate.gov/
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This Lockique is for public debate, proper legislation, better economic civil liberties, ever changing economic theories and a well respected resolve to what international SOE’s inherently do. [def. of lockique (Use Tomb search before reading]. If China allows I would attend a SASAC meeting. If I had one sentence, it would be: neo-mercantlism crashes,then devours free enterprises and free trade. or comparative advantage needs work. Root Economics (R) Rootologist. The Cosmic Economist.
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