WASHINGTON, DC - Today President Obama signed H.R. 4380, the U.S. Manufacturing Enhancement Act of 2010 into law. Ways and Means Committee Chairman Sander M. Levin (D-MI) issued the following statement:
“The legislation that President Obama signed today is a significant step toward supporting American manufacturing and American jobs. House Democrats worked to enact this law so that American manufacturers could increase production at home and thereby compete internationally. This law is further proof that Democrats in Congress are committed to taking all necessary steps to help rebuild the American economy and restore economic security to hardworking middle-class families."
Commonly referred to as the Miscellaneous Tariff Bill (MTB), the law contains hundreds of tariff suspensions and reductions which will allow American companies to increase production and create more American jobs.
Provisions included in the U.S. Manufacturing Enhancement Act of 2010 undergo an extremely thorough vetting process to ensure the benefits do not come at the expense of domestic manufacturers. During the process, the House Committee on Ways and Means and the Senate Finance Committee, the Administration, and the independent U.S. International Trade Commission thoroughly review each tariff relief request to ensure that there is no domestic opposition.
The relief provided under the law is temporary, meaning that if a U.S. business begins manufacturing a product covered by a current MTB provision and the business objects to extending the provision when it comes up for renewal, it will not be extended.
