U.S. Rep. Mark Green (R-TN-07) on Monday introduced an act that he said would pay the moving costs for American companies that move their production back to the United States from China.
In a press release, Green called it the Bring American Companies Home Act.
“Attracting investment in America is essential to reigniting our economy. But one of the big disincentives for American companies moving back to our soil is the cost. For many companies, it’s too expensive and too risky to undertake an international move at a time of such global economic uncertainty. My bill incentivizes American companies to move back from China by covering 100 percent of their moving costs and paying for it with the tariffs President Trump has levied on China,” Green said in the press release.
“China has made clear it is not a reliable partner. To get America growing again, and to reduce our dependence on China, let’s open the doors of opportunity and incentivize investment right here in our country. My bill is a pro-growth, common-sense policy to do just that.”
Green also has introduced the SOS ACT (Secure Our Systems Against China’s Tactics), which prevents China’s strategic acquisitions during the pandemic by incentivizing American investors to back vulnerable companies that are critical to U.S. national security.
As The Tennessee Star reported last month, Green sent a letter to Congressional leadership urging them to include incentives for American companies to move back from China. Specifically, Green said in the letter that members of Congress should do this through any upcoming legislation they might consider while fighting COVID-19.
“Prior to the coronavirus outbreak, many American companies had moved their operations to the People’s Republic of China (PRC), lured by incentives like lower costs and an abundance of cheap labor. However, over the past three years, the Trump Administration and U.S. Congress have gone to great lengths to make the United States the best place in the world to do business. The Tax Cuts and Jobs Act slashed taxes, the President’s energy agenda has led to cheaper utilities, and right-to-work laws have made many states more attractive,” Green said in the letter.
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