Congresswoman Claudia Tenney Hosts Roundtable on US Manufacturing at Revere Copper with MACNY

Rome, N.Y. - Congresswoman Claudia Tenney (NY-22) joined members of the Manufacturers Association of Central New York (MACNY) at Revere Copper in Rome, New York to discuss the importance of rebuilding American manufacturing. MACNY is made up of more than 300 businesses and organizations representing over 50,000 workers across upstate New York. Nearly 20 area manufacturers were represented at the roundtable, which focused on discussing ways to boost American manufacturing, strengthen US supply chains, and bring greater opportunity to rural communities.

Tenney is working in Congress to restore the US manufacturing workforce and reignite the Made in America movement. As a member of the House Small Business Committee, Tenney introduced H.R. 2262, the American Innovation and Manufacturing (AIM) Act, which would expand access to capital for small manufacturers. This bicameral legislation has been introduced in the United States Senate by Senators Marco Rubio (R-FL) and Jim Rich (R-ID).

"One of the greatest things we can do to rebuild our economy is to continue incentivizing and growing manufacturing production and jobs here in Upstate and Central New York. Our region's roots are in manufacturing and American industry, which all started with the Erie Canal. I enjoyed talking with MACNY and its members about how we can expand our domestic industry again and reduce regulatory burdens that are strangling US production," said Tenney. 

"For too long Americans have watched jobs leave our country, with no real solution to bring them back," she continued. "The Tax Cuts and Job Act was one historic step in the right direction, which led to unprecedented growth and brought relief to Upstate families. But there is much more that still needs to be done. This is why I'm honored to introduce the AIM Act with Senators Rubio and Risch. This bill will give small manufacturers greater opportunity to start new businesses and thrive right here at home."

MACNY President Randy Wolken said, “We appreciate Congresswoman Tenney’s continuous support of manufacturing in Central New York. It was a productive conversation at today’s Roundtable about expanding our domestic industry and ways to reduce regulatory burdens on manufacturers.” 

“In a time when it seems like the political divide is unsurmountable, the one issue that seems to have bipartisan support is the revitalization of American manufacturing. At the center of this debate is China and foreign policy, which is increasingly becoming a bipartisan effort as well,” said Sherrill Manufacturing’s President Matt Roberts and CEO Greg Owens. “Congresswoman Claudia Tenney has been out in front of this issue and leading the fight on both fronts since she became a Member of Congress. We applaud her for her efforts and thank her for her unrelenting support of manufacturers, like Sherrill Manufacturing, who have been suffering the effects of bad trade policies for decades.” 

Background on the AIM Act:
What’s an SBIC? 
The SBIC program was first established in 1958 with the goal of filling institutional gaps and leading private sector investment in innovative small businesses. 

H.R. 2262 provides $10 billion in long-term debt with equity features to registered SBA Small Business Investment Companies that invest in small businesses in manufacturing industries To accomplish this goal, the Administrator is authorized to make commitments to a participating SBIC and purchase equity-like bonds from a participating SBIC, defined by the following terms: 

• A term of at least 15 years with an interest rate of up to two percent; interest shall accrue on the bond rather than require cash interest payments.

• 50 percent of dollars invested by SBICs under this program must be invested in manufacturing businesses. 

• The Administrator must receive all interest payments on bonds committed before an SBIC may distribute capital to investors or fund managers.

• If a participating SBIC defaults, the Administrator will receive any unpaid returns or interest prior to the company’s investors or managers.

• The Administrator may directly commit to purchase bonds from an SBIC up to a maximum that is the lesser of 2x the SBIC’s regulatory capital and $200 million.

• Any commitment by Administrator to purchase bonds will remain available to be sold by an SBIC for four years.

Click here for a one pager on the AIM Act.

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