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The National Electrical Manufacturers Association (NEMA) announced support of U.S. President Bush and the U.S. Commerce Department's recommendations to strengthen U.S. manufacturing. Department of Commerce Secretary Donald L. Evans announced the establishment of President Bush's Manufacturing Council, said to address the challenges faced by industry.
The Commerce Department report included the following recommendations:
Create the Office of Industry Analysis to gather data to help the government understand the impact of government decisions on the manufacturing sector's ability to compete;
Call on the Treasury Department to lead a tax simplification study addressing depreciation and the corporate alternative minimum tax, and focused on lowering compliance costs for manufacturers;
Improve coordination of over U.S. $15 billion in economic development programs to help address the economic challenges facing distressed communities that are manufacturing-dependent;
Direct the Office of Management and Budget to lead a comprehensive regulatory review (assisted by the Office of Industry Analysis) to inventory existing regulations, evaluate proposed reforms, and implement reforms on a priority basis.
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