The Latest From SOCMA
SOCMA congratulates Barack Obama on his re-election as President of The United States. Now that the most expensive (and bitterly fought) presidential election of our lifetime is over, it is necessary for us to assess the damage. A key takeaway of Election 2012 is the level to which our nation is divided. One hundred eighteen million votes were cast and President Obama was re-elected after winning only 50% of them. Governor Romney captured 49%, and nearly two million votes were cast for "others". This is hardly a mandate for change.
Then there is the money that was spent. More than $4 billion went into the campaign, which is the most any democracy has ever seen. Adding insult to injury, the Dow lost 2% the day after the election, underscoring a heightened level of economic uncertainty here at home and abroad.
In addition to President Obama's re-election, Democrats increased their grip on the Senate, and Republicans held on to their control of the House. In other words, this status quo election ensures continued gridlock in Washington. Moreover, moderates in both parties were defeated and, in some cases, replaced by strong partisans. For example, Massachusetts chose to throw out moderate Republican Senator Scott Brown, who was well-liked, in favor of an untested liberal, Elizabeth Warren.
What this means for the issues important to specialty, batch and custom chemical manufacturers will become more apparent after the 113th Congress is seated in January. There are, however, a couple of certainties about which we know.
First, the top two priorities next year will be agreeing to a federal budget and ways to improve the economy. Serious consideration of many of the industry's specific priorities will have to wait in line until President Obama and Congress battle out these two issues.
Among those priorities is the Miscellaneous Tariff Bill, which needs to be approved without delay. Chemical manufacturers leverage duty suspensions to innovate and compete in the global marketplace. Action on this bill must be done in the lame duck session this year. Failing to do so would create economic uncertainty, especially among small and mid-sized specialty manufacturers who incorporate these duty suspensions into their budgets.
To help ensure the needs of specialty manufacturers are well-known to the new Congress, SOCMA will be launching its "First 100 Days" initiative in January. This effort will include meetings between industry leaders and SOCMA staff with a targeted list of Congressional members and committees who play a role overseeing our industry's priorities, such as policies that help our members remain competitive and expand their markets.
Contact:
Society of Chemical Manufacturers and Affiliates (SOCMA)
Washington, D.C., U.S
Tel.: +1 202 721 4100
membership@socma.com
www.socma.com
