|
|
| |
|
Foxx Report
|
|
|
Manufacturing is vital to North Carolina’s 5th District and I am committed to ensuring that the industry can compete fairly at home and abroad. On Wednesday the House overwhelmingly passed bipartisan legislation that will strengthen the U.S. economy by eliminating unnecessary taxes that drive up the cost of American-made goods and services.
H.R. 4923, the American Manufacturing Competitiveness Act of 2016, creates an open and transparent process for the House to consider manufacturing tax breaks through the Miscellaneous Tariff Bill (MTB). Through the MTB process, Congress temporarily suspends or reduces tariffs for certain imported resources and materials that are not made in the United States.
A number of North Carolina businesses utilize tariff reductions to decrease costs, and this legislation helps create an economic environment in which those businesses can create jobs and thrive in the global marketplace.
Stopping the Obama Administration from Implementing New Regulations on Financial Advisors
The Department of Labor has issued a rule that expands the department’s complex pension rules to cover IRAs and changes the definition of who is classified as a financial advisor. The rule, which contains more than 1,000 pages of new regulations, makes it cost-prohibitive to offer advice or services to low and middle-income Americans by increasing compliance costs and the risk of litigation.
We have a retirement savings crisis in this nation, and it is vital that every American has access to high-quality advice and an array of financial products available at a low cost. The Obama administration’s fiduciary rule will significantly impact the ability of Americans to receive advice on how to save for retirement and make it more difficult for businesses, in particular small businesses, to establish retirement plans.
The Congressional Review Act of 1996 established a process through which Congress can overturn regulations issued by federal agencies by enacting a joint resolution of disapproval. On Thursday the House passed a resolution to block the flawed fiduciary rule.
More Bad News for the U.S. Economy
On Thursday the U.S. Department of Commerce announced that the gross domestic product, an important measure of our nation’s economic health, grew by a negligible 0.5 percent in the first quarter of 2016. It is the worst performance in two years and dismal news for the U.S. economy. During the last three months, consumer spending has slowed, business investment has plummeted and exports have continued to decline.
We need a stable and predictable tax code under which families and businesses are best able to plan for the future. It is also possible to relieve the regulatory burden on small businesses and other job creators while balancing environmental stewardship, public safety and consumer interests. While our economy has been hampered by the progressive ideology of the current administration, my Republican colleagues and I will continue to pursue our agenda of economic growth so Americans can feel confident in their future.
Updates to Electronic Privacy
Nearly 30 years ago, Congress passed the Electronic Communications Privacy Act of 1986 to provide a fair balance between the privacy expectations of American citizens and the legitimate needs of law enforcement agencies. However, technology has changed dramatically since 1986. This week the House passed H.R. 699, the Email Privacy Act, which modernizes current law to protect Americans’ constitutional rights while providing law enforcement with the tools they need for investigations in the digital age.
Carolinians in the Capitol
This week I met with a variety of individuals and organizations from North Carolina.
What’s Coming Up
Next week the House will hold a district work week. I look forward to traveling around North Carolina’s 5th District and hearing from you.
Sincerely,
|
|
|
|
NOTE: Please DO NOT respond to this email as this inbox is unattended. To contact my office please click here
|
|
|
