WASHINGTON, D.C. – Ahead of Manufacturing Day tomorrow, U.S. Sens. Sherrod Brown (D-OH) and David Perdue (R-GA), along with U.S. Rep. Randy Hultgren (R-IL-14), announced new bipartisan, bicameral legislation that will expand financing opportunities for small and mid-size manufacturers in Ohio. The Modernizing American Manufacturing Bonds (MAMBA) Act, will modernize financing opportunities available to small and mid-size manufacturers to build new facilities.
“Workers and entrepreneurs in our state are eager to make more Ohio-made products – that’s why it’s important to make sure our growing manufacturers have the capital they need to expand,” said Brown. “By making simple updates to the way manufacturers can use small issue private activity bonds, we can help Ohio manufacturers create jobs and boost our economy.”
“We have seen incredible advances in American manufacturing,” said Perdue. “Innovation and investment have helped manufacturing survive the globalization of our economy. To ensure the federal government keeps up with this evolving industry, the definition of manufacturing needs to include high-tech manufacturing techniques. This simple change will open doors for our engineers and businesses who continue to drive the manufacturing renaissance we are experiencing in America today.”
“Manufacturing bonds are a key tool for expanding and hiring more workers, but they haven’t been updated in three decades. It’s time to reform the outdated rules surrounding the use of these financing tools so that our manufacturers in Illinois and across the country can focus on growing their businesses and providing jobs for Americans,” said Congressman Hultgren, sponsor of the companion bill in the House. “I applaud Senators Brown and Perdue for propelling this bipartisan work forward in the upper chamber, and I look forward to both Houses sending a bill to the President’s desk for his signature. Let’s help our manufacturers invest, expand and hire.”
Brown is a strong supporter of American manufacturing. He authored the Revitalizing American Manufacturing and Innovation (RAMI) Act, which was signed into law in December 2014. The bill created a National Network of Manufacturing Innovation made up of advanced manufacturing hubs to bring together industry, universities and community colleges, federal agencies, and all levels of government to leverage resources and spur innovation. Brown’s office also hosts a series of Manufacturing Camps each summer to get a new generation of Ohioans interested in manufacturing jobs.