Press Releases

Manufacturers Urge Reversal of Mexico’s Unfair Energy Policies

Washington, D.C. – Following the Office of the U.S. Trade Representative’s announcement that the U.S. has requested consultations under the U.S.–Mexico–Canada Agreement over Mexico’s energy policies, National Association of Manufacturers Vice President of International Economic Affairs Ken Monahan released the following statement:

“This bold action from the Biden administration and Ambassador Katherine Tai is critical to stemming measures implemented and proposed by the government of Mexico that contradict the letter and spirit of the USMCA and undermine the rule of law in Mexico.

“Energy and electric power generation measures implemented by Mexico have favored dramatically the interests of Mexico’s state-owned electrical utility and state-owned oil and gas company. This adds costs for manufacturers that rely on existing contracts with energy suppliers and makes it harder for them to meet long-term sustainability goals in Mexico, while also slowing the deployment of renewable energy in Mexico.

“Manufacturers welcome the news that the U.S. has requested dispute settlement consultations with Mexico under the USMCA. We stand ready to work with USTR to quickly reverse Mexico’s unfair energy policies and to address the many other industry challenges in Mexico.”

Background:

On June 30, NAM President and CEO Jay Timmons detailed for President Biden a wide range of market access, regulatory and other commercial challenges in Mexico faced by manufacturers. Timmons underscored that “failure to prioritize enforcement of these commercial challenges will undermine the long-term credibility of the USMCA.”

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.8 million men and women, contributes $2.77 trillion to the U.S. economy annually and accounts for 58% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Business Operations

What Can Manufacturers Do About Inflation?

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Why is inflation happening now? What can we do about it? And how should manufacturers factor it into their plans for the future? The NAM’s Leading Edge program partnered with management consultant company Bain on a recent webinar that answered these questions and more. Here’s a quick recap.

Why it’s happening: According to Karen Harris, managing director of the Macro Trends Group at Bain, inflationary potential was building prior to the pandemic because of declining workforce growth around the world, underinvestment in energy and production and the concentration of supply chains with very few buffers in place.

  • Today’s inflation, Harris said, is the result of that “inflationary potential” meeting a series of triggers, including the COVID-19 pandemic and Russia’s war in Ukraine—both of which have destabilized global markets and supply chains.

What it means: Jason Heinrich, a senior partner in Bain’s Chicago office, discussed the challenges that inflation poses to business owners.

  • Among these are declining gross margins as costs of goods skyrocket; rapidly increasing labor, energy and input costs; difficult cash allocation decisions; lost sales if product availability decreases; and erosion of customer perception if price increases are too aggressive.

Strategies for success: Bain has analyzed thousands of companies over the past two decades to identify several successful strategies for accelerating performance during periods of disruption and providing future-proof against inflation.

  • These strategies include expanding the CFO role to support the C-suite in navigating turbulent times; enhancing growth through customer engagement efforts; being strategic about price increases; building resilient and growth-focused supply chain operations; scaling and doubling down on automation as wages increase; and investing in building the best workplace to attract top talent in a difficult labor market.
  • “The research that we’ve done over a couple of decades suggests that the firms and businesses that are on their front foot and playing offense in these periods of disruption outperform their peers over a long period of time,” said Heinrich. “These are moments of truths and moments of opportunity.”

Questions to ask: According to Harris and Heinrich, there are a few critical questions businesses should be asking in the current moment to help manage inflation challenges effectively, including the following:

  • How robust is customer demand, and what changes do you anticipate in the next 12–24 months?
  • How do you anticipate inflation will impact your business, and what actions can you take this quarter or over the next four quarters?
  • How are you assessing resilience, and to what extent should you trade off efficiency for resilience?
  • How can you evolve your strategic-planning process to be more dynamic?

Learn more: For more information, check out the full webinar here.

How the NAM can help: If you’re looking for resources to achieve time and cost savings, guard against inflation and help your business solve other current challenges, the NAM’s Inflation Resource Bundle for Manufacturers can help. Click here to find out how.

Workforce

Shattering Records: Creators Wanted Has a Big Impact in Michigan

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A record breaker. That’s the best way to describe the all-time high attendance rates, email subscriber numbers and other signs of surging interest in manufacturing careers brought about by the Creators Wanted Tour stop at the Dow Great Lakes Bay Invitational in Midland, Michigan, last week.

Family first: The nationwide tour, a joint initiative of the NAM and its workforce development and education partner, The Manufacturing Institute, marked its 10th stop July 13–16. This stop’s overarching theme: family, according to Dow Chairman and CEO and NAM Board Chair Jim Fitterling.

  • Dow sponsored the golf invitational, the first LPGA event to achieve carbon neutrality, as well as the four-day Creators Wanted event. The company also recently more than doubled its commitment to the Creators Wanted campaign, to $2 million.
  • “You’ll see many, many families out here,” Fitterling told the audience at the tour stop’s kickoff event. “The reason we’ve got the family focus here is that it’s not just about students; it’s also about parents. An awful lot of students say that they won’t consider going into manufacturing because they aren’t encouraged by their parents to go into that field.”

Shifting perceptions: One of the reasons that recent generations of parents haven’t encouraged their children to go into manufacturing? Misconceptions, explained Fitterling. But those are starting to change, he and other kickoff-event panelists said.

  • “Sometimes [parents and students] have perceptions about manufacturing that just aren’t current,” Fitterling said. “Creators Wanted is about … [giving] them a hands-on experience to show them what’s going on in advanced manufacturing today.”
  • MI President Carolyn Lee cited MI–Deloitte survey data showing significant recent growth in the percentage of parents who say they would encourage their children to enter manufacturing: 40%, up from 27% in 2017. “The good news is we are already making a dent on change,” Lee said.

Just plain fun: For many of the attendees at last week’s Midland tour stop, “racing to the future” in the Creators Wanted immersive experience/high-tech escape rooms, meeting creators at Dow, getting career coaching tips from FactoryFix, learning about opportunities in Michigan with the Michigan Manufacturers Association and participating in all the other family-friendly events was as much about having a good time as considering a new career path.

  • “Having to use teamwork to exit the escape room and things like that, I find it really interesting,” said one student participant. “I take away that I could … have a career in manufacturing.”
  • In addition to the immersive experience, there were activities and games in the STEM Center, where “kids, students and parents or other supervising adults [could] see how STEM relates to not only sports but other technologies that can help us ‘imagine better,’” such as 3D printing, said NAM Managing Vice President of Brand Strategy Chrys Kefalas.
  • The next generation of manufacturers were also welcomed to take part in “Friction Hockey” and “Binary Bits” experiments, which let them see how surface friction affects object movement and translate computer code into phrases using LEGO blocks, respectively.
  • There was also a fully stocked “Kid Zone” with miniature golf and a giant mural to which kids were encouraged to add their own artwork, as well as a “First Tee Junior Clinic,” hosted by the nonprofit First Tee, which aims to teach children life skills through golf.

Women in manufacturing: Midland was also the site of an important announcement from Lee during a fireside chat with Dow Senior Vice President of Operations, Manufacturing and Engineering John Sampson: Dow will provide a $500,000 grant over four years to support the MI’s Women MAKE America’s 35×30 campaign.

  • The campaign’s goal: to increase the representation of women in the manufacturing workforce to 35% by 2030.

Major impact: The Dow GLBI tour stop generated a lot of interest.

  • More than 47,000 email subscribers from Michigan signed up to learn more about modern manufacturing careers.
  • More than 1,550 students, parents and/or attending adults went through the immersive experience.
  • Ninety-six percent of surveyed immersive-experience participants reported an improved view of modern manufacturing, and 72% of respondents who had previously described manufacturing as “dirty,” “dangerous,” “old-fashioned,” “part of the past” or “traditional” described manufacturing as “modern,” “innovative,” “high tech” or “creative” in the latest survey.

Just some of the mentions: Many media outlets covered the event, including the following:

The last word: The Creators Wanted mobile experience encapsulates what modern manufacturing is all about, said Michigan Attorney General Dana Nessel, who toured it along with Solicitor General Fadwa Hammoud.

  • The experience “showcased … new styles of recruiting & making the safety, inclusion, creativity & technology the new normal,” Nessel tweeted. “The Creators Wanted interactive experience was so cool!”

Watch now! See a video of tour-stop highlights here.

Press Releases

Manufacturers Back Chips Bill, Call for Further Action from Congress

Timmons: “A vote for the CHIPS Act funding is a vote for a stronger, more competitive manufacturing industry in America.”

Washington, D.C. – Ahead of consideration of legislation to bolster U.S. semiconductor manufacturing, National Association of Manufacturers President and CEO Jay Timmons released the following statement:

“A vote for the CHIPS Act funding is a vote for a stronger, more competitive manufacturing industry in America. But if Congress fails to pass this investment in the coming days, they will hand other countries a competitive advantage and weaken our own economy at a precarious moment.

“Other provisions of the China competition bill still under negotiation also need to make it to the president’s desk, and manufacturers firmly support their inclusion in this package. We will continue our advocacy for the anti-counterfeiting measures, trade provisions, supply chain investments and more. Congress must get those done.

“This week, we can take a powerful step forward with chips funding and move toward a future where semiconductor shortages—and the disruptions they’ve created—are a thing of the past. Other nations are not waiting around to ramp up semiconductor manufacturing. America should be leading, not falling behind.”

Background:

According to the NAM’s latest Manufacturers’ Outlook Survey, more than 88% of respondents said it was important for the federal government to take steps to support the domestic manufacturing sector in the face of increased global competition for industrial investment, with nearly 58% saying “very important” and 30.7% saying “somewhat important.” When asked about what aspects of the China competition legislation were most important for supporting manufacturing activity, the top choices were addressing port congestion and competition issues in ocean shipping (70.9%), eliminating ill-conceived labor provisions that facilitate unionization campaigns (61.3%), strengthening U.S. leadership in energy innovation and competitiveness (58.2%), funding to increase domestic semiconductor production capacity (57.9%), investments to support the critical minerals supply chain (55.7%) and ensuring the tax code provides a full deduction for research expenses (48.3%), among others.

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.8 million men and women, contributes $2.77 trillion to the U.S. economy annually and accounts for 58% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

Workforce

Husco Provides Jobs to Afghan Refugees

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For Jason Schuetz, Husco’s vice president of global operations and advanced manufacturing, what started out as meeting a business need at his company has turned into something profoundly more fulfilling.

How it all started: The Waukesha, Wisconsin–based company, which specializes in hydraulic and electromechanical control systems, had open positions that needed to be filled—a challenge that many manufacturers face daily.

  • “We were struggling for a long time to fill the positions that we had open. And we knew that if we continued to think in conventional ways, we would get conventional output and that was not much,” said Schuetz.
  • “We were short a number of direct hire positions, similar to a lot of places in the area,” added Husco Director of Operations Mark Dreikosen. “We were looking for creative solutions to fill our staffing needs.”

An opportunity knocks: After months of minimal results in the hiring search, an opportunity was brought to Husco through Lutheran Social Services to help provide jobs for Afghan refugees who fled from the Taliban and relocated in Waukesha.

  • After many internal conversations and external meetings with Lutheran Social Services and Manpower International, a global workforce solutions company, Husco moved forward in March.
  • The result? Over the past several months, Husco has hired and welcomed 33 Afghan refugees.
  • “It was needs based, really, for Husco,” said Dreikosen. “Fortunately for us, it wasn’t the first time we’ve done something like this. We’ve helped support groups who have emigrated from Myanmar, formerly Burma, under similar context where there’s political unrest.”

Adapting to change: Schuetz said that 2016 experience helped Husco prepare for some of the challenges the company faced with regard to documentation, language and some cultural differences, but new challenges surfaced as well.

  • Schuetz said that being very fresh to the U.S. workforce, the refugees needed to be taught what the “professional expectations were in the U.S.”
  • Work instructions needed to be translated into Pashto and reformatted to accommodate reading from right to left rather than left to right.
  • “None of the individuals had licenses or had a means of getting to work,” said Schuetz. “So, we needed to quickly lean on and partner with Manpower—who has been vital in this—to help find and set up transportation.”
  • To accommodate religious needs, Husco set up multi-faith meditation spaces so the new employees can pray throughout the day. In addition, for a facility-wide event during Ramadan, the company catered appropriate food so individuals could still participate and be part of the team while practicing their religious obligations.

Breaking the language barrier: To help the refugees’ English-speaking skills, Husco ensures there are translators available on every shift.

  • Two employees, Hamza Jebran and Baitullah Jan—Afghan refugees themselves who studied English—serve as translators for their new colleagues. (Click here to watch an interview with Jebran.)
  • “Another of our employees, Habib, couldn’t speak a word of English when we first met him a few months ago, and now we can have a conversation with him,” said Dreikosen. “Sometimes we will have one of our employees come up during a shift meeting and teach the rest of the crew some Pashto as they’re trying to learn some English and share their culture at the same time. It’s really cool to see.”

Eager to learn: For Dreikosen, the refugees’ motivation and eagerness to learn transcend the language and other cultural differences.

  • “They’re as driven and motivated as any other employee who comes through Husco’s doors—and we caught on to that very quickly,” he said. “Their drive for success, given their situation, and how important it is to have a home and to feel welcomed, it’s inspiring.”

Strong foundation: Schuetz says that what has made Husco’s refugee program a success is the company’s strong foundation with its current employees.

  • “It’s been successful for us because we have always made it a point to treat our people fairly and with respect,” he said. “The refugees have been welcomed by their fellow employees because they know that we treat everyone this way, and we would help anyone. There are many challenges, but this team decided they were going to make this work, and every obstacle that they encountered, they knocked it down and moved the ball forward.”
  • The support from Husco has made the program a success: “It starts with our supervisors, our quality engineers, our technicians—they’re all in. They know there’s going to be bumps along the way, but they’ve bought in and know that this is the right thing to do,” said Dreikosen.
  • Dreikosen notes that Husco is now receiving more referrals and inquiries from job seekers of all sorts of backgrounds. They’ve heard about the good the company does and how welcoming it is, and that attention has made the company more attractive in the eyes of job seekers.

The last word: “When this opportunity was brought to us through Lutheran Social Services, we grabbed onto it tightly and realized that with the challenges that we were going to encounter day to day, the end game was so much greater,” said Schuetz. “It’s been rewarding in so many ways.”

What the NAM says: “With more than 900,000 open jobs in manufacturing, we need to attract and hire from the widest talent pool possible,” said Manufacturing Institute President Carolyn Lee. “When manufacturers hire refugees, they see fewer turnovers and increased efficiencies, and at the same time, they’re helping improve the lives of refugees, their families and communities. Increasing diversity in the talent pool and developing more inclusive workplaces strengthens the competitive advantage of our industry and our workforce.”

Policy and Legal

SEC Proposes New Shareholder Rule

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The U.S. Securities and Exchange Commission has proposed a new rule that could undermine key reforms the NAM secured in 2020—and empower activist shareholders.

The background: Shareholders in public companies generally have the right to submit proposals to corporate proxy ballots.

  • These proposals, which voice shareholders’ views on business and governance topics relevant to the company, can then receive a vote by the full shareholder base.
  • To qualify for inclusion on the ballot, shareholder proposals must meet certain criteria.

Submission thresholds: In 2020, the NAM supported—and the SEC finalized—new thresholds to make it more difficult for activist shareholders to place politically motivated proposals on the proxy ballot.

  • These thresholds require higher degrees of ownership and shareholder support before a proposal can be submitted or resubmitted.

The new rule: The SEC’s proposal leaves the 2020 thresholds in place, but it creates other opportunities for activists and limits the tools companies can use to prevent them from hijacking the proxy ballot.

  • Currently, companies can exclude shareholder proposals that have already been substantially implemented, are duplicative of other proposals on the proxy ballot or are resubmissions of previous failed proposals. Each of these abilities would be limited significantly under the proposed rule.
  • For example, rather than being allowed to exclude all duplicative proposals, companies would only be permitted to exclude virtually identical proposals that address the same subject matter, seek the same objective and do so by the same means.

What we’re saying: “The NAM is concerned that the SEC’s proposed rule may prioritize the agendas of activists over the needs of long-term shareholders investing for the future,” said NAM Senior Director of Tax and Domestic Economic Policy Charles Crain.

  • “We look forward to working with the SEC in the coming months to ensure that manufacturers’ shareholder engagement can continue to focus on issues critical to business growth and investor returns.”

Next steps: Comments on the proposed rule are due to the SEC by Sept. 12.

Policy and Legal

NAM Fights Back Against SEC About-Face

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As the U.S. Securities and Exchange Commission turns its back on a bipartisan agreement on proxy advisory firms, the NAM is taking action.

The background: In 2020, the NAM supported—and the SEC finalized—a major rule to increase oversight and transparency with regard to proxy advisory firms. These unregulated and unaccountable entities influence publicly traded companies by recommending how institutional asset managers should vote in corporate proxy contests.

  • Since last January, the SEC’s new leadership has taken steps to undermine and reverse the 2020 rule. The NAM has filed suit against the SEC for refusing to enforce the 2020 rule, called on the agency to provide “reliable rules of the road” and opposed a proposed rule to reduce proxy firm oversight.

The new rule: Yesterday, the SEC released a final rule that rescinds many of the critical reforms the NAM secured in 2020. Specifically, the new rule removes requirements for proxy firms to engage with impacted companies and their shareholders, and it weakens the 2020 rule’s anti-fraud provisions.

Arbitrary and capricious: The SEC is making these substantial changes absent any new evidence—because the 2020 rule was never allowed to take effect. It has also failed to articulate a satisfactory policy justification. Federal agencies are prohibited from issuing regulations that are “arbitrary and capricious”—an easy descriptor for the SEC’s actions given the agency’s abrupt and unjustified about-face.

NAM in action: The NAM announced yesterday that it plans to file suit against the SEC to preserve the 2020 rule. It will argue that the SEC’s decision to change course without allowing the 2020 rule to take effect and be fairly evaluated epitomizes arbitrary and capricious rulemaking.

What we’re saying: “The SEC has offered no justification for abandoning a decade’s worth of bipartisan, consensus-driven policymaking,” said NAM President and CEO Jay Timmons. “This move will undoubtedly harm the competitiveness of publicly traded manufacturers, and it will hurt Main Street investors.”

Policy and Legal

Why Nuclear is Key to Climate & Energy Security

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As energy prices remain at their highest levels in more than a decade, there’s little sign that the U.S. is on a steady course toward energy security. That’s why the NAM is urging the federal government to pursue all available options—including nuclear.

The lowdown: Nuclear energy is a safe, reliable and the largest zero-emission source of energy in the U.S.

  • At a time of pronounced supply chain challenges, oil-and-gas lease cancellations and costly shortages of critical minerals, nuclear energy could go a long way toward fortifying the grid.
  • In addition, the technology has advanced enormously in recent years. Microreactors, small enough to be moved by truck, are poised to help solve the challenge of powering remote areas.
  • The Department of Energy also recognizes the importance of nuclear energy, recently noting its relevance to energy security in the department’s Supply Chain Assessments.

What we’re saying: “The reality is that to meet our growing electricity needs and climate goals, nuclear-generated power must be part of the solution,” said NAM Director of Energy and Resources Policy Chris Morris. Here are his key policy recommendations:

  • Encourage capital formation: The NAM secured a significant $6 billion investment in the Civilian Nuclear Credit Program through the recent infrastructure bill, but more robust investments will be needed to ensure operations continue at current nuclear projects, Morris said.
  • Relicensing: Licensing and permitting processes should meet the highest standards, but the Nuclear Regulatory Commission often takes years to complete them. The NRC should use its position on the Federal Permitting Improvement Steering Council to make efficiency improvements in its licensing processes under the recently announced Permitting Action Plan.
  • Fuel supply chain security: The U.S. imports uranium for civilian nuclear use from Russia, Kazakhstan, Uzbekistan, Canada and Australia, among others. Meanwhile, new advanced reactor concepts will utilize high-assay low-enriched uranium (HALEU) which is now solely produced by Russia and China. The NAM has been calling on policymakers to prioritize increasing domestic production.
  • SMRs and microreactors: Small modular reactors use factory-built components to streamline construction, while microreactors are portable and self-sufficient. Both will be crucial for next-generation nuclear power—but the U.S. government must invest in their manufacturing and modernize regulations accordingly.
  • Spent fuels: The NAM has long supported ongoing R&D into the storage and transportation of spent fuels—and progress is being made. Just yesterday, NRC staff recommended licensing a new storage project in New Mexico, “determining there would be largely minor environmental impacts from the project,” according to POLITICO (subscription).
  • Public perception: Commercial nuclear power is sometimes viewed as dangerous or unstable based on historic misconceptions. In truth, the U.S. nuclear industry is leading the world in best practices, safety and accountability. Policymakers must engage with local communities to provide the facts and emphasize the importance of nuclear power for combating climate change.

The last word: “Our current fleet and the next generation of nuclear power must be a substantial part of a clear-eyed strategy to address climate and energy security,” Morris said.

Workforce

“It Is the Future”: Creators Wanted Arrives in Midland, Michigan

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The Creators Wanted Tour marked several milestones yesterday, as it kicked off its 10th stop on its cross-country trek and first-ever appearance at a major golf tournament.

In the swing of things: With generous support from Dow, the Creators Wanted Tour—a joint initiative of the NAM and its workforce development and education partner, The Manufacturing Institute—arrived in Midland, Michigan, this week for the LPGA Dow Great Lakes Bay Invitational.

  • The tour’s goal: to educate and excite students, parents, teachers and other mentors across the country about careers in modern manufacturing—in part with trips through an immersive series of “escape rooms” where participants get hands-on with advanced manufacturing, learn about the creative skills at work in the industry and have fun solving riddles and puzzles that unpack key information about manufacturing careers.
  • Dow recently announced that it is doubling its initial Creators Wanted campaign commitment to $2 million, which will help ensure continued tour stops and more outreach to the next generation of manufacturers.

Competitors needed: For the U.S. to remain competitive on the world stage, its manufacturing sector requires willing, dedicated talent, Dow Chairman and CEO and NAM Board Chair Jim Fitterling told the audience at the tour stop’s kickoff event on Wednesday. Fitterling joined representatives from the NAM, the MI and the Michigan Manufacturers Association.

  • “The competitiveness of America’s workforce is critical,” Fitterling said. “If we want those supply chains back here, it isn’t a labor cost issue. It’s really [about] skills, and it’s also [about worker] interest.”
  • Michigan Manufacturers Association President and CEO John Walsh agreed, saying, “The number-one concern in every single company across the entire state in every single industry is personnel—getting people who are interested in manufacturing to come work and stay and move forward.”
  • The industry has averaged 800,000 job openings every month for more than a year, NAM President and CEO Jay Timmons noted.
  • That could spell trouble for the economy as a whole, said Manufacturing Institute President Carolyn Lee: “By the end of 2030, if we don’t fill these jobs, it could be a $1 trillion loss in GDP for the U.S.”

Not your grandparents’ manufacturing: The speakers pointed out that manufacturers must counteract the outdated and erroneous perceptions about their industry.

  • “An awful lot of students say that they won’t consider going into manufacturing because they aren’t encouraged by their parents to go into that field,” Fitterling said. “And sometimes they have perceptions about manufacturing that just aren’t current and aren’t modern. Creators Wanted is about … [giving] them a hands-on experience to show them what’s going on in advanced manufacturing today. This is a world that’s very digital. … There are all kinds of new technologies being used.”
  • One of the Creators Wanted Tour’s measurable goals by 2025 is “to change the perception for parents from 27% [favorability regarding manufacturing], where we began just a couple years ago, to 50%,” Lee said.

BAs not required: Manufacturing also offers career paths that don’t require a college degree, the speakers noted—another potential advantage that young people should know.

  • “There’s an alternative to college,” Fitterling said. “College is wonderful. And for those who wish to pursue that, they should, but there are students who might want to make something with their hands.”
  • Timmons recounted how his own father, who worked in the retail industry, was determined that Timmons attend college. “He said, ‘I want you to pursue a different type of career,’” Timmons said. “[But] I think we’ve gone full circle. And I think we realize now that today the manufacturing industry is the future. It is the future that everybody wants for their children.”

The last say: Careers that start on factory floors in manufacturing facilities can lead to leadership roles, Fitterling reminded the audience.

  • “Many generations of people in manufacturing [at Dow] have had great careers, and some have even gone on to lead companies out of that background,” he said. “We want to show students what’s possible and make sure that we use this [Creators Wanted] platform to get that message out and have the impact that we want to have throughout the United States.”

Related: Earlier in the day at a Success, Opportunity, Acceleration and Resilience (SOAR) event, during a fireside chat with Dow Senior Vice President of Operations, Manufacturing and Engineering John Sampson and in front of a packed crowd, Lee announced that Dow is providing a $500,000 grant over four years to support the MI’s Women MAKE America’s 35×30 campaign. The campaign aims to see women represent 35% of the manufacturing workforce by 2030.

Coming up next: The Creators Wanted Tour will come to several cities, including Columbia, South Carolina, Chicago and Baton Rouge, Louisiana, in fall 2022.

Press Releases

Manufacturers to Sue SEC on Proxy Advisory Firm Rule

“The SEC has offered no justification for abandoning a decade’s worth of bipartisan, consensus-driven policymaking”

Washington, D.C. – Following the Securities and Exchange Commission’s announcement that it is rescinding critical reforms designed to protect publicly traded manufacturers and their investors from unregulated and unaccountable “proxy advisory firms,” National Association of Manufacturers President and CEO Jay Timmons released the following statement:

“The SEC has offered no justification for abandoning a decade’s worth of bipartisan, consensus-driven policymaking. This move will undoubtedly harm the competitiveness of publicly traded manufacturers, and it will hurt Main Street investors. The SEC’s decision to change course without allowing the 2020 rule to take effect and be fairly evaluated epitomizes ‘arbitrary and capricious’ rulemaking. The NAM will be filing suit in the coming weeks to preserve the 2020 rule’s commonsense reforms and protect manufacturers from proxy advisory firms’ outsized influence.”

Background:

The NAM has long called for increased oversight of proxy advisory firms. In July 2020, the SEC issued final regulations to enhance transparency and accountability for proxy firms, a move Timmons called a “long-sought, major win for the industry and millions of manufacturing workers.” In October 2020, the NAM filed a motion to intervene in ISS v. SEC (ISS’s attempt to overturn the rule) in support of these reforms.

In June 2021, the SEC announced that it was suspending enforcement of the 2020 rule; the NAM voiced concern about the agency’s “efforts to bypass the required notice-and-comment process to keep this lawfully issued rule on ice indefinitely.” The NAM filed suit against the SEC in October 2021 challenging this unlawful suspension. Oral arguments in NAM v. SEC took place in May 2022.

In November 2021, the SEC proposed to rescind critical portions of the 2020 rule, a move the NAM called “deeply troubling.” The NAM filed comment opposing the recission proposal in December 2021.

-NAM-

The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.7 million men and women, contributes $2.71 trillion to the U.S. economy annually and accounts for 58% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.

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