White House celebrates Siemens’ $ 54m investment in US manufacturing
The White House championed Siemens’ announcement as the latest indication of how Biden’s “Made in America” agenda is strengthening US supply chains and creating good-paying jobs.
“You may recall the previous administration made big claims on how they would restore America’s industrial might. That turned out to be just rhetoric, ”a senior administration official said. “President Biden followed through on his commitment to him to make ‘Buy American’ real.”
In his State of the Union speech on Tuesday, Biden emphasized his commitment to reinvigorating US manufacturing to strengthen both the economy as a whole and individual families’ financial prospects.
“There’s something happening in America,” Biden said Tuesday. “Just look around, and you’ll see an amazing story – the rebirth of pride that comes from stamping products ‘Made in America,’ the revitalization of American manufacturing.”
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As part of his “Made in America” agenda to bolster the country’s manufacturing sector, Joe Biden is also implementing changes to the Buy American Act.
As of now, products under consideration for federal procurement qualify as being made in America if 55% of the value of their component parts are domestically manufactured.
The Biden administration will change that threshold to 75% by 2029, with incremental increases to the requirement over the next seven years.
A senior administration official explained that the incremental nature of the policy change would “allow both small and large contractors time to transition their supply chains to domestic suppliers and to increase their use of American-made components”.
“It marks just one of many significant improvements to domestic sourcing policy that the Biden-Harris administration will be rolling out to ensure that taxpayer dollars help America’s businesses compete in strategic industries and help America’s workers thrive,” the official said.
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