July ’23 at-a-glance … regulations
NAFEM advocates with others for balanced regulations for U.S. manufacturers
NAFEM has joined the Manufacturers for Sensible Regulations coalition, an initiative created by the National Association of Manufacturers (NAM) to support manufacturing competitiveness. Data shows that the regulatory cost for small U.S. manufacturers is $34,671 per year, more than three times the cost to the average U.S. company. Coalition members are urging the White House to protect jobs, communities and economic growth by adding a manufacturing adviser to the White House staff to coordinate and balance regulatory efforts among agencies.
SEC climate-change disclosure rule expected in October
The U.S. Securities & Exchange Commission (SEC) indicated that it’s final Climate Change Disclosure Rule will be issued in October, 18 months after it was initially proposed. The new rule is expected to standardize climate-related disclosures for publicly traded companies. While only public companies will be required to meet the new requirements, NAFEM members who sell to these entities also may be expected to contribute to their publicly traded customers’ environmental, social and governance (ESG) ESG commitments.
States supporting manufacturing careers
States continue to introduce manufacturing workforce development initiatives. New Jersey’s A2014 and S659 Manufacturing in Higher Education Act would require various state entities to promote manufacturing career pathways for students and provides workforce assistance to the manufacturing industry.