Washington, D.C. – House Small Business Subcommittee on Economic Growth, Tax and Capital Access, under the chairmanship of Rep. Tom Rice (R-SC), today held a hearing to examine how our country competes against the rest of the world in regards to private sector business viability, health and growth potential.
Historically, America has capitalized on globalization generating substantial economic growth; however, over time the American economy has faced detrimental hardships, including outsourcing to other countries, as businesses attempted to reduce some or all of their cost of production. Fast-growing company, Chobani, Harvard Business School Professor Michael Porter, and South Carolina’s Manufacturing veteran, Alice Manufacturing Company, were among the witnesses who testified today about America’s economic competitive strategy and recommendations for how the United States could restore its competitive dominance.
“In an increasingly global economy, America’s competitiveness is critical to our economic growth and standing around the World,” said Chairman Rice. “To restore America’s place within the global economy we must ensure that federal policies promote business’ ability to be competitive. Onerous federal regulations, an overarching government, and a complex tax code threatens the entrepreneurial and innovative work of companies in the United States. This hearing provided a solid blueprint for solutions that can promote growth, particularly for America’s small businesses, and restore our country’s competitive edge.”
Professor Michael Porter, Harvard Business School in Boston, MA said, “A country such as the United States is competitive if the companies operating there can compete successfully in the global economy while simultaneously raising living standards for the average American. To be competitive over time, the United States requires a business environment that enables businesses and citizens to be highly productive over the long run.”
James McConeghy, Chief Financial Officer, Chobani, Norwich, NY said, “In less than six years, we’ve grown our business from nothing to over $1 billion in sales, and expanded our reach across the globe. We’ve invested more than $700 million between our original manufacturing facility in New York and our new plant in Twin Falls, Idaho. We’re no longer a start-up with 5 employees, but a global organization with a workforce more than 2,600 strong. It is the American Dream come to life - proving that, if you truly believe in something and work hard, anything is possible.”
“The future of Chobani’s success is strongly burdened by current federal regulatory and legal challenges. The four most prominent challenges that I will touch on today are the lack of an FDA standard of identity for Greek Yogurt, Geographic Indicators in international trade, Trans-Pacific Partnership (TPP) trade negotiations and their potential impact on trade in dairy products with Canada, and tax reform.”
Smyth McKissick, Chief Executive Officer, Alice Manufacturing Co, Inc. Easley, SC said, “…enacting fair trade and investment policies that promote the competitiveness of U.S. manufacturers, as well as the competitiveness of the nations we trade with is critically important. Government to government, economy to economy, and industry to industry, the two-way exchange of goods must be fair and create mutual benefits.”