New Congress Finally Elects Speaker Of The House

After 15 ballots, late Friday night, January 6, 2023, the U.S. House of Representatives elected a speaker of the House: Rep. Kevin McCarthy (R-Calif.). While the 118th Congress convened on January 3, the House could not take up any legislative business, or even administer the oath of office to new members, until a speaker was elected. It took almost four full days to do so, but now the lower chamber of Congress can get to work.

What are business leaders looking for from federal lawmakers?

According to the National Association of Manufactures’ 4th Quarter of 2022 Manufacturers’ Outlook Survey,  when it comes to priorities for the U.S. Senate and House of Representatives this year:

• More than three-quarters of manufacturers (75.8%) cited pushing back against regulatory overreach;
• 3 percent of respondents cited efforts to increase domestic energy production;
• 4 percent of respondents cited passing comprehensive immigration reform;
• 5 percent said controlling rising health care costs;
• 5 percent said addressing the skills gap facing manufacturers; and
• 40 percent said modernizing permitting to reduce red tape.

The survey also revealed that the majority of manufacturers (62 percent) believe the U.S. economy will officially slip into a recession in 2023. Despite those headwinds:

• 3 percent of manufacturers plan to increase capital spending on new equipment and technological investments;
• 1 percent of manufacturers plan to invest in upskilling and training of existing workforce;
• 1 percent of manufacturers plan to hire new employees;
• 1 percent of manufacturers plan to invest in research and development; and
• 6 percent plan to spend more on new structures and existing facilities.

To help industrial metals companies and the broader manufacturing industry through a potential recession, Congress must act on the important priorities listed above. Click here to read more about where MSCI stands on issues. Click here  to read more about the agenda for the 118th Congress.

Interested in discussing any of these issues with the lawmakers who represent you and your company? Click here to find their contact information.