House Republican Leader Kevin McCarthy (R-CA) said during a press conference on Monday that a “bold, deregulatory agenda” is needed to bring back American manufacturing.
McCarthy said he spoke with experts and House Republicans about the world’s — and America’s — dependency on China for manufacturing.
He said that congressional leaders should include provisions in a potential phase four coronavirus “recovery legislation” that would work to bring back the American medical supply chain to the United States.
“I want Republicans and Democrats to be very serious about addressing this issue,” McCarthy said.
“And finally, we need to really look to a bold, deregulatory agenda to bring manufacturing to the United States. This would include extensive tax incentives, just ways to escape, to unshackle the regulatory capture because we have to look at it from a different perspective. You can’t just want the supply chain back,” he added.
He asked rhetorically, “In America, we don’t make aspirin, penicillin, the very basic things that China has control over. Well, how do you bring it back?”
McCarthy’s comments follow as he released an op-ed on Sunday that detailed the need for bringing back the American medical supply chain from China.
The House GOP leader noted that Chinese pharmaceutical companies control more than 90 percent of American antibiotics: ibuprofen and hydrocortisone, 70 percent of acetaminophen, and roughly 45 percent of the blood thinner herapin.
McCarthy proposed a wide-ranging solution to bring back American manufacturing, which includes tax incentives, financing, and eliminating government red tape. He said:
For our efforts, we should expand expensing to cover more types of investment for all industries domestically — including pharmaceutical manufacturing, along with tax incentives for companies interested in manufacturing biopharmaceutical products in the U.S. so they can do so.
“Bring the supply chain from China. Never allowing them to have that influence, and look at different supply chains now,” McCarthy said during the press conference.
Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter @SeanMoran3.