To lose. Senator, business leader advises Biden administration to favor free market solutions
US Senator Roger Wicker, R-Mississippi, a prominent member of the Senate Committee on Commerce, Science and Transportation, participated in a hearing today to consider the challenges to the US economy, especially manufacturers, as a result of disruptions to the supply chain. supply. These issues have persisted despite the return in demand for products and services after the COVID-19 pandemic.
In his opening remarks, Wicker highlighted the significant decline in US manufacturing capacity and the risk it posed to US supply chains.
“As global competition has increased, control over our supply chains has fallen into the hands of fewer and fewer countries, especially China,” Wicker said. “Such geographic concentration of supply chains has left many US companies vulnerable to disruption, something that we are now acutely experiencing.”
Wicker pointed to the committee’s actions to strengthen US supply chains, including through the recent bipartisan US Competition and Innovation Act.
Wicker invited Mississippi business leader William “Lex” Taylor III of Louisville, Miss., To testify at the hearing. Taylor is the chairman of the board and chief executive officer of the Taylor Group of Companies, Inc. He has also served in multiple economic development positions in Mississippi, including as chairman of the Mississippi Economic Council for 2019-2020.
Taylor spoke about how his companies, which make a variety of heavy industrial equipment for the private sector and the US military, have seen the costs of shipping and sourcing key components, if available at all, skyrocket. Additional costs and lengthy delays have spread across much of the US manufacturing base.
“The supply chain is very interwoven and the companies within it depend on each other to sustain the industry and therefore the economy as a whole,” Taylor said. “The supply chain is a mess, it is in disarray. That is why we are here. Delivery delays have forced manufacturers like Taylor to resort to unorthodox and speedy methods to obtain critical supplies. This situation is causing inflation to run rampant throughout the supply chain. “
Taylor asked the committee to be cautious in the future. Industry leaders have shared their concern that the federal government could create problems for the industry as it seeks to remedy problems in the supply chain.
“My request to this committee is that you do not overreact with solutions that may cause unintended consequences. Rather, I encourage them to support the free market system and allow it to do what it does best and find practical, private sector-driven solutions, ”concluded Taylor.
Release of Senator Roger Wicker.