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Political and Legislative

$700 Billion-Plus ‘Buy American’ Campaign Proposed by Biden

Launching an economic pitch expected to anchor his fall presidential campaign, Democratic candidate Joe Biden is proposing sweeping new uses of the federal government’s regulatory and spending power to bolster U.S. manufacturing and technology firms.

Biden calls for a $400 billion, four-year increase in government purchasing of U.S.-based goods and services plus $300 billion in new research and development in U.S. technology concerns. Among other policies expected to be announced Thursday, he proposes tightening current “Buy American” laws that are intended to benefit U.S. firms but can be easily circumvented by government agencies.

An outline released by Biden’s campaign also touts his long-standing promises to strengthen workers’ collective bargaining rights and repeal Republican-backed tax breaks for U.S. corporations that move jobs overseas.

“This will be the largest mobilization of public investments in procurement, infrastructure and (research and development) since World War II,” senior adviser Jake Sullivan told The Associated Press, with the campaign promising additionally that Biden would require that effort in domestic markets before negotiating any new international trade deals.

Read the source article at cnbc.com

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