FOR IMMEDIATE RELEASE
Rep. Green Unveils Bills to Secure U.S. Supply Chains
Read Morgan Phillips’ exclusive in Fox News here.
WASHINGTON—Today, Rep. Mark Green reintroduced two bills to secure U.S. supply chains from the Chinese Communist Party (CCP)—the Western Hemisphere Nearshoring Act and the Bring American Companies Home Act. Rep. Green stated:
“My Western Hemisphere Nearshoring Act would begin a new era of strengthened ties and economic growth across the Americas. By encouraging companies to relocate manufacturing from the People's Republic of China (PRC) to Latin America and the Caribbean (LAC), we can create a win-win scenario. This will boost economic growth in LAC, reduce illegal immigration to the United States, and provide Americans with access to affordable goods.
My Bring American Companies Home Act will further protect our supply chains from the Chinese Communist Party's influence. It's no secret that the CCP seeks to outpace the United States, repress its own citizens, and sever America's global alliances. Instead of building up the economy of an oppressive regime, let's repair and strengthen our own.
The PRC is tightening its authoritarian grip over businesses operating within its borders. Why run a business where success is contingent on the whims of the CCP? It's time for American companies to recognize that dependency on PRC-based manufacturing threatens their supply chains, bottom line, and ultimately, our national security. My bills—the Western Hemisphere Nearshoring Act and the Bring American Companies Home Act—offer a proactive approach to create jobs and safeguard American interests.”
Read the text of the bills here and here.
Background:
The Western Hemisphere Nearshoring Act creates a low-interest loan program through the International Development Finance Corporation, with financing provided by existing tariffs on Chinese goods, to provide an incentive for companies to relocate their factories from China to Latin America. The bill would encourage private investment to restore manufacturing operations to the Western Hemisphere, using the existing tariff revenue to buy down the interest rate to an ultra-low level for borrowers. The borrower could use the loan to pay for the costs of moving from China to Latin America, including the cost of training employees and setting up infrastructure like power and water. Additionally, companies that relocate manufacturing assets to the region would get tax benefits such as 15 years of duty-free trade with the United States and favorable depreciation tax treatment.
The Bring American Companies Home Act uses tariff revenues collected on goods from China to provide a tax incentive that offsets moving costs for American companies in order to move their production back to the United States from China. The bill would establish a program under which amounts paid by a U.S. person to move inventory, equipment, and supplies used in a trade or business of the taxpayer from China to the U.S. would be allowed as a deduction in the taxable year in which paid by the taxpayer. Amounts expensed under the program would be regulated according to the Internal Revenue Code, and the expense would be paid for from a trust fund composed of tariffs collected from China.
Learn more about the Western Hemisphere Nearshoring Act in an op-ed for the Washington Examiner, in Fox News, in Rep. Green’s interviews with Fox Business in the Tennessee Star Report, or in Rep. Green’s Whiteboard Wednesday here. You can also read about the Bring American Companies Home Act in this op-ed or from CNBC.
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This is a companion discussion topic for the original entry at https://markgreen.house.gov/2025/1/rep-green-unveils-bills-to-secure-u-s-supply-chains