Business mogul Kevin O’Leary wants to invest in a US refinery, says fossil fuels will stick around
April 13, 2023
Following the lead of Former President Donald Trump, the Biden administration proposed a rule to strengthen the Buy American policies.
In 1933 the Buy American Act was signed by President Hoover to promote the domestic economy. In 2017, the Trump administration promoted and strengthened the policy. Currently, the policy requires the federal government to purchase goods produced at least 55 percent in the US. Biden’s proposition increased the minimum by 5 percent and seeks to raise the minimum to 75 percent in the next decade.
“Leveraging [the federal government’s] purchasing power to shape markets and accelerate innovation is a key part of the Biden industrial strategy to grow the industries of the future to support U.S. workers, communities, and firms,” the administration said in a statement.
“As the pandemic has demonstrated, federal procurement can strengthen the resiliency of domestic supply chains, and reduce the risk of Americans being adversely impacted by the actions of competitor nations during a time of crisis.” The policy will be under review for two months before implementation.
The statement continued, “Today’s Notice of Proposed Rulemaking marks just the first set of proposed reforms to procurement policy under the Biden-Harris Administration to ensure taxpayer dollars help America’s businesses compete in strategic industries and help ensure America’s workers thrive.” In April, FBA reported Biden directed his Cabinet members to “to take a ‘hard look’ at their agency spending and to make sure they were following his Buy American agenda.
ARTICLE: ANTOINETTE AHO
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: KTIA.COM