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United States House of Representatives Passes Bipartisan Infrastructure Bill; Matthew Shay and Geoff Freeman Comment

United States House of Representatives Passes Bipartisan Infrastructure Bill; Matthew Shay and Geoff Freeman Comment


UNITED STATES
Wednesday, November 10th, 2021

This past Friday, the U.S. House of Representatives passed a more than $1 trillion bipartisan infrastructure bill, sending it on its way to President Joe Biden for his signature. The Infrastructure Investment and Jobs Act, H.R. 3684, otherwise known as the Bipartisan Infrastructure Framework, represents a critical step in the President’s economic plans, putting roughly $550 billion in new funding toward transportation, broadband, and utilities over the next five years.

Matthew Shay, President and Chief Executive Officer, National Retail Federation“This substantial influx of investment in our roads, ports, bridges, and other core infrastructure will further enable businesses to meet burgeoning consumer demand and promote economic growth,” National Retail Federation President and Chief Executive Officer Matthew Shay commented in a release. “The prioritization of our nation’s fundamental transportation network will mitigate many of the supply chain challenges businesses are experiencing today and will pave the way for a 21st century infrastructure system that can withstand future disruptions.”

CNBC reports the Bipartisan Infrastructure Framework could be signed within days.

The U.S. House of Representatives recently passed a more than $1 trillion bipartisan infrastructure bill, sending it on its way to President Joe Biden for his signature

Several key components of the bill include modernizing the United States’ outdated transportation network, with historic investments for roads, bridges, waterways, and western water projects across the country.

Geoff Freeman, President and Chief Executive Officer, Consumer Brands Association“Today’s passage reverses years of inaction and inattention in Washington that has worsened our current supply chain crisis,” Consumer Brands Association President and Chief Executive Officer Geoff Freeman said in a separate release. “We applaud Congress for passing a comprehensive infrastructure bill that will help build supply chain resiliency in the future.”

Recently, supply chain bottlenecks and disruptions have been evident globally. For us here in California, we feel the pressure ever-increasing at the Ports of Los Angeles and Long Beach. There are hopes that this new passage would help ease the strain on the supply chain, especially as the holidays are just round the corner.

“This legislation is a monumental step forward, but it cannot solve the immediate supply chain crisis that is hampering the economy and driving increased costs for American families,” Freeman continued. “With the looming potential of shortages of essential goods, we encourage Congress and the Biden administration to stay focused on what can be done to fix problems now. Consumer Brands put forward a set of immediate policy recommendations and will continue to act as a partner to the administration to ease supply chain bottlenecks and ensure consumers have access to products they depend on every day.”

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