This is the first in a series of updates in the AEM Industry Advisor that will break down the results of the 2024 elections and outline initial legislative policy implications for the equipment manufacturing industry.
First up, we turn to the U.S. Senate, where just yesterday, Sen. John Thune was elected as incoming majority leader in the upper chamber for the 119th Congress.
Last week, as expected, Republicans won the Senate majority after defeating several Democratic incumbents in key races. Victories by Sen.-elects Jim Justice (W. Va.), Dave McCormick (Pa.), Bernie Moreno (Ohio), and Tim Sheehy (MT) have given Republicans a 53-seat Senate majority.
Fun fact: two of the six members of the new Senate GOP leadership line-up are AEM Champion of the Industry recipients-- Majority Leader-elect Thune and Republican Policy Committee Chair, Sen. Shelley Moore Capito (R-W.Va.).
Majority Leader-elect Thune has long championed precision agriculture policy, most recently with the bipartisan Promoting Precision Agriculture Act. AEM members will also recall his leadership on the 2018 Precision Agriculture Connectivity Act which was passed as part of that year’s farm bill reauthorization and created the Federal Communications Commission’s Precision Ag Task Force.
Key Senate committee leadership will see a mix of new and old faces most likely, starting with the Senate Agriculture Committee. Sen. John Boozman (R-Ark.) will take the gavel as chair, and Sen. Amy Klobluchar (D-Minn.) is most likely to assume the top spot for Democrats as ranking member. Both are strong champions for the equipment manufacturing industry. First up for at the start of the new congress for this duo will be negotiating a long-term farm bill.
The Senate Environment and Public Works Committee will have a strong supporter of the industry in incoming chair Sen. Capito (R-W.Va.). Sen. Sheldon Whitehouse (D-RI) is expected to assume the position of ranking member. The two will be focused on preparing to reauthorize the surface transportation bill.
Sen. Mike Crapo (R-Idaho) and Sen. Ron Wyden (D-OR) will remain at the helm of the Senate Finance Committee, both well-known leaders to the equipment manufacturing industry. Their institutional knowledge will be key in navigating next year’s tax “super bowl” as several key provisions of the 2017 Tax Cuts and Jobs Act that are important to equipment manufacturers are set to expire. Their leadership could also be key in tempering any adverse effects from the incoming administrations plans for tariffs and the broader global trade policy landscape.
The Senate Commerce Committee will be chaired by Sen. Ted Cruz (R-Texas), with Sen. Maria Cantwell (D-Wash.) remaining as ranking member. They will also play a key role in surface transportation reauthorization activities.
With so much likely to take place next year that will impact equipment manufacturers, the industry is very well positioned – on both sides of the aisle – to positively shape policy outcomes in the U.S. Senate.
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