Democrats in the US Congress have laid out plans for what they say would be the “boldest” bid to revitalize the country’s industrial heartlands since the second world war – using revenue raised by tariffs on China.
A bill introduced this week would create a new bank to strengthen domestic manufacturing, provided with up to $15bn in funds each year.
The bill, led by US representatives Ro Khanna, Tom Suozzi and Debbie Dingell, is entitled the Industrial Bank for American Manufacturing Act.
“This is one of the boldest industrialization proposals since FDR’s industrialization efforts, and it’s in the tradition of Hamilton’s efforts,” Khanna claimed in an interview. “This bank would support small and medium-sized manufacturers who are making things that we’re currently importing, and it would help thousands of our manufacturers across America to make things here, instead of importing them.”
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