The American Chemistry Council (ACC) President Chris Jahn urged President Biden, via a letter, to establish an Interagency Policy Committee (IPC) to coordinate economic impact analyses of regulations on the chemical industry and the broader economy. Led by the Director of the White House National Economic Council, the IPC would evaluate regulatory proposals' effects on federal department programs, particularly those related to recent legislation. In the letter, Jahn emphasized the critical role of the chemical sector in supplying raw materials across industries, employing over half a million Americans, and contributing significantly to the GDP. He warned that excessive regulations jeopardize the sector's competitiveness and innovation, potentially leading to job loss and decreased investment.
The letter to President Biden points to the results of a survey ACC recently conducted of its members concerning the regulatory environment:
- More than three-quarters of respondents said their regulatory burden has risen over the past year, and they expect it to increase even more.
- Sixty-seven percent of respondents reported that the current regulatory environment threatens their investment in the clean energy sector.
- Fifty-seven percent of respondents reported that the current regulatory environment threatens their investments in domestic semiconductor manufacturing.
- Nearly half of respondents said the current regulatory environment threatens their investment in the healthcare sector.