The White House
Office of the Press Secretary
November 29, 2017
Two Nominations Sent to the Senate Today
NOMINATIONS SENT TO THE SENATE:
Marvin Goodfriend, of Pennsylvania, to be a Member of the Board of Governors of the Federal Reserve System for a term of fourteen years from February 1, 2016, vice Sarah Bloom Raskin, resigned.
Joseph E. Macmanus, of New York, a Career Member of the Senior Foreign Service, Class of Minister-Counselor, to be Ambassador Extraordinary and Plenipotentiary of the United States of America to the Republic of Colombia.
West Wing Reads for 11/29/17
NOVEMBER 29, 2017 AT 6:50 PM ET BY WEST WING READS
Summary:
Each day we round up the best stories the West Wing is reading and share them with you.
“US ECONOMY EXPANDED AT BRISK 3.3 PCT. PACE IN THIRD QUARTER”
-Paul Wiseman in The Associated Press
Paul Wiseman at The Associated Press reports that from July through September of this year, the U.S. economy grew at an annualized pace of 3.3 percent – “its fastest rate in three years.” That achievement, Wiseman explains, comes “despite damage from two devastating hurricanes.”
The article quotes Jim Baird, chief investment officer at Plante Moran Financial Advisors: “The news on the economy had previously been good, but it just got a little better.” Along with this GDP growth, the third quarter saw business investment increase to the tune of 7.3 percent, making it “the sharpest pickup since the end of 2016,” writes Wiseman. The causes he cites for this growth include a healthy job market and a drop in the dollar’s value, the latter of which makes American-made products cheaper to buy abroad.
Click here to read more
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In other economic news, Adam Shell of USA Today writes that the Dow saw its biggest gains since early September as the Republican tax bill moved closer to reality. “The tax plan is viewed by investors as the centerpiece of Trump's economic stimulus initiatives,” writes Shell, “as lower taxes . . . [are] seen as boosting the economy, corporate earnings and consumer spending.”
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With more on tax reform, Noah Alldredge – owner of Big Time Results, a small personal training business in Missouri – speaks to The Daily Signal about how a simple and fairer tax code can benefit him, his employees, and his business.
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On the growing drug epidemic, The Hill’s Jessie Hellmann reports that the Justice Department will award “$12 million in grants to help law enforcement agencies combat the opioid crisis.” In addition, the Drug Enforcement Agency will create a new office with 90 special agents and 130 task force officers to fight illicit drug trafficking in Kentucky, Tennessee, and West Virginia.
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In national security, “there are few dangers more devastating than a nuclear weapons attack.” So writes The Heritage Foundation in its preview of a newly updated documentary, “33 Minutes,” which warns Americans of what the U.S. government must do to keep us safe. Why that title? “Thirty-three minutes is the maximum time it would take a nuclear-tipped missile from the farthest point of the earth to reach the U.S.”
The White House
Office of the Press Secretary
For Immediate Release
November 29, 2017
“I know that starting and growing a business takes tremendous grit and that facing the unknown requires determination. I also know that taking on that risk makes our Nation and our world a better place.” - President Donald J. Trump
A COMMITMENT TO GLOBAL ENTREPRENEURSHIP: The United States is co-hosting the Global Entrepreneurship Summit with India, which brings together more than 1,500 entrepreneurs, investors, and supporters.
• Advisor to the President Ivanka Trump is leading a contingent from the United States to the Global Entrepreneurship Summit (GES) in Hyderabad, India, on November 28-30.
o This year, more than 350 entrepreneurs from the United States are attending the GES.
• The Summit’s theme, “Women First, Prosperity for All,” reflects that for the first time ever, the majority of United States and global attendees will be women entrepreneurs, a particular point of pride for Advisor Trump.
o This year’s GES is focused on four key industry sectors: Energy and infrastructure, healthcare and life sciences, financial technology and digital economy, and media and entertainment.
• GES 2017 brings together emerging innovators from 150 countries and empowers women entrepreneurs in particular to take their ideas forward, and create new jobs and technologies that will benefit the United States and the globe.
• In preparation for the 2017 Global Entrepreneurship Summit, cities around America held thematic events to promote entrepreneurship and innovation. These include:
o Pittsburgh: Technologies for the Smart City
o Houston: Investment in Energy & Infrastructure
o Milwaukee: MSME Value in Global Supply Chain
o Washington D.C.: Entrepreneurship Policy
• The Trump Administration, since day one, has created conditions that support small businesses, innovation, and entrepreneurs.
o In America there are 11 million women-owned businesses that employ nearly 9 million people and generate more than $1 trillion in revenue.
SUPPORTING AMERICA’S ENTREPRENEURS AND INNOVATORS: President Donald J. Trump and his Administration have taken action to help Americans innovators succeed.
• In February, the President signed into law the INSPIRE Women Act (H.R. 321) and the Promoting Women in Entrepreneurship Act (H.R. 255) to promote women entering and leading the STEM fields – science, technology, engineering, and math – and preserve America as an innovation hub for generations to come.
• The Small Business Administration (SBA) is focused on using privately raised capital and SBA-guaranteed leverage, stimulating technological innovation through small businesses, and supporting parts of the country where there are gaps in the entrepreneurial ecosystem.
o SBA’s microloan program provides loans up to $50,000 and technical assistance for small businesses and not-for-profit childcare centers.
o Women’s Business Centers (WBCs) in more than 100 locations across the United States promote the growth of women-owned businesses through training and technical assistance, and provide access to credit and capital, Federal contracts, and international trade opportunities
o The Small Business Technology Transfer is a program that extends funding opportunities of $295 million annually to forge public-private partnerships that can help commercialize U.S. Federal research and development.
• The U.S. Department of Commerce’s Office of Innovation and Entrepreneurship fosters the commercialization of new technologies, products, processes, and services.
o In September 2017, Secretary of Commerce Wilbur Ross announced that 42 organizations from 28 states would receive $17 million through the Regional Innovation Strategies program, a grant program for American entrepreneurship ecosystem supporters.
o In October, Secretary Ross announced $30 million to support 35 projects in 16 states under the 2017 Assistance to Coal Communities initiative, which include activities and programs that support economic diversification, job creation, capital investment, workforce development and re-employment opportunities.
HELPING GLOBAL ENTREPRENEURSHIP: President Trump and his Administration are supporting American partnerships to help global entrepreneurs in line with the GES’s mission.
• The United States Agency for International Development (USAID), through the U.S. Government’s “Feed the Future” program, will launch a global competition in January 2018 for women-led enterprises to access investment and other business services to take their food businesses to the next level.
o Feed the Future will also work with American food companies to mentor women entrepreneurs in Africa who seek to build their expertise, optimize business operations, and scale up their companies. USAID’s initial contribution of $2 million will leverage contributions from the business community.
o Building on existing and previous programs, USAID and partners are launching the WomenConnect Challenge to support comprehensive approaches to closing the digital gender divide.
• The United States, in partnership with the World Bank, launched the Women Entrepreneurs Finance Initiative (We-Fi) at the 2017 G20 Leaders’ Summit along with 12 other countries. We-Fi has already raised more than $340 million in commitments.
• America’s Overseas Private Investment Corporation (OPIC) works alongside the private sector to provide access to finance and services and to mobilize capital supporting business development. In the last five years, OPIC provided loans to 3.7 million women. This includes a $225 million loan to IndusInd Bank, which lends to 3,000 micro-, small-, and medium-sized enterprises and serves 1.3 million women entrepreneurs in India.
• The U.S. Department of State’s Bureau of Educational and Cultural Affairs and Bureau of International Information Programs connect entrepreneurs from around the world with United States businesses to exchange best practices and expand their business networks.
• U.S. Embassies and Consulates support entrepreneurs by advocating for improvements to business climates and by hosting hundreds of public events around the world each year from setting up mentoring connections, to hosting workshops on angel investing, crowdfunding, or business incubation.The White House
Office of the Press Secretary
For Immediate Release
November 29, 2017
President Donald J. Trump is Giving Small Businesses a Boost
“Together we are unleashing a new era of American prosperity, perhaps likes we have never seen before.” – President Donald J. Trump
SMALL BUSINESSES ARE CRITICAL TO THE ECONOMY: Small businesses are a primary driver of the American economy and when they succeed so does the country.
• There are nearly 30 million small businesses in the United States, employing 57.9 million American workers, according to the U.S. Small Businesses Administration.
o 48 percent of all American workers are employed by small businesses, defined as firms employing fewer than 500 employees.
o Historically small businesses are responsible for two out of every three net new jobs created in America.
• Over half a million new small businesses are launched each year in the United States, creating more than 2.5 million new jobs per year, according to the Bureau of Labor Statistics.
• Nearly half of the United States gross domestic product (GDP) is driven by small businesses, according to the U.S. Chamber of Commerce.
o Over 97 percent of United States exporters are small businesses, according to the U.S. Small Business Administration.
TAX REFORM FOR SMALL BUSINESSES: The tax reform plans in the House and Senate would cuts taxes for small businesses.
• Under the House tax reform bill, businesses organized as sole proprietors, S corporations, or partnerships would have their top marginal tax rate capped at 25 percent for qualified business income.
o This would be the lowest top marginal tax rate in more than 80 years.
o Over 99 percent of American businesses are incorporated as one of these “pass-through” firms and currently face a top Federal marginal tax rate of 39.6 percent.
• Under the House bill, small businesses that file a joint return would have their first $75,000 of income taxed at a low rate of 9 percent.
• Under the Senate bill, businesses organized as sole proprietors, S corporations, and partnerships would be able to deduct 17.4 percent of their qualified business income with some restrictions on high-income households.
• For the next five years, American businesses will be able to immediately write off the full cost of their heavy equipment and other capital investments.
o This will help American businesses afford the heavy industrial machinery and other capital investments they need to grow.
HIGHER GROWTH, HIGHER WAGES, AND MORE JOBS: The tax reform bills in the House and Senate will increase investment in the American economy, leading to higher growth, increased wages, and more jobs for hardworking Americans.
• Cutting the top Federal corporate tax rate from 35 percent to 20 percent and allowing businesses to write off the full cost of non-structure capital investments immediately would mean faster economic growth and higher wages, according to President Trump’s Council of Economic Advisers (CEA).
o GDP could increase by between 3 and 5 percent in the long term.
o American annual household income could increase by an average of $4,000.
• A 3 to 5 percent increase in GDP over ten years could represent an additional $700 billion to $1.2 trillion in economic output, based on CEA’s calculations and the Congressional Budget Office’s baseline.
o Just cutting the corporate tax rate to 20 percent is estimated to increase long-run GDP by 3.1 percent, according to the Tax Foundation.
• Developed countries that have lowered their effective corporate tax rates have experienced wage growth across skill levels.
o Wages for American workers of all skill levels would increase after corporate taxes are cut.
o Developed countries with the low corporate tax rates have seen significantly higher wage growth compared with developed countries with higher rates.
• Cutting corporate tax rates will encourage firms to invest back in the United States, creating well-paying jobs for hardworking Americans.
o After President Bush’s 2003 tax cuts, the economy created 7.8 million jobs over five years, based on data from the Bureau of Labor Statistics.
o After President Reagan’s 1981 tax cuts, the economy created 14.8 million jobs over five years based on data from the Bureau of Labor Statistics.
o After President Kennedy’s tax cuts, the economy created 12.0 million new jobs over five years based on data from the Bureau of Labor Statistics.
REMOVING THE BURDEN ON SMALL BUSINESSES: President Trump has already taken action to remove the regulatory burdens all businesses face, particularly small businesses.
• Small business owners have the highest levels of optimism in over a decade according to Wells Fargo.
• Federal regulations cost the American economy $1.9 trillion and small businesses with 50 or fewer employees face regulatory costs nearly 20 percent higher than the average for all firms, according to the U.S. Chamber of Commerce and the National Association of Manufacturers.
o Small businesses are punished disproportionately by excessive government regulation and face $11,724 in regulatory burdens per employee versus $9,083 for firms with more than 100 employees, according to a study by the National Association of Manufacturers.
• President Trump signed an Executive Order, which mandates that for every one new regulation, two old regulations must be eliminated in order to control regulatory costs.
• President Trump signed into law 15 Congressional Review Act resolutions – blocking harmful Obama-era regulations from being implemented.
• In President Trump’s first six months, the Administration has approved the fewest regulations with an economic impact of more than $100 million in more than twenty years, according to the American Action Forum.The White House
Office of the Press Secretary
November 29, 2017
The Hill: "Trump opens GOP eyes on tax reform"
“Senate Republicans think President Trump is playing a constructive role in the tax debate and are optimistic about their chances of winning a big legislative victory.”
Trump opens GOP eyes on tax reform
By Alexander Bolton
The Hill
November 29, 2017
Senate Republicans think President Trump is playing a constructive role in the tax debate and are optimistic about their chances of winning a big legislative victory.
Trump flexed his muscle as an advocate on Capitol Hill Tuesday when he took on Sen. Ron Johnson (R-Wis.) during a private meeting after Johnson threatened the day before to vote against the tax bill.
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Trump also addressed deficit concerns raised by Sens. Bob Corker (R-Tenn.) and James Lankford (R-Okla.), warning them that lawmakers needed to be careful not to hurt future growth by setting up a backstop measure that would raise taxes in case the bill’s growth projections fell short.
The message got through to Johnson and Corker, who were threatening to vote against the tax bill in the Senate Budget Committee.
Both senators voted “yes,” allowing it to pass the panel by a single vote and giving it crucial momentum.
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Senate Republican Whip John Cornyn (Texas) said Trump gave the tax bill a shot of adrenaline.
“I thought the president did a good job of inspiring us all to get the work done,” he said. “This is a political imperative for Republicans.”
“He brought that message home and I thought it resonated,” he said.
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“Tax policy is obviously something he’s worked on a lot for a long time. Just his own personal business dealings and his own taxes so he’s very knowledgeable of this issue,” Lankford said.
He acknowledged that Trump made a good point about the potential of a backstop measure to cause uncertainty in the business sector.
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The president will travel to Missouri on Wednesday to pressure Democratic Sen. Claire McCaskill (Mo.), who faces a tough reelection in 2018, to vote for the bill.
Trump flew to Indiana, the home state of another vulnerable Democrat, Sen. Joe Donnelly, in September to promise “revolutionary change” to the tax code and pledge the economy would take off “like a rocket ship.”
He’s also taken a hands-on approach to lobbying lawmakers in the tax debate, meeting with the entire Senate Republican conference on Capitol Hill just over a month ago to unify it behind his tax plan.
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The Federal Trade Commission gave final approval to settlements with three companiesthat deceived consumers by falsely claiming participation in the European Union-United States Privacy Shield framework.
In separate complaints, the FTC alleges that human resources software company Decusoft, LLC, printing services company Tru Communication, Inc. (doing business as TCPrinting.net), and Md7, LLC, which manages real estate leases for wireless companies, violated the FTC Act by falsely claiming that they had completed the certification process for the EU-U.S. Privacy Shield framework. The FTC also alleged that Decusoft falsely claimed participation in the Swiss-U.S. Privacy Shield framework.
As part of their settlements with the FTC, the three companies are prohibited from misrepresenting the extent to which they participate in any privacy or data security program sponsored by the government or any self-regulatory or standard-setting organization and must comply with FTC reporting requirements. The FTC received four comments related to the settlements.
The Commission voted 2-0 to approve the final orders, as well as the responses to the four commenters.
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Following a public comment period, the Federal Trade Commission has approved a final consent order settling its first-ever case against individual social media influencers, the owners of the CSGO Lotto website.
The Commission’s September 7, 2017 complaint charged Trevor “TmarTn” Martin and Thomas “Syndicate” Cassell, two online influencers who are widely followed in the gaming community, with deceptively endorsing the online gambling service CSGO Lotto, while failing to disclose they jointly owned the company. According to the FTC, the defendants also paid other well-known influencers thousands of dollars to promote the site on YouTube, Twitch, Twitter, and Facebook, without requiring them to disclose the payments in their social media posts.
The Commission order settling the charges prohibits Martin, Cassell, and CSGOLotto, Inc. from misrepresenting that any endorser is an independent user or ordinary consumer of a product or service. The order also requires clear and conspicuous disclosures of any unexpected material connections with endorsers.
The Commission vote approving the final consent order and letters to public commenterswas 2-0. (The staff contact is Michael Ostheimer, Bureau of Consumer Protection, 202-326-2699)
The Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about consumer topics and file a consumer complaint online or by calling 1-877-FTC-HELP (382-4357). Like the FTC on Facebook, follow us on Twitter, read our blogs and subscribe to press releases for the latest FTC news and resources.
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