Economy
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On July 1, 2020, the United States-Mexico-Canada Agreement (USMCA) – which was signed into law nearly two years earlier – entered into force, formally replacing the North American Free Trade American (NAFTA). True to its original intent, this law reduced trade barriers for our farmers, opened new markets for American agricultural exports, and established a revitalized framework for free and fair trade between the United States, Mexico, and Canada.
Our nation is more than $31.4 trillion in debt. It is a figure so daunting that it seems almost insurmountable to resolve. To put this number into perspective, every American taxpayer — already facing record-high inflation, skyrocketing interest rates, and economic instability — is on the hook for nearly $95,000 in federal debt. Our current fiscal trajectory is unsustainable and financially irresponsible. We need to implement commonsense spending reforms and promote policies that encourage economic growth and reduce our crippling national debt.
WASHINGTON, D.C. – Today, U.S. Rep. Randy Feenstra (R-Hull) voted for, and the U.S. House of Representatives approved, a Congressional Review Act (CRA) resolution overturning President Biden’s $400-billion student loan bailout.
WASHINGTON, D.C. – Today, U.S. Rep. Randy Feenstra (R-Hull) voted to overturn an Environmental Protection Agency (EPA) rule that would impose costly, new emissions standards on heavy-duty freight trucks sold in 2027 and beyond. It passed the U.S. House of Representatives by a vote of 221 to 203.
Small businesses are struggling in the Biden economy. Inflation remains at record highs thanks to trillions in wasteful spending, labor shortages persist due to taxpayer-funded handouts that reward welfare over work, and burdensome compliance costs continue to squeeze already thin profit margins. When our small businesses – which employ nearly 62 million American workers – endure tough times, our families tighten their budgets and our economy stagnates.
WASHINGTON, D.C. – Today, U.S. Rep. Randy Feenstra (R-Hull) joined U.S. House Speaker Kevin McCarthy (R-CA) in demanding that President Joe Biden address the nation’s nearly $32-trillion debt crisis before the United States defaults on its debt obligations.
WASHINGTON, D.C. – Last month, U.S. Rep. Randy Feenstra (R-Hull) helped introduce, alongside U.S. Rep. Ron Estes (R-KS), the American Innovation and R&D Competitiveness Act, which would make immediate research and development expensing permanent for small businesses, manufacturers, biofuels producers, and the farming community.
WASHINGTON, D.C. – Last week, U.S. Rep. Randy Feenstra (R-Hull) helped introduce, alongside U.S. Rep. Michelle Steel (R-CA), the Permanent Tax Cuts for American Families Act, which would make the enhanced standard deduction – first established by the Tax Cuts and Jobs Act (TCJA) of 2017 – permanent. This enhanced deduction is set to expire in 2025 absent congressional action.
WASHINGTON, D.C. – Today, U.S. Rep. Randy Feenstra (R-Hull) issued the following statement after the U.S. Supreme Court upheld California’s Proposition 12, which is devastating for Iowa hog farmers, egg producers, and rural communities.
WASHINGTON, D.C. – Today, U.S. Reps. Randy Feenstra (R-IA) and Wiley Nickel (D-NC) introduced the Access to Credit for our Rural Economy (ACRE) Act of 2023, which would benefit American families, farmers, and rural communities nationwide by giving greater flexibility to more financial institutions to offer affordable lines of credit to rural and agricultural borrowers.