Scott, Colleagues Urge Treasury to Support Automobile Industry
WASHINGTON – U.S. Senator Tim Scott (R-S.C.) led a group of his Republican colleagues in urging the U.S. Department of the Treasury to use its existing authority to provide temporary and targeted relief to the automobile industry, as dealerships struggle with inflation and inventory shortages amidst ongoing supply chain disruptions.
“As the country continues to confront severe supply-chain disruptions, we write to express strong concerns that the Treasury Department has yet to use its existing authority to provide timely relief to auto retailers using the last-in, first-out (LIFO) method of inventory accounting,” the senators wrote. “Treasury’s inaction comes despite the unprecedented pandemic-related interruption of global supply chains that is severely curtailing vehicle production due to the ongoing shortage of semiconductors.”
Cosigning the letter were senators Mike Crapo (R-Idaho), John Thune (R-S.D.), John Cornyn (R-Texas), Chuck Grassley (R-Iowa), John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Roger Marshall (R-Kan.), Richard Burr (R-N.C.), Rob Portman (R-Ohio), Thom Tillis (R-N.C.), Cynthia Lummis (R-Wyo.), Shelley Moore Capito (R-W.Va.), Steve Daines (R-Mont.), James Lankford (R-Okla.), Ben Sasse (R-Neb.), Bill Cassidy (R-La.), Jerry Moran (R-Kan.), Mike Rounds (R-S.D.), Marco Rubio (R-Fla.), Todd Young (R-Ind.), Roger Wicker (R-Miss.), Lindsey Graham (R-S.C.), Joni Ernst (R-Iowa), Roy Blunt (R-Mo.), James Risch (R-Idaho), Mike Braun (R-Ind.), John Boozman (R-Ark.), Kevin Cramer (R-N.D.), Rick Scott (R-Fla.), John Hoeven (R-N.D.), and James Inhofe (R-Okla.).
Read full text of the letter here.