Grassley Discusses Trade Deals, 45Z and Tax Cut Extensions with Treasury Secretary Bessent

Grassley Discusses Trade Deals, 45Z and Tax Cut Extensions with Treasury Secretary Bessent

WASHINGTON - During a Senate Finance Committee hearing today, Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the committee, questioned Department of the Treasury Secretary Scott Bessent about the importance of finalizing trade deals to provide certainty and the need for Treasury to work with Congress and farmer-led organizations to get 45Z regulations right for farmers. Grassley also talked about the importance of extending the 2017 Trump Tax Cuts for the middle-class and strengthening the pro-growth reforms that incentivize business investment.

Video and excerpts from Grassley's questions follow.

VIDEO

On Trade Certainty:

"I've made clear that I support President Trump's goals of getting better trade deals for U.S. producers. I've heard from many industries and businesses in Iowa. Each one of them [is] in a very unique position due to the tariffs, but all express one common concern - and that's the need for certainty around trade.

"I've spoken with several Trump administration officials and nominees about the importance of finalizing two or three deals to provide some certainty around trade. So, would you agree that trade deals need some certainty and that at the same time, provide fair market access for U.S. goods would benefit the economy and provide much needed markets?"

On 45Z Regulations and Farmers:

"The Senate Finance Committee has been working on what will soon be the 45Z Clean Fuels Production Tax Credit. Implementing this credit properly is important for the biofuels industry and especially for farmers.

"The Biden administration failed to meaningfully address 45Z regulations. They put some out for comment, but not much beyond that. But the regulations it released for the 40B Sustainable Aviation Fuel (SAF) credit demonstrated that Treasury officials in that administration knew nothing about farming.

"Prior to issuing rules governing 45Z, we need everyone in the Trump administration to take some time to learn a thing or two about how farming works. So, this is kind of a question of working ahead, looking after the president signs this bill, and regulations are going to be written on 45Z. Would you be willing to work with congressional colleagues, farmer-led organizations and even this senator to make sure that we get regulations under 45Z that work for farmers?"

Extending 2017 Trump Tax Cuts:

"The 2017 tax law provided tax relief across all incomes with a focus on the middle-class. Just as important, the law included pro-growth reforms to incentivize business investment, boosting production and leading to higher wages.

"A study published by the National Bureau of Economic Research found the 2017 law boosted investment 20 percent. What will making the 2017 tax law permanent mean in terms of economic growth, job creation and wage growth?"

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