Treasury Secretary Should Prioritize Economic Stability

Retailers Urge Bessent to Keep the TCJA Job Boom Alive

By [ Blake Harden , Courtney Titus Brooks ]
Washington, DC
01/16/2025

The Retail Industry Leaders Association (RILA) issued the following statement ahead of today’s Senate Finance Committee hearing for the nomination of Scott Bessent to serve as Secretary of the Treasury.

“As Congress considers Mr. Bessent’s nomination for Treasury Secretary, leading retailers look forward to hearing more about his vision for implementing President-elect Trump’s top priorities, particularly on tax and trade policy, while answering the call from American families to grow the U.S. economy and end inflation.

“The first Trump administration’s Tax Cuts and Jobs Act made America competitive again and created a dynamic economy that incentivized retailers to invest in their communities, create jobs, and compete on a more level playing field by lowering the corporate to twenty-one percent. The result has been a jobs boom —the envy of the industrialized world since enactment of TCJA in 2018. Retailers urge Mr. Bessent, should he be confirmed as Treasury Secretary, to support keeping these rates permanent.

“Keeping those economic goals in mind, we also encourage Mr. Bessent to champion trade policies within the administration that protect our national interests and improve the affordability of household goods for American families. Through strategic, targeted actions, U.S. trade policy can advance American competitiveness, protect national security interests, and protect family budgets.

“The retail industry stands ready to work together with Congress and the entire Trump administration to advance economic policies that promote growth and make life more affordable for American families.

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RILA is the US trade association for leading retailers. We convene decision-makers, advocate for the industry, and promote operational excellence and innovation. Our aim is to elevate a dynamic industry by transforming the environment in which retailers operate.

RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $2.7 trillion in annual sales, millions of American jobs, and hundreds of thousands of stores, manufacturing facilities, and distribution centers domestically and abroad.