Jim Banks: “I thank the gentleman from Minnesota, who has been the foremost leader in the House of Representatives for a very long…”

“I thank the gentleman from Minnesota, who has been the foremost leader in the House of Representatives for a very long time to permanently repeal the medical device tax. Mr. Speaker, there are more than 7,000 medical device companies in the United States that contribute hundreds of billions of dollars to our economy every year. These companies employ over 400,000 Americans, while creating lifesaving technologies that benefit patients around the world. Many of these manufacturers are located, as my colleague said, in my home district of northeast Indiana. In fact, Warsaw, Indiana, in my district, is known as the orthopedic capital of the world. There is no doubt that this tax was incredibly destructive while it was in effect. Data from the U.S. Department of Commerce indicates that 29,000 jobs were lost in the industry between 2012 and 2015. Suspension of the tax has reduced some of the damage, but long-term investments and planning are impossible without full repeal. Without permanent repeal, we will never be able to fully recover the jobs destroyed by ObamaCare, and patients will continue to be denied new, lifesaving products. The Protect Medical Innovation Act will ensure that the medical device industry does not just survive but thrives, and this commonsense and bipartisan legislation would permanently repeal the medical device tax and, thereby, remove a mindless roadblock to economic growth and patient health.…”