William A. “Lex” Taylor III, Chairman of the Board and Chief Executive Officer of the Louisville-based Taylor Group, Inc., testified Thursday, July 15 in Washington, D.C. before the United States Senate Committee on Commerce, Science, and Transportation.
The hearing started at 9:30 a.m. and was titled "Implementing Supply Chain Resiliency".
Taylor has also served in multiple economic development roles in Mississippi, including as Chair of the Mississippi Economic Council for 2019-2020.
Taylor discussed how his companies, which manufacture a variety of heavy industrial equipment for the private sector and the U.S. military, have seen costs skyrocket for transportation and sourcing of key components, if they are available at all. The extra costs and extended delays have spread throughout much of the U.S. manufacturing base. Taylor noted that The Taylor Group relies on over 430 vendors from around the world.
“The COVID-19 Virus was the primary culprit that shut the supply chain down,” said Taylor.
“The supply chain is very interwoven and the companies within it depend on each other to keep industry and thus the wider economy going,” Taylor said. “The supply chain is a disaster, it's in disarray. That's why we're here. Delays in deliveries have forced manufacturers like Taylor to resort to unorthodox and expedited methods of getting critical supplies. This situation is causing inflation to run rampant throughout the supply chain.”
Taylor asked the committee to be cautious moving forward. Industry leaders have shared their concern that the federal government may create problems for industry as it seeks to remedy issues in the supply chain.
“My request to this committee is not to overreact with solutions that may cause unintended consequences. Rather, I encourage you to support the free-market system and allow it to do what it does best and find solutions that are practical and driven by the private sector,” Taylor concluded.
The Department of Commerce (DOC) has increased responsibility in ensuring supply chain stability through various directives, including the FY21 National Defense Authorization Act and Biden Executive Order 14017. The hearing will inform Committee oversight as the DOC executes these new directives.
Taylor was elected to the Taylor Group Board of Directors in 1981 and was elected Chairman of the Board in 2008. He also served as Chairman of the Board for the Mississippi Manufacturers Association from 2010-2011.
Taylor’s full introduction can be seen here: https://www.youtube.com/watch?v=8yDX_VbAENU.
