Sen. Lee Introduces FORMULA 3.0
Sens. Mike Lee (R-UT), and Bob Menendez (D-NJ)—along with Reps. Adrian Smith (R-NE) and Don Beyer (D-VA) introduced the FORMULA 3.0 Act. Building upon the success of his previous bills. Sen. Lee’s latest legislation aims to permanently waive tariffs and ease trade barriers on infant formula, ensuring a stable and accessible supply for families across the United States.
Senator Lee has been a driving force in combating the formula shortage. In July 2022, his FORMULA Act was signed into law by President Biden, temporarily suspending tariffs on imported formulas. The relief provided by this legislation played a crucial role in enabling formula companies to bring more supplies to the United States, easing the burden on families in need.
Now, with the introduction of the FORMULA 3.0 Act, Senator Lee aims to solidify and expand upon the progress made. This bill will permanently waive tariffs on infant formula base powder, ensuring a continuous and reliable supply for families. By doing so, domestic manufacturers will be able to increase their production, further easing the formula crisis in the United States.
“The FORMULA 3.0 Act seeks to provide a much-needed permanent response to the ongoing infant formula shortage that would ensure additional market flexibility in both good times and bad while tearing down artificial barriers that have long made it difficult for parents to obtain their formula of choice. During the severe domestic supply shortages of 2022, tariffs and other restrictions on imported infant formula had a detrimental effect on the market’s ability to respond. Congress rightfully recognized the ability of freer trade to help remedy the situation, albeit only temporarily. To build off that success in a permanent context, the R Street Institute is pleased to support the FORMULA 3.0 Act,”said Jerry Theodorou, Policy Director for Finance, Insurance and Trade