The U.S. Senate Banking Subcommittee on Economic Policy held a hearing today on how to best establish a national manufacturing policy. The Associated Press (AP) reports that the subcommittee, chaired by Senator Sherrod Brown (D-Ohio), heard testimony from Mark Zandi, chief economist of Moody's Economy.com; Leo Hindery Jr., managing director of InterMedia Partners and chair of the Smart Globalization Initiative at the New America Foundation; and Scott Paul, executive director of the Alliance for American Manufacturing. The three discussed the role of manufacturing in the U.S. economy, the impact of the recession on manufacturing, and how globalization has changed the industry. Based on the expert testimony, Brown proposed that the committee focus on five areas to help shape the nation's manufacturing policy: innovation, including creating a climate for research and development; supply chains, including giving supply manufacturers transition tools to transition to growing industries; skills, including building systems to link highly skilled workers with emerging industries; coordination, including a plan to rapidly assist workers, businesses, and communities in the event of mass economic disruption; and fair trade, including the increased enforcement of trade laws.