US Must Revitalize Manufacturing: Deere CEO

The U.S. has to revitalize manufacturing by changing the way companies do business here, Deere CEO Samuel Allen told CNBC Thursday.

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Allen, speaking as president of the Council on Competitiveness, said a new report from the group includes a wide range of recommendations to do that.

However, he acknowledged many of those ideas would require action by a politically divided U.S. Congress.

"There is some potential" for action in 2013, no matter who is elected president in 2012, he said. "Maybe I am an eternal optimist."

The recommendations include cutting regulations. "If everybody would have to look at a cost benefit tradeoff to that regulation, I think we would be much, much better off and still be able to do the things that some of these regulations were intended to do," said the Deere executive .

The council also favors replacing the double taxation system with a territorial system to facilitate repatriation of earnings. Allen said this would be a big help to smaller U.S. manufacturers.

"The argument I’ve made when I meet with people on [Capitol Hill] is, if you don’t create an environment for people to repatriate [earnings] then they stay offshore and that doesn’t help the country either," he said.

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