General Electric: More Jobs at Risk Due to GOP's ExIm Shutdown

What happens when Republicans shut down the Export-Import Bank and cut off financing assistance to U.S. companies? Those companies will look for that assistance elsewhere. After announcing the loss of 500 U.S. jobs just last week, General Electric announced today that it has reached an agreement with Britain’s export credit agency on a deal that could create up to 1,000 jobs… in Britain. It’s clear the shutdown of the Export-Import Bank is costing us jobs here at home, but it remains to be seen how many jobs we’ll have to lose in order for Republicans to finally end their crusade against the Export-Import Bank. From CNBC:

“General Electric Co said on Thursday it reached an agreement with Britain's export credit agency to access export financing of up to $12 billion, as the U.S. conglomerate continues to spotlight the expiration of the U.S. Export-Import Bank.”

“In GE's latest announcement, the company said the financing deal would support orders for oil and gas and other energy projects in Brazil, Ghana, India, Mozambique and other markets, and will create up to 1,000 jobs in Britain should GE win those bids.”

“GE last week cited its inability to access EXIM financing when it revealed plans to shift up to 500 U.S. power-turbine manufacturing jobs to Europe and China.”

“GE Chief Executive Jeff Immelt has been actively campaigning to revive EXIM, telling reporters on Monday that more U.S. jobs are likely to move overseas unless the stance on EXIM changes.”

“‘In today's competitive environment, countries that have a functional Export Credit Agency (ECA) will attract investment,’ Immelt said in a statement. ‘Export finance is a critical tool we use to support our customers. Without it, we can't compete against foreign competitors who enjoy ECA financing from their governments.’”