GOP's Ex-Im Shutdown: "It is hard to think of a more obvious policy mistake"
Following General Electric’s announcement that it will be moving 500 U.S. jobs overseas thanks to Republicans’ ideological shutdown of the Export-Import Bank, business groups across the country are calling on Republicans to reopen the Export-Import Bank before it costs more U.S. jobs and harms our economy:
National Foreign Trade Council
“It should be becoming apparent to everyone that the United States is going to suffer enormous economic damage from a self-inflicted wound – the expiration of the Export-Import Bank's charter. The Bank's opponents have argued that its services are redundant and that the private sector will step in to finance the exports formerly backed by the Bank. We are now faced with tangible evidence that that is simply wrong.”
“For more than 70 years, Ex-Im Bank did that effectively; so effectively that now virtually all our competitors have similar institutions competing with ours. And that is what makes shooting ourselves in the foot so serious. Our companies have to survive in a world of cutthroat and often unfair competition. When the U.S. government unilaterally disarms, it is U.S. companies and U.S. jobs that suffer as our competitors step in to fill the space we have abandoned.”
“As I said in the beginning, these [General Electric and Boeing] announcements are not going to be the last ones. Jobs will continue to disappear from our shores as we lose contracts or as companies move offshore to take advantage of financing available elsewhere. At a time of slow economic growth, it is hard to think of a more obvious policy mistake. It is clear that a majority in both the House and the Senate understand this and favor renewing the Bank's charter. Hopefully they will find a way to do so before more jobs are lost.”
“With each day that passes without congressional action to reauthorize the Ex-Im Bank, the U.S. economy is losing jobs and opportunities. Because of its inaction, Congress has left U.S. job creators with no choice but to move their operations elsewhere around the world or stop exporting. A majority of lawmakers support renewing Ex-Im; workers deserve an up-or down vote.”