Congress allowing the lapse of the U.S. Export-Import Bank has resulted in American jobs being outsourced to foreign nations. General Electric Co. plans to move approximately 500 U.S. jobs to stay competitive with foreign competitors.
The company claims that Congress’ failure to reauthorize the bank has resulted in the company being forced to move the jobs overseas in order to not lose contracts for major equipment construction.
As the Wall Street Journal reports:
GE Said Tuesday it had signed an agreement for a line of credit for certain power projects from France’s export credit agency, Compagnie Française d’Assurance pour le Commerce Extérieur, or Coface, which would result in 400 jobs moving to Europe, primarily from facilities in New York, Texas, South Carolina and Maine. It said another 100 jobs would be moved next year from a facility outside Houston to Hungary and China to access export credit for customers of gas turbines used in aviation.
GE said that the company tried to do everything it its power not to have to move the jobs out of the country, “but Congress left us no choice when if failed to reauthorize the Ex-Im Bank this summer.”
For more on this, read the Wall Street Journal article titled: “General Electric Says to Move 500 U.S. Jobs Overseas Blaming Ex-Im Bank Closure.”