In June, General Electric Co. Chief Executive Officer Jeffrey Immelt threatened to move company jobs overseas if Congress didn’t reauthorize the Export-Import Bank.
“We’re not going to lose this business,” Mr. Immelt said in a June 17 speech to The Economic Club of Washington. “We’ll build these products in places where export credit financing is available, because we have to.”
But even with Ex-Im Bank loan and financing guarantees, GE and 130 other U.S. companies are still terminating or shipping thousands of jobs overseas, a Watchdog.org investigation found, indicating the elimination of the taxpayer-subsidized agency isn’t the be-all and end-all for corporations making offshore employment and investment decisions.
The Export-Import Bank Act of 1945, which established the bank, specifically required it to guarantee loans that “contribute to the employment of United States workers.” But Watchdog.org’s analysis of the Ex-Im Bank and U.S. Department of Labor databases show the companies who benefited from about 45 percent of all the bank’s guarantees since 2006 eliminated or exported at least some jobs to other countries.
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