General Electric Says They'll Move Jobs Overseas If Ex-Im Bank Ends

(Bloomberg, Washington, 17 June 2015) General Electric Co. Chief Executive Officer Jeffrey Immelt threatened to move U.S. jobs overseas if Congress doesn’t reauthorize the Export-Import Bank’s charter, which expires at the end of June. “We’re not going to lose this business,” Immelt said Wednesday to the Economic Club of Washington. “We’ll build these products in places where export credit financing is available.” GE’s product lineup includes diesel locomotives, medical-imaging equipment and gas turbines. It’s also the biggest maker of jet engines, a business that risks being crimped without the Ex-Im financing for Boeing Co. jets. GE, one of the top three public company exporters in the U.S., has much to lose if the Ex-Im bank disappears: its overseas customers received more than $973 million in credit assistance from the bank last year, according to an Ex-Im annual report.