GE Announcement Proves Far-Right Is Sending American Jobs Overseas

Calls On Congress to Reauthorize Export-Import Bank Immediately

NEW HAVEN, CT—Congresswoman Rosa DeLauro (D-CT) released the following statement today after General Electric announced they are moving 500 U.S. jobs to Europe. In their announcement, GE cited the fact that the United States is “the only major economy in the world without an Export Bank.”

“For 81 years, the Export-Import Bank provided American businesses with the financing and guarantees they need to ship their goods overseas. But because of Congressional inaction the Bank lost its authorization to finance exports and is not allowed to provide financing for new exports unless Congress passes legislation renewing its charter. All indications are that a multi-year reauthorization would sail through the Congress. But instead of letting Congress vote on legislation to save American jobs, Republican leadership is obsessed with attacking women’s health care and taking us to the brink of another Republican shutdown. They must stop sending American jobs overseas. And they must stop the irresponsible games and allow us a vote to reauthorize the Export-Import Bank immediately.

“This is yet another example of the staggering damage being done to the economy due to the Majority’s political intransigence and dysfunction. Beyond GE are thousands of small and medium sized businesses who are disproportionately suffering the consequences of our failure to reauthorize the Bank. American small businesses do not go overseas, they close down. We cannot let this continue.”

Over the past seven years, the Bank has helped Connecticut companies, including GE, make exports worth $4 billion and supported over 1.3 million American jobs. And it does all of this without adding a dime to the deficit. In fact, last year alone, it generated a $675 million surplus for taxpayers.

For more information on the Export-Import Bank, click here.


###