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Waters to Republicans: Stop Handing Victories to Foreign Competitors; Bring Ex-Im Up for A Vote

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Washington, DC, September 15, 2015 | comments

In response to General Electric’s announcement of relocation of its production and jobs to France, Hungary, and China in the wake of the expiration of the Export-Import Bank’s charter, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, underscored the negative impacts of Republican’s obstruction on communities across the nation.

The ranking Democrat went on to urge Republicans in leadership to bring Ex-Im reauthorization legislation up for a vote before the lapse causes further damage to U.S. exporters, the economy, and American workers.

She issued the following statement.

“GE’s announcement today reflects the human costs of continued Republican obstruction to any efforts to renew the charter of Export-Import Bank over the long-term. As many on the other side of the aisle remain publicly silent for fear of attack from members of the anti-worker wing of the Republican party, hundreds of families in communities across our nation are having to adjust to a new reality: the loss of their jobs.

After almost two years of hearings, negotiations and debate, my predictions of the loss of American jobs have now, unfortunately, been proven correct.

In June, General Electric (GE) CEO Jeffrey Immelt warned that he would have to move U.S. jobs overseas if Congress doesn’t reauthorize the Export-Import Bank’s charter. And today, GE informed 500 of their workers in Texas, South Carolina, Maine and New York that their jobs are moving overseas to China, France and Hungary.

Democrats have come together over the last few months, providing proposals and demanding a vote not just for the businesses who have been held hostage to the ideological sentiment of a few here on Capitol Hill, but for the workers who depend on these businesses to support and provide a better future for themselves and for their families.

It is imperative that we restore the Ex-Im Bank so it can continue its mission of supporting and creating jobs for the American worker. It’s time for Republicans in leadership to stop handing victories to our foreign competitors and the far right members of their party and bring Ex-Im up for a vote before this brinksmanship further damages our economy and our ability to compete in the global marketplace.”

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