In response to G.E.’s second major announcement in the past two weeks that it will expand its operations in Europe where export credit financing is made readily available, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement:
“I am disappointed that as another day has passed without action from House Republican Leadership to revive the Export-Import Bank, more American jobs will be lost to countries that have well-functioning export credit agencies.
Given the pressures of an extremely competitive international marketplace, it comes as little surprise that our foreign competitors would seek to take advantage of the lapse in Ex-Im’s authority, and the uncertainty such lapse has created as to the fate of the Ex-Im Bank.
As U.K. Prime Minister David Cameron put it, G.E.’s expansion is ‘fantastic news’ for the U.K., as it will provide ‘jobs and security’ for their people.
Of course, these are jobs that could easily be created right here in America, if only we would reauthorize the Ex-Im Bank and provide U.S. businesses with the tools they need to successfully grow their U.S. based operations.
American workers and businesses cannot afford another ideologically-driven, self-inflicted wound to our economy, and we should not be so naive to assume that our competitors will stand idly by while the Ex-Im Bank’s ability to support U.S. based exports remains dormant. Every day of inaction hurts our ability to compete globally and create much-needed jobs here in the U.S. It’s well past time to bring legislation to reauthorize the Ex-Im to the House floor. Let’s get to work and renew the Ex-Im Bank now.”