Republican opposition to the Export-Import Bank continues to take a toll as General Electric moves hundreds of jobs from Wisconsin to Canada because, unlike the United States, Canada has not shuttered their export credit agency.
General Electric Co. said Monday that it would cease manufacturing gas engines in Waukesha, Wis., and move 350 jobs to a new factory in Canada to use that country’s export financing regime to pursue new business. [...]
“You have to make a choice,” said John Rice, a GE vice chairman who directs the company’s global operations. “Either bid and make it in a country that has an export credit agency, or you’re not going to bid.”
Republicans would have you believe the Export-Import Bank has a stranglehold on a market that would be better served by the private sector, but that is not the case. The Bank provides credit to foreign buyers whom no one else will provide credit to. This is not a niche that can be filled by a third party.
This is the second time in a month GE has announced that the company would be forced to move production overseas where financing is actually available. They aren't outsourcing business to take advantage of lower labor costs, otherwise why would they move production to France? No, they're moving business from one country to another because without financing there is no business.
A vote against the Export-Import Bank is a vote against American-made exports. Why do Republicans hate things that are made in America?
Reauthorization of the bank has been opposed by Wisconsin Senator Ron Johnson.