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American jobs go to France, Hungary, China now that EXIM bank is no more
GENERAL Electric says it will export 500 American manufacturing jobs to Europe and China because it can no longer has US Export-Import Bank financing after Congress failed to renew the bank's charter in June.
GE said that France's Compagnie Francaise d'assurance pour le commerce exterieur (COFACE) export agency has agreed to finance global power project bids in exchange the 400 jobs going to Belfort, France.
GE said another 100 US jobs would now go to Hungary and China in similar deals.
Reuters reports that the company said it is bidding on US$11 billion worth of international power projects that require export financing, including some in Indonesia.
The US jobs will be moved from facilities in South Carolina, New York, Texas and Maine, but no US facility will close, said a GE spokeswoman.
GE vice chairman John Rice said the company would soon announce agreements with other foreign export credit agencies to finance GE products.
"If the EXIM bank were open, it would be business as usual," GE Vice Chairman John Rice told Reuters in a telephone interview.
"If EXIM isn't going to happen, or it's going to be a regular fight to be reauthorised, we've got to make other plans," he said.
Republicans in Congress who say that EXIM represents "corporate welfare" and "crony capitalism" successfully blocked renewal of the 81-year-old export credit agency's charter at the end of June.
EXIM supporters have thus far been unsuccessful in attaching renewal to other legislation, but new efforts are expected to be made this autumn as Congress considers a government "must-pass" agency funding bill.
Boeing has also said it was considering moving work overseas due to uncertainty over the future of the EXIM bank.
GE said that France's Compagnie Francaise d'assurance pour le commerce exterieur (COFACE) export agency has agreed to finance global power project bids in exchange the 400 jobs going to Belfort, France.
GE said another 100 US jobs would now go to Hungary and China in similar deals.
Reuters reports that the company said it is bidding on US$11 billion worth of international power projects that require export financing, including some in Indonesia.
The US jobs will be moved from facilities in South Carolina, New York, Texas and Maine, but no US facility will close, said a GE spokeswoman.
GE vice chairman John Rice said the company would soon announce agreements with other foreign export credit agencies to finance GE products.
"If the EXIM bank were open, it would be business as usual," GE Vice Chairman John Rice told Reuters in a telephone interview.
"If EXIM isn't going to happen, or it's going to be a regular fight to be reauthorised, we've got to make other plans," he said.
Republicans in Congress who say that EXIM represents "corporate welfare" and "crony capitalism" successfully blocked renewal of the 81-year-old export credit agency's charter at the end of June.
EXIM supporters have thus far been unsuccessful in attaching renewal to other legislation, but new efforts are expected to be made this autumn as Congress considers a government "must-pass" agency funding bill.
Boeing has also said it was considering moving work overseas due to uncertainty over the future of the EXIM bank.
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