GOP Failing to Reauthorize Ex-Im Bank Means 'Economic Catastrophe'
General Electric chief executive Jeff Immelt on Wednesday predicted economic catastrophe if the United States fails to extend the Export-Import Bank…
Immelt said if Ex-Im is not renewed, GE will continue to be able to export, but many small and midsize businesses will not. And he rejected the argument made by many conservatives that the Ex-Im Bank…is not necessary and will be replaced by private-sector lending.
The Export-Import Bank guarantees loans for foreign companies interested in buying U.S. exports, and also runs other programs, such as providing insurance and credit to help small businesses secure new customers and working capital.
"In a perfect world or in an economics class or think tank, you wouldn't need things like the Export-Import. But there are 60 nations around the world doubling down on them right now," Immelt said.
It's time for Republicans to end the obstruction, dysfunction and distraction and join Democrats to reauthorize the Ex-Im Bank and build a stronger economy by bringing bigger paychecks and better infrastructure to the American people.