boutons_deux
07-30-2015, 05:33 PM
GE may ship $10 billion in work overseas as U.S. trade bank languishes
General Electric Co (http://www.reuters.com/finance/stocks/overview?symbol=GE.N) is taking steps to shift some U.S. manufacturing work overseas now that the U.S. Export-Import Bank will be shuttered at least until September, the industrial giant's global operations boss told Reuters on Thursday.
GE Vice Chairman John Rice said the conglomerate is bidding on over $10 billion worth of projects that require support from an export credit agency (ECA) like Ex-Im.
With Ex-Im unable to extend new loans or guarantees thanks to an effort by congressional Republicans to shut it down, GE is arranging with ECAs in other countries to finance the deals involved, with much of the production going to GE plants in those foreign locations. The prospective government partners include Canada, the United Kingdom, France,Germany, China and Hungary, he said.
http://www.reuters.com/article/2015/07/30/us-usa-eximbank-general-electric-idUSKCN0Q42J920150730?feedType=RSS&feedName=topNews
Repug IDEOLOGY SUCKs
With Ex-Im’s charter set to expire June 30, House Financial Services Committee Chairman Jeb Hensarling acknowledged Wednesday that House Republicans are having a “principled debate” concerning the bank’s future.
“I begin my comments by admitting that Republicans on my side of the aisle are split on the issue of Ex-Im reauthorization,” Hensarling said at a hearing in Washington, D.C. “I do understand one person’s corporate welfare and politically driven capital allocation is another person’s vital export support program and level playing field.”
“In #TN (https://twitter.com/hashtag/TN?src=hash), more than 100 companies have worked w/ #ExImBank (https://twitter.com/hashtag/ExImBank?src=hash), combined, they have created more than 8,300 jobs for hardworking #Tennesseans (https://twitter.com/hashtag/Tennesseans?src=hash)#TN08 (https://twitter.com/hashtag/TN08?src=hash),” he tweeted on
Wednesday.
Additionally, Fincher tweeted that Ex-Im has “supported” more than 1.3 million U.S. jobs in the past six years and that the agency facilitates lowering the national deficit.
Hensarling said on Wednesday the bank was a form of “corporate welfare” and that big banks primarily profit off Ex-Im. Specifically, he cited that JPMorgan Chase & Co. has received more than $5.1 billion from Ex-Im.
“To support more robust economic growth, economic justice and equal opportunity for all, it is time to wind down Ex-Im,” Hensarling said.
Meanwhile, Rep. Scott Garrett, R-N.J., said to Fred Hochberg, the chairman and president of Ex-Im, that the bank harms American families.
“It’s the people you are hurting,” Garrett said.
http://dailysignal.com/2015/06/04/republicans-face-principled-debate-over-export-import-banks-future/
General Electric Co (http://www.reuters.com/finance/stocks/overview?symbol=GE.N) is taking steps to shift some U.S. manufacturing work overseas now that the U.S. Export-Import Bank will be shuttered at least until September, the industrial giant's global operations boss told Reuters on Thursday.
GE Vice Chairman John Rice said the conglomerate is bidding on over $10 billion worth of projects that require support from an export credit agency (ECA) like Ex-Im.
With Ex-Im unable to extend new loans or guarantees thanks to an effort by congressional Republicans to shut it down, GE is arranging with ECAs in other countries to finance the deals involved, with much of the production going to GE plants in those foreign locations. The prospective government partners include Canada, the United Kingdom, France,Germany, China and Hungary, he said.
http://www.reuters.com/article/2015/07/30/us-usa-eximbank-general-electric-idUSKCN0Q42J920150730?feedType=RSS&feedName=topNews
Repug IDEOLOGY SUCKs
With Ex-Im’s charter set to expire June 30, House Financial Services Committee Chairman Jeb Hensarling acknowledged Wednesday that House Republicans are having a “principled debate” concerning the bank’s future.
“I begin my comments by admitting that Republicans on my side of the aisle are split on the issue of Ex-Im reauthorization,” Hensarling said at a hearing in Washington, D.C. “I do understand one person’s corporate welfare and politically driven capital allocation is another person’s vital export support program and level playing field.”
“In #TN (https://twitter.com/hashtag/TN?src=hash), more than 100 companies have worked w/ #ExImBank (https://twitter.com/hashtag/ExImBank?src=hash), combined, they have created more than 8,300 jobs for hardworking #Tennesseans (https://twitter.com/hashtag/Tennesseans?src=hash)#TN08 (https://twitter.com/hashtag/TN08?src=hash),” he tweeted on
Wednesday.
Additionally, Fincher tweeted that Ex-Im has “supported” more than 1.3 million U.S. jobs in the past six years and that the agency facilitates lowering the national deficit.
Hensarling said on Wednesday the bank was a form of “corporate welfare” and that big banks primarily profit off Ex-Im. Specifically, he cited that JPMorgan Chase & Co. has received more than $5.1 billion from Ex-Im.
“To support more robust economic growth, economic justice and equal opportunity for all, it is time to wind down Ex-Im,” Hensarling said.
Meanwhile, Rep. Scott Garrett, R-N.J., said to Fred Hochberg, the chairman and president of Ex-Im, that the bank harms American families.
“It’s the people you are hurting,” Garrett said.
http://dailysignal.com/2015/06/04/republicans-face-principled-debate-over-export-import-banks-future/