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Guess Which CEO Threatened To Move Jobs Overseas If Congress Closes Export-Import Bank

Boeing’s first quarter reported earnings surpassed Wall Street estimates and its stock price is up about 20 percent over the past year.

Despite its positive results, Boeing is urging the federal government to maintain subsidies the company receives through the Export-Import Bank.

Boeing is the biggest beneficiary of the Ex-Im Bank – a government program that provides various types of financial support for foreign buyers of U.S. products.

For Boeing, the Ex-Im Bank financing helps the company sell airplanes around the world.

Unless Congress acts to extend the authorization for the Ex-Im bank by July, the bank will close.

The loss of a generous subsidy has corporate executives in a panic.

Last week, an executive at General Electric threatened to move jobs overseas if the bank was closed and now the CEO of Boeing recently issued a similar threat.

Boeing Chief Executive Jim McNerney recently said:

“Most of my engineering and manufacturing jobs are in the United States and I’d like to keep it that way. But without Ex-Im financing, you’d have to start asking the question” about where they should be, McNerney said at a conference sponsored by the U.S. export credit agency.

“Boeing can survive, for sure … but the competitiveness dislocation would be significant,” he added. “If Ex-Im goes away, you’d have the ‘Wild West.'”

Boeing has about 165,000 engineering and manufacturing jobs in the United States, a company spokesman said. Some of an estimated 1.5 million jobs in the company’s U.S. supply chain could also be in jeopardy if U.S. credit support ceased, McNerney noted.

While McNerney is issuing threats through the media, he is unwilling to personally bring his concerns to Congress.

According to Reuters, McNerney has declined the opportunity to testify at a Congressional hearing on the Ex-Im Bank.

If McNerney is so passionate about keeping the Ex-Im Bank, he should bring his case before Congress.

Tom Borelli

Dr. Tom Borelli is a Newsmax TV contributor and radio commentator addressing political issues from a conservative grassroots perspective. As a columnist, he has written for The Washington Times and authored articles for Newsmax Magazine, Newsmax Insider and previously was a co-host with his wife Deneen Borelli on the SiriusXM Patriot channel. Dr. Borelli appeared on numerous television programs, including the highly ranked Fox News Channel’s “The O’Reilly Factor,” “Hannity,” “The Kelly File," and "America’s News Headquarters." He has also appeared on Fox Business Network’s “Making Money with Charles Payne” and “After the Bell” as well as TheBlaze TV’s "The Glenn Beck Program" and "Dana!" Prior to working for public policy organizations, Dr. Borelli was a managing partner with the investment advisory firm of Action Fund Management, LLC and a portfolio manager for the Free Enterprise Action Fund (FEAF) where he used shareholder activism to challenge corporations that sought to profit from the growth of government. During his 25 years with the Altria Group, Inc., he built a foundation in public policy and issues management, drawing from diverse experiences ranging from basic research to corporate affairs. Dr. Borelli served as science fellow for the U.S. House of Representatives' Committee on Science, Space, and Technology during the 100th Congress. Dr. Borelli has also published scientific papers on interferon and human leukemia.

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