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The CEO of GE is Making Threats Against Ending the Ex-Im Bank

The CEO of General Electric is using scare tactics to preserve his government-funded competitive advantage, using U.S. jobs as leverage to continue the special financing GE receives from the crony Export-Import Bank.

The Daily Caller reports:

General Electric will switch from exporting goods to exporting jobs if Congress does not reauthorize the Export-Import Bank, CEO Jeffrey Immelt warns.

During a speech in Washington Wednesday, Immelt claimed Ex-Im financing is critical to GE’s ability to manufacture in America, and the company would have no choice but to relocate its production facilities if Congress allows the bank’s charter to expire June 30, The Financial Times reports.

GE is America’s largest manufacturer and second-biggest exporter, employing about 136,000 workers in the U.S., some of whom participated in a company-organized rally supporting Ex-Im earlier this week in North Carolina.

GE is also a major beneficiary of Ex-Im financing. Between 2007 and 2014, GE received $8.3 billion from Ex-Im, which is second only to Boeing’s share and represents 4.4 percent of the bank’s total authorizations over that period, according to research by Mercatus Center fellow Veronique de Rugy.

GE and Boeing don’t need any help from the U.S. government to succeed in the global marketplace. Jeff Immelt is once again playing politics, holding jobs hostage until he can shake down the government for more money and more special deals. It’s time to end the Ex-Im Bank, and force big business to play by the same rules as everybody else.

Tom Borelli

Dr. Tom Borelli is a contributor to Conservative Review and is a TV and radio commentator addressing political issues from a conservative grassroots perspective. As a columnist, he has written for ConservativeReview.com, The Washington Times and authored articles for Newsmax magazine. Dr. Borelli is also a regular political panelist on NewsmaxTV and i24 News he also co-hosts radio programs on SiriusXM Patriot with his wife Deneen Borelli. 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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