Cicilline Statement on Ex-Im Bank’s Expiration Forcing 500 GE Jobs Overseas

PAWTUCKET – U.S. Congressman David N. Cicilline (D-RI), who has repeatedly urgedCongress to reauthorize the Export-Import Bank, issued the following statement today after General Electric announced it would move 500 American jobs overseas as a result of Congress allowing the Export-Import Bank’s charter to expire earlier this year:

“Yesterday’s announcement that General Electric is moving 500 American jobs overseas is the clearest evidence to date that conservative Republicans are hurting middle class families by refusing to reauthorize the Export-Import Bank. Over the last eight years, the Ex-Im Bank has provided more than $20 million in insured shipments, guaranteed credit, or disbursed loans for Rhode Island companies. And just last year, it supported 164,000 American jobs while generating $675 million for taxpayers. Its default rate stands at just 0.175%. When we return to Washington today, House Republican leaders should stand up to their party’s conservative wing and bring legislation to the floor that will finally reauthorize this critical institution.”

“Reports also indicate that General Electric has decided not to locate its corporate headquarters in either Cincinnati or Dallas due to local officials’ opposition to the Ex-Im Bank. As they continue their search, GE would be wise to consider Rhode Island’s First District for its corporate headquarters. While officials in other states might not see the value of the Ex-Im Bank, I have been proud to fight for its reauthorization, as have Governor Gina Raimondo and other leaders in our state. This Congressional District would welcome the opportunity to host General Electric’s new corporate headquarters.”