General Electric CEO Jeffrey Immelt slammed opponents of the Export-Import Bank in a fiery speech Wednesday, saying failure to reauthorize the bank would mean America will be “in full retreat on the global economic stage.”
Ex-Im’s charter is set to expire June 30, and it faces an uncertain future with Republicans deeply divided on whether it extend its charter.
Most signs point to at least a temporary lapse, though the bank’s supporters — particularly the business community — are hopeful lawmakers will find a legislative vehicle in July to reauthorize it.
{mosads}”Ex-Im levels the playing field versus global competition,” Immelt said during a speech in Washington. “Right now, Congress is having a fractious debate. … If you had told me a decade ago that this would ever be something our country would eliminate, I would have said you’re crazy.”
Tea Party groups have criticized Ex-Im, a federally-backed bank that finances overseas projects, as only helping big corporations like G.E. and Boeing instead of financing small businesses.
Its supporters argue that small businesses benefit when those companies get the deals through the economic supply chain.
“In two weeks — in two weeks — the U.S. will have neither trade deals, nor an export bank. At that point, we will be in full retreat on the global economic stage,” Immelt said. “The Ex-Im debate has not been rooted in reality.”
He echoed the business community’s criticism that the attacks against Ex-Im were largely ideological, noting that of America’s foreign competitors like China and France have similar programs.
“We are fighting in an economic war for exports, not a debate club,” Immelt said. “And sometimes, what you can prove on a chalkboard in an econ class just doesn’t survive in the world as it is.”