Jeff Immelt urges Congress to reauthorize Ex-Im Bank’s charter that expires on June 30

On Wednesday, CEO of the General Electric Chief Executive Jeff Immelt said that it makes no sense to shut down the Export-Import (Ex-Im) Bank, which provides loans, loan guarantees and insurance to aid overseas sales by US companies.

Immelt has been a vocal supporter and in favor of re-authorization measure. He is also in favor of a bill to support free trade that has stalled in Washington.

Immelt has been a vocal supporter of the measure, as well as a bill to support free trade that has stalled in Washington. Wednesday's speech came as he prepared to travel to Capitol Hill to press lawmakers on both matters.

Immelt said, "We've already talked about that we would be willing to do remedies around intellectual property and things like that, we've already said that".

He mentioned that GE was evaluating the EU's list of objections over the deal. Although the objections will decrease major global gas turbine producers to four from five, it was broadly supported by power customers.

Immelt said that American manufacturing has been competitive in more than two decades. Therefore, the Export-Import Bank should not be shut down as it finances businesses that export American products.

Congress faces a June 30 deadline to reauthorize the 81-year-old bank. Immelt said that if Congress does not reauthorize the bank, the shutdown would give Berlin and Beijing the chance to celebrate. He said that he can't imagine the US being in a position where it doesn't have access to funding and a level playing field.

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United States