GE to shift 600 jobs overseas

General Electric announced 600 jobs will move overseas because of congressional failure to reauthorize the Export-Import Bank.

The company, which pushed for reauthorization of the bank after government support expired in July, argues it needs Ex-Im’s financing to support exports for foreign customers.

Other supporters of reauthorization included the U.S. Chamber of Commerce, the National Association of Manufacturers and Boeing. Members of Congress who oppose reauthorization argue the bank, according to Bloomberg Business, finances slightly more than 1 percent of U.S. exports.

GE plans to shift jobs in Maine, New York, South Carolina and Texas to Hungary and China in two stages over the next year.

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