On Thursday, Boeing’s Chief executive Jim McNerney said that his company might consider the option of shifting their U.S. based manufacturing and engineering jobs overseas in an event that funding for the country’s Export-Import bank is eliminated by congress.
During a conference that had been sponsored by the U.S. export credit agency, McNerney said that, “most of my engineering and manufacturing jobs are in the United States and I'd like to keep it that way. But without Ex-Im financing, you'd have to start asking the question.”
“Boeing can survive, for sure ... but the competitiveness dislocation would be significant,” he added.
“If Ex-Im goes away, you'd have the “Wild West”.”
McNerney also noted that an estimated 1.5 million jobs which have been created by the company are in jeopardy in an event that the U.S. credit support ceased.
Republicans want the closure of the Ex-Im Bank due to the fact that the bank usurps the role of private sector. Republicans go on to state that the bank, which generally serves buyers of U.S. goods and exporters of U.S. goods, provides “welfare” for big business.
McNerney came under fire on Wednesday from the Financial Services Committee, who accused him for failure to accept an invitation to testify for the Ex-Im Bank at a hearing which is expected to take place in May or June this year.
“It is both curious and disappointing that Boeing's CEO can make the time to appear at what amounts to nothing more than a pep rally for Ex-Im's reauthorization, but is unwilling to make the case in a public forum open to congressional questioning," said Jeb Hensarling, a Texas Republican who is the committee Chairman.