Jeffrey R. Immelt, Chairman and CEO, General Electric Company, used his appearance at a June 17 luncheon of the Economic Club to press for the renewal of the Export-Import Bank’s charter, set to expire on June 30, and for Congress to give President Obama the ability to negotiate a trade agreement with Pacific Rim nations. "In two weeks the U.S. will have neither trade deals, nor an export bank. And at that point we're going to be in full retreat on the global economic stage," Mr. Immelt said. He warned that major export deals will be lost to China, Japan and Europe, where there is aggressive government support for exports, unless the Ex-Im charter is renewed. He also warned that, "Good GE jobs in the United States will be moved to Canada and Europe. That's a mighty high price to pay for ideological purity."
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