More US firms eyeing overseas moves, given EX-IM bank lapse

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The continued closure of the US Ex-Im Bank, which helps with financing for the customers of US exporters, is forcing some companies to move plants overseas. GE announced last week it would build an engine plant in Europe, while the US Aerospace Industries Association said it expected Boeing to make a similar move if the bank failed to reopen. Ex-Im Bank support is often referred to as “financing of the last resort” – it is generally chosen when few other options are on the table. Nevertheless, it remains a key method of financing big-ticket items such as aircraft and engines, and many countries support their exporters in a similar way. However, Republicans are concerned it is bad for the taxpayer.