Last December, we urged Congress to reauthorize the Export-Import Bank and thereby avoid putting U.S. exports and manufacturing jobs at risk. Despite pleas from the National Association of Manufacturers and the U.S. Chamber of Commerce that the bank is vital for helping U.S. manufacturers compete, some Republicans opted to kill the bank as an example of corporate welfare. The bank’s charter was not renewed, and it began turning away business July 1.

The consequences were immediate. In September, General Electric Co. said it will move production of large, gas-powered engines to Canada from Waukesha, WI, along with 350 jobs, to access export financing no longer available in the United States. GE will invest $265 million in a new assembly plant at a Canadian location yet to be determined. In exchange, Export Development Canada (the Canadian equivalent our Ex-Im Bank) will provide financing for a range of future products.