Boeing Chairman Jim McNerney believes that Congress will renew the mandate of the U.S. Export-Import Bank in order to support U.S. competitiveness within the global market, the Wall Street Journal reported Thursday.
Robbie Whelan writes that McNerney has pointed to lost business with potential overseas customers following the June 30 expiration of the bank’s mandate.
“Customers require guarantees. Europe has them, and we don’t,” McNerney said at a recent aviation event, according to the report.
The report said the closure of the bank, which provides financing to international customers of U.S. companies, has led to the cancellation of a potential $85 million satellite contract for Boeing and General Electric‘s plan to move 1,000 new jobs to the U.K.
“You have to evaluate some parts of your supply chain being able to access financing (if it) isn’t available in your country,” McNerney added.