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US reps plan to curb offshoring

Around 50 representatives, led by Bernard Sanders, an independent from Vermont, are backing the Defending American Jobs Act. The act would hurt US companies who offshore jobs by denying them financing and loan guarantees designed to foster export business. Agencies and programs such as the US Export-Import Bank help US exporters by providing trade financing.

US politicians have been railing against the perceived exporting of US jobs, particularly now that the offshoring phenomena is not just hitting blue collar workers, but starting to affect white collar workers.

Last month, Sanders, in a speech to the house, attacked corporate America for short-changing the middle class and exporting jobs, and described the US’ foreign trade policy as disastrous. Amongst companies he singled out were tech giants IBM and Motorola.

This article is based on material originally published by ComputerWire

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