[House Hearing, 114 Congress] [From the U - What happened to household finance corporation.S. Government Publishing Workplace] THE STRATEGIC SIGNIFICANCE OF STRUCTURE A STRONGER U.S.-- CARIBBEAN COLLABORATION ======================================================================= HEARING PRIOR TO THE SUBCOMMITTEE ON THE WESTERN HEMISPHERE OF THE COMMITTEE ON FOREIGN AFFAIRS HOUSE OF REPRESENTATIVES ONE HUNDRED FOURTEENTH CONGRESS SECOND SESSION JULY 14, 2016 Serial No. 114-189 Printed for making use of the Committee on Foreign Affairs [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] Offered through the World Wide Web: http://www. foreignaffairs.house. gov/ or http://www. gpo.gov/ fdsys/ _ U.S. GOVERNMENT PUBLISHING WORKPLACE 20-749PDF WASHINGTON: 2016 ----------------------------------------------------------------------- For sale by the Superintendent of Documents, U.S. Federal Government Publishing Office Web: bookstore.
ROYCE, California, Chairman CHRISTOPHER H. SMITH, New Jersey ELIOT L. ENGEL, New York ILEANA ROS-LEHTINEN, Florida BRAD SHERMAN, California DANA ROHRABACHER, California GREGORY W. MEEKS, New York City STEVE CHABOT, Ohio ALBIO SIRES, New Jersey JOE WILSON, South Carolina GERALD E. CONNOLLY, Virginia MICHAEL T. Mc, CAUL, Texas THEODORE E. DEUTCH, Florida TED POE, Texas BRIAN HIGGINS, New York City MATT SALMON, Arizona KAREN BASS, California DARRELL E. ISSA, California WILLIAM KEATING, Massachusetts TOM MARINO, Pennsylvania DAVID CICILLINE, Rhode Island JEFF DUNCAN, South Carolina ALAN GRAYSON, Florida MO BROOKS, Alabama AMI BERA, California PAUL COOK, California ALAN S. LOWENTHAL, California RANDY K.
YOHO, Florida ROBIN L. KELLY, Illinois CURT CLAWSON, Florida BRENDAN F. BOYLE, Pennsylvania SCOTT Des, JARLAIS, Tennessee REID J. How to finance an investment property. RIBBLE, Wisconsin DAVID A. TROTT, Michigan LEE M. ZELDIN, New York City DANIEL DONOVAN, New York City Amy Porter, Chief of Personnel Thomas Sheehy, Staff Director Jason Steinbaum, Democratic Staff Director ------ Subcommittee on the Western Hemisphere JEFF DUNCAN, South Carolina, Chairman CHRISTOPHER H. SMITH, New Jersey ALBIO SIRES, New Jersey ILEANA ROS-LEHTINEN, Florida JOAQUIN CASTRO, Texas MICHAEL T. Mc, CAUL, Texas ROBIN L. KELLY, Illinois MATT SALMON, Arizona GREGORY W. MEEKS, New York City RON De, SANTIS, Florida ALAN GRAYSON, Florida TED S.
LOWENTHAL, California DANIEL DONOVAN, New York City C O N T E N T S ---------- Page WITNESSES Mr. Eric Farnsworth, vice president, Council of the Americas and Americas Society ... ... ... ... ... ... ... ...... 4 Ms. Sally Yearwood, executive director, Caribbean-Central American Action ... ... ... ... ... ... ... ... ... ... 10 His Excellency Richard Bernal, pro-vice chancellor for global affairs, University of the West Indies in Jamaica ... ... ... 24 LETTERS, STATEMENTS, ETC., SUBMITTED FOR THE HEARING Mr. Eric Farnsworth: Prepared statement ... ... ... ...... 7 Ms. Sally Yearwood: Prepared declaration ... ... ... ...... 13 His Excellency Richard Bernal: Prepared statement ... ...... 26 APPENDIX Hearing notification ... ... ... ... ... ... ... ... ...... 40 Hearing minutes ... ... ... ... ... ... ... ... ... ... 41 THE TACTICAL SIGNIFICANCE OF BUILDING A STRONGER U.S.-- CARIBBEAN COLLABORATION ---------- THURSDAY, JULY 14, 2016 Legislature, Subcommittee on the Western Hemisphere, Committee on Foreign Affairs, Washington, DC. Jeff Duncan (chairman of the subcommittee )presiding. Mr. Duncan. Okay. A quorum being present, the subcommittee will concern order.
I would now like to acknowledge myself for an opening statement. Thank you, men, for your perseverance. Today, we need to highlight a really essential region in our hemisphere that regrettably frequently gets neglected. A number of our Caribbean pals have actually consistently advised the United States to pay more attention to the Caribbean, and I desire you to know that I have actually heard you. I would likewise like to thank Ranking Member Sires in particular for his leadership in working to prioritize this subcommittee's concentrate on the Caribbean. Nevertheless, while these are certainly crucial strengths for the area, the Caribbean has far more to offer which U.S. services, universities, and local.
neighborhoods should consider when preparing future financial investment, scholastic research study, or where to develop more powerful financial ties. Among the primary tools of U.S. engagement with CARICOM countries is the Caribbean Basin Effort, or CBI, which was created in 1983. Can we turn that sound down a bit, sir? Can we turn that down just a little bit? Okay. Which was created in 1983 and has subsequently expanded to offer 17 nations and reliant territories with duty-free access to U.S. This engagement has actually caused a 44-percent boost in U.S. exports to the Caribbean over the past 10 years, and in 2015 the overall trade relationship between the U.S.
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and the Caribbean was $33. 4 billion. I believe it is vital to deal with our neighbors to equally promote financial development through trade liberalization, regard for the guideline of law, and adherence to free enterprise principles in order to accomplish success that is sustainable for the region. What happened to household finance corporation. In addition, I am a firm advocate of much deeper U.S.-Caribbean energy relations. To me it is a great deal. U.S. has an abundance of oil, natural gas, and technical competence, and the Caribbean has some of the highest energy costs on the planet and requires to decrease these expenses by building facilities for providing energy, incorporating energy markets to Home page attract investment and funding, and develop pipelines and liquified natural gas frameworks. After all, the United States is the largest energy manufacturer in the Western Hemisphere; jointly with Mexico and Canada, The United States and Canada represents 71 percent of the hemisphere.
's petroleum and 28 percent of natural gas reserves in the hemisphere. Likewise, Argentina, Brazil, Colombia, Peru, and Trinidad and Tobago have considerable oil and gas production. In my view, freedom-loving, market-friendly, energy-producing countries in this hemisphere should be working more closely together to pursue hemisphere-acquired, energy self-reliance which means assisting non-energy producing read more countries including the Caribbean neighbors in reaching this goal. Eventually, if the Western Hemisphere were more energy independent it would go a long method to changing our societies and security and self-reliance and our financial growth. and CARICOM. However, I stay worried about the growing security difficulties in the region from transnational criminal companies that look for to use the area to ship drugs, migrants, and contraband to United States coasts. The Caribbean Basin.
Security Initiative is another tool the United States has used because 2010 to resolve regional security problems, and given the Caribbean's tactical area to U.S. homeland, we need to keep considering methods to enhance CBSI and more successfully comply with the local partners to control borders, block criminal groups 'ability to make use of permissive environments to their benefit. I am likewise concerned about individuals from the Caribbean that Have a peek here have actually signed up with Islamic extremist organizations. Southern Command, General Kelly, testified before Congress that near to 100 people had actually left the Caribbean to go battle in Syria. At a subsequent rundown, he particularly called Jamaica, Siriname, and Trinidad and Tobago as having had people leave for the battleground. These threats to the United States and regional security ought to motivate all of us; provide us all a higher willingness to do more to enhance security cooperation. Furthermore, I wish to explain at a previous subcommittee hearing on border security threats in the region, I raised issues concerning reports that I had actually seen about resident by financial investment programs in the Caribbean which have enabled scams, corruption, and exploitation by foreign nationals.