[House Hearing, 114 Congress] [From the U - What is the difference between accounting and finance.S. Federal Government Publishing Office] THE STRATEGIC SIGNIFICANCE OF BUILDING A STRONGER U.S.-- CARIBBEAN PARTNERSHIP ======================================================================= HEARING BEFORE THE SUBCOMMITTEE ON THE WESTERN HEMISPHERE OF THE COMMITTEE ON FOREIGN AFFAIRS LEGISLATURE ONE HUNDRED FOURTEENTH CONGRESS SECOND SESSION JULY 14, 2016 Serial No. 114-189 Printed for the use of the Committee on Foreign Affairs [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] Offered via the World Wide Web: http://www. foreignaffairs.house. gov/ or http://www. gpo.gov/ fdsys/ _ U.S. FEDERAL GOVERNMENT PUBLISHING OFFICE 20-749PDF WASHINGTON: 2016 ----------------------------------------------------------------------- For sale by the Superintendent of Files, 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 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 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. What are the two ways government can finance a budget deficit?. RIBBLE, Wisconsin DAVID A. TROTT, Michigan LEE M. ZELDIN, New York DANIEL DONOVAN, New York 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 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 ... refinance timeshare companies ... ... ... ... ... ... ...... 4 Ms. Sally Yearwood, executive director, Caribbean-Central American Action ... ... ... ... ... ... ... ... ... ... 10 His Excellency Richard Bernal, pro-vice chancellor for worldwide affairs, University of the West Indies in Jamaica ... ... ... 24 LETTERS, DECLARATIONS, AND SO ON, SUBMITTED FOR THE HEARING Mr. Eric Farnsworth: Prepared statement ... ... ... ...... 7 Ms. Sally Yearwood: Prepared statement ... ... ... ...... 13 His Excellency Richard Bernal: Prepared declaration ... ...... 26 APPENDIX Hearing notice ... ... ... ... ... ... ... ... ...... 40 Hearing minutes ... ... ... ... ... ... ... ... ... ... 41 THE TACTICAL IMPORTANCE OF BUILDING A STRONGER U.S.-- CARIBBEAN PARTNERSHIP ---------- THURSDAY, JULY 14, 2016 Home of Representatives, Subcommittee on the Western Hemisphere, Committee on Foreign Affairs, Washington, DC. Jeff Duncan (chairman of the subcommittee )presiding. Mr. Duncan. Okay. A quorum existing, the subcommittee will pertain to order.
I would now like to recognize myself for an opening statement. Thank you, guys, for your patience. Today, we require to highlight a very essential region in our hemisphere that unfortunately often gets ignored. A number of our Caribbean good friends have repeatedly advised the United States to pay more attention to the Caribbean, and I desire you to know that I have heard you. I would also like to thank Ranking Member Sires in particular for his management in working to prioritize this subcommittee's focus on the Caribbean. Nevertheless, while these are certainly important strengths for the region, the Caribbean has a lot more to provide which U.S. organizations, universities, and regional.
neighborhoods ought to consider when planning future financial investment, scholastic research, or where to develop stronger financial ties. Among the main tools of U.S. engagement with CARICOM nations is the Caribbean Basin Effort, or CBI, which was created in 1983. Can we turn that sound down a little bit, sir? Can we turn that down just a little bit? Okay. Which was produced in 1983 and has actually subsequently expanded to provide 17 nations and dependent areas with duty-free access to U.S. This engagement has caused a 44-percent increase in U.S. exports to the Caribbean over the past ten years, and last year the total trade relationship in between the U.S.
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and the Caribbean was $33. 4 billion. I believe it is Learn more here vital to work with our neighbors to mutually promote economic growth 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. How long can you finance a used car. In addition, I am a company advocate of deeper U.S.-Caribbean energy relations. To me it is a win-win circumstance. U.S. has an abundance of oil, natural gas, and technical knowledge, and the Caribbean has some of the highest energy expenses in the world and requires to decrease these expenses by building infrastructure for delivering energy, integrating energy markets to draw in investment and financing, and develop pipelines and liquified natural gas frameworks. After all, the United States is the biggest energy manufacturer in the Western Hemisphere; jointly with Mexico and Canada, North America accounts for 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 significant oil and gas production. In my view, freedom-loving, market-friendly, energy-producing nations in this hemisphere owning a timeshare pros and cons need to be working more carefully together to pursue hemisphere-acquired, energy self-reliance which suggests helping non-energy producing nations consisting of the Caribbean neighbors in reaching this objective. Eventually, if the Western Hemisphere were more energy independent it would go a long way to changing our societies and security and independence and our economic development. and CARICOM. Nevertheless, I stay concerned about the growing security difficulties in the region from multinational criminal organizations that look for to use the region to ship drugs, migrants, and contraband to United States coasts. The Caribbean Basin.
Security Effort is another tool the United States has actually utilized considering that 2010 to address local security issues, and provided the Caribbean's tactical area to U.S. homeland, we require to keep considering ways to enhance CBSI and better comply with the regional partners to manage borders, block criminal groups 'ability to exploit liberal environments to their advantage. I am also concerned about the people from the Caribbean that have actually signed up with Islamic extremist organizations. Southern Command, General Kelly, affirmed prior to Congress that near 100 individuals had actually left the Caribbean to go fight in Syria. At a subsequent briefing, he specifically named Jamaica, Siriname, and Trinidad and Tobago as having had individuals leave for the battlefield. These hazards to the United States and regional security should encourage all of us; offer all of us a greater desire to do more to reinforce security cooperation. Furthermore, I want to explain at a previous subcommittee hearing on border security hazards in the area, I raised issues regarding reports that I had seen about person by financial investment programs in the Caribbean which have actually allowed scams, corruption, and exploitation by foreign nationals.
