The de-risking of the reporter banking relationships are extremely crucial to the Caribbean due to the fact that global financial banks have been important not only to domestic economy however in its link to the worldwide economy. Some services have currently been choked off and there must be a way for us to discover an effort that combines the security objectives which we sign up for, and also at the very same time, allow monetary intermediation such as trade funding, transfers of profits, debt payments, et cetera, to continue. Finally, security. The small states of the Caribbean discover it very tough to contend with multinational criminal offense connected to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has done an exceptional task in supporting these countries, however I believe there is space to do more in the interest of our shared security. Security these days can only be defined as international and can just be responded to by cooperation amongst nations. Furthermore, in the trade location there are some great legislation in place for trade. However, much of the Caribbean countries are now service oriented nations and we need to take a look at possibilities for promoting shared and helpful value chains which integrate U.S. and Caribbean in services such as health care, education, and back office assistance. I believe by integrating the skills on Capitol Hill with a few of the human resources in the Caribbean, these firms can stay competitive both here and in the U.S - What does ach stand for in finance.
The Caribbean nations are coastal societies. Facilities, economic activity, population, the structure environment are all focused on a narrow strip on the coast, even for timeshare lies those countries which are not islands, for instance, Belize and Guyana. It indicates that they are amongst the most susceptible countries to environment change. More resources require to be made available in a more accessible way to reduce environment change and to help these nations in enduring. And I point particularly to the tourist market which is critically based on the quality of that immediate seaside strip. Lastly, energy (Which of the following can be described as involving direct finance). The Caribbean, bar the exceptions of Trinidad and Tobago, depend greatly on importation of energy.
Solar, wind, and thermal all have possibilities, and to move the production of electrical power which is among the highest expense in the world onto energy in less costly sources. That would serve to restore a whole range of economic activity, including production. How to finance a house flip. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that require to be resolved. If we might resolve them in one total effort led by the U.S. and including the development of financial institutions, I think that they enhance each other and it is time for a new strong effort in U.S. policy towards the Caribbean.
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[The prepared statement of Mr. Bernal follows:] [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you a lot for making the effort to be here. Mr. Meeks has concurred we are going to skip over him and go to the former chairman of the complete committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so really much and I ask forgiveness for coming late. And we have another hearing which I am chairing on Syria, however thank you, Chairman Duncan and Ranking Member Sires, for holding this essential hearing. And I do not believe that we can go over U.S.
Venezuela established Petrocaribe in 2005 to help affect numerous countries in the hemisphere and as much as this point the technique has actually worked. Nevertheless, now we see the collapse of the Venezuelan economy due to the fact that of the incompetence of the Maduro program. So it gives the U.S. an opportunity to fill that void, and this is where we need the State Department and the Department of Energy to be very focused on this effort today since it remains in our nationwide security interest to coordinate an energy service; a technique so that fewer nations in the Western Hemisphere would be dependent on a very unreliable Venezuela.
And I think that we have actually got to be dealing with our partners, our allies in the Caribbean to help them make the most of the abundant and low-cost gas and the new innovative tidy wind and solar technologies offered. By doing this we enhance our partners' economies, we buffer the region from the effects of Venezuelan collapse and take sensible actions towards decreasing carbon emissions. So the crisis in Venezuela may cause an oil supply disturbance. What effect would such an interruption have on the Caribbean nations? Mr. Bernal. My colleagues are determined to make sure I bring a fair share of the load.
Thank you for that. The relationship with Venezuela is a long and complex one. Venezuela started the Petrocaribe at a time when numerous Caribbean nations were truly very stretched financially and actually needed some support. Nevertheless, the relationship has its complexities. For example, Venezuela declares a really large share of Guyana which belongs to the CARICOM group. It also has extended its claims in terms of coastal waters based upon an island nearly 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some financial backing. I believe we are at a point where the relationship is going to become extremely unforeseeable due to the fact that of no one knows precisely what will happen in the Caribbean with Venezuela.
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Several Caribbean nations are believing beyond Petrocaribe since they don't presume that it will continue in its present type and they have to be considering alternatives. This creates a point in which brand-new efforts, including from the U.S - How do you finance a car. in energy, would be extremely welcome in the region. Ms. Ros-Lehtinen. Thank you really much, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for taking time to run down here. The Chair will now go to Mr. Meeks. Mr. Meeks. Thank you, Mr. Chairman. And thank you for being here, and good to see wesley financial group fees all of you who, you know, we rely upon extremely much with your competence and due to the fact that the Caribbean is very important, I think.
It is truly, you understand when you look at our hemisphere and we have actually got to make certain that we enhance and interacting. And I hear my coworkers in regards to especially Petrocaribe, however I think that the problems that are challenging a lot of the islands-- and I see, for example, Mr. Ambassador, you noted as number six in order of top priority the energy crisis, et cetera, in trying to make certain. So I wish to attempt to find out as it refers to the islands themselves the important things that are most pressing with them that would help http://felixslpk549.huicopper.com/the-ultimate-guide-to-what-can-the-federal-government-do-to-finance-a-deficit them total with their economy, due to the fact that I know, for example, you can't simply rely on tourism or you can't simply depend upon, you know, they have the diversification of it needs to be there.