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[House Hearing, 114 Congress] [From the U - What is a consumer finance company.S. Federal Government Publishing Workplace] THE STRATEGIC VALUE OF STRUCTURE A STRONGER U.S.-- CARIBBEAN PARTNERSHIP ======================================================================= HEARING BEFORE THE SUBCOMMITTEE ON THE WESTERN HEMISPHERE OF THE COMMITTEE ON FOREIGN AFFAIRS HOME OF REPRESENTATIVES ONE HUNDRED FOURTEENTH CONGRESS SECOND SESSION JULY 14, 2016 Serial No. 114-189 Printed for the usage of the Committee on Foreign Affairs [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] Available by means of 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 Files, U.S. Government Publishing Workplace Web: book shop.

ROYCE, California, Chairman CHRISTOPHER H. SMITH, New Jersey ELIOT L. ENGEL, New York City 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, wfg watch 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. Why are you interested in finance. RIBBLE, Wisconsin DAVID A. TROTT, Michigan LEE M. ZELDIN, New York City DANIEL DONOVAN, New York Amy Porter, Chief of Personnel Thomas Sheehy, Personnel 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 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, DECLARATIONS, ETC., SUBMITTED FOR THE HEARING Mr. Eric Farnsworth: Prepared declaration ... ... ... ...... 7 Ms. Sally Yearwood: Prepared statement ... ... ... ...... 13 His Excellency Richard Bernal: Prepared declaration ... ...... 26 APPENDIX Hearing notice ... ... ... ... ... ... ... ... ...... 40 Hearing minutes ... ... ... ... ... ... ... ... ... ... 41 THE STRATEGIC VALUE OF STRUCTURE A STRONGER U.S.-- CARIBBEAN PARTNERSHIP ---------- THURSDAY, JULY 14, 2016 House of Representatives, Subcommittee on the Western Hemisphere, Committee on Foreign Affairs, Washington, DC. Jeff Duncan (chairman of the subcommittee )administering. Mr. Duncan. Okay. A quorum existing, the subcommittee will come to order.

I would now like to acknowledge myself for an opening declaration. Thank you, people, for your perseverance. Today, we need to highlight a very crucial area in our hemisphere that unfortunately frequently gets neglected. A lot of our Caribbean buddies have actually consistently advised the United States to pay more attention to the Caribbean, and I desire you to understand that I have actually heard you. I would likewise like to thank Ranking Member Sires in specific for his management in working to prioritize this subcommittee's focus on the Caribbean. However, while these are certainly crucial strengths for the region, the Caribbean has much more to use which U.S. organizations, universities, and regional.

neighborhoods should consider when preparing future investment, scholastic research study, or where to develop more powerful financial ties. Among the main tools of U.S. engagement with CARICOM nations is the Caribbean Basin Effort, or CBI, which was developed in 1983. Can we turn that sound down a bit, sir? Can we turn that down just a bit? Okay. Which was produced in 1983 and has subsequently expanded to offer 17 countries and dependent areas with duty-free access to U.S. This engagement has led to a 44-percent boost in U.S. exports to the Caribbean over the past 10 years, and in 2015 the overall trade relationship in between the U.S.

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and the Caribbean was $33. 4 billion. I think it is vital to work with our next-door neighbors to mutually promote financial development through trade liberalization, respect for the rule of law, and adherence to free market concepts in order to achieve prosperity that is sustainable for the area. How old of a car will a bank finance. In addition, I am a company supporter of deeper U.S.-Caribbean energy relations. To me it is a win-win circumstance. U.S. possesses an abundance of oil, gas, and technical knowledge, and the Caribbean has some of the greatest energy expenses in the world and requires to lower these costs by building infrastructure for delivering energy, integrating energy markets https://zenwriting.net/ableigrkr4/mortgage-closing-expenses-likewise-referred-to-as-settlement-costs-are to bring in financial 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 gas reserves in the hemisphere. Likewise, Argentina, Brazil, Colombia, Peru, and Trinidad and Tobago have considerable oil and natural gas production. In my view, freedom-loving, market-friendly, energy-producing nations in this hemisphere should be working more closely together to pursue hemisphere-acquired, energy self-reliance which suggests helping non-energy producing nations including the Caribbean next-door neighbors in reaching this goal. Eventually, if the Western Hemisphere were more energy independent it would go a long method to transforming our societies and security and self-reliance and our economic development. and CARICOM. However, I stay concerned about the growing security challenges in the region from transnational criminal organizations that look for to use the region to ship drugs, migrants, and contraband to United States shores. The Caribbean Basin.

Security Initiative is another tool the United States has utilized considering that 2010 to address regional security problems, and offered the Caribbean's tactical location to U.S. homeland, we require to keep thinking about ways to improve CBSI and more efficiently comply with the local partners to control borders, obstruct criminal groups 'ability to make use of liberal environments to their advantage. I am also concerned about individuals from the Caribbean that have actually signed up with Islamic extremist companies. Southern Command, General Kelly, affirmed before Congress that near to 100 individuals had actually left the Caribbean to go battle in Syria. At a subsequent briefing, he particularly called Jamaica, Siriname, and Trinidad and Tobago as having had people leave for the battlefield. These threats to the United States and local security should inspire all of us; offer all of us a greater desire to do more to strengthen security cooperation. Moreover, I wish to explain at a previous subcommittee hearing on border security threats in the area, I raised concerns relating to reports that I had seen about resident by financial investment programs in the Caribbean which have actually allowed fraud, corruption, and exploitation by foreign nationals.