The de-risking of the correspondent banking relationships are very essential to the Caribbean since global monetary banks have been critical not only to domestic economy however in its link to the global economy. Some services have already been choked off and there must be a way for us to discover an initiative that combines the security goals which we sign up for, and also at the same time, enable financial intermediation such as trade funding, transfers of revenues, debt payments, et cetera, to continue. Finally, security. The little states of the Caribbean find it very challenging to compete with global crime linked to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has actually done an impressive task in supporting these nations, but I think there is room to do more in the interest of our mutual security. Security these days can just be defined as worldwide and can only be reacted to by cooperation among countries. Fourthly, in the trade area there are some excellent legislation in place for trade. Nevertheless, a lot of the Caribbean countries are now service oriented countries and we need to examine possibilities for promoting shared and advantageous value chains which combine U.S. and Caribbean in services such as healthcare, education, and back workplace support. I think by integrating the abilities on Capitol Hill with some of the personnels in the Caribbean, these firms can remain competitive both here and in the U.S - What happened to household finance corporation.
The Caribbean nations are seaside societies. Facilities, financial activity, population, the structure environment are all focused on a narrow strip on the coast, even for those countries which are not islands, for instance, Belize and Guyana. It suggests that they are amongst the most susceptible countries to environment change. More resources require to be provided in a more accessible way to mitigate climate change and to help these countries in surviving. And I point especially to the tourist market which is critically depending on the quality of that instant seaside strip. Finally, energy (Which of the following was eliminated as a result of 2002 campaign finance reforms?). The Caribbean, bar the exceptions of Trinidad and Tobago, depend heavily on importation of energy.
Solar, wind, and thermal all have possibilities, and to move the production of electrical power which is amongst the greatest wesley sell expense on the planet onto energy in less costly sources. That would serve to revive an entire series of economic activity, including production. What was the reconstruction finance corporation. And I conclude, Mr. Chairman, by saying that all of these are interrelated elements that require to be resolved. If we might resolve them in one overall effort led by the U.S. and including the advancement of banks, I think that they reinforce each other and it is time for a new vibrant effort in U.S. policy towards the Caribbean.
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[The prepared declaration of Mr. Bernal follows:] [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you a lot for making the effort to be here. Mr. Meeks has actually 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 excuse 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 crucial hearing. And I don't think that we can go over U.S.
Venezuela established Petrocaribe in 2005 to assist affect many nations in the hemisphere and as much as this point the method has worked. Nevertheless, now we see the collapse of the Venezuelan economy since 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 concentrated on this effort today since it remains in our nationwide security interest to coordinate an energy solution; a technique so that fewer countries in the Western Hemisphere would be dependent on a really unreliable Venezuela.
And I believe that we have actually got to be dealing with our partners, our allies in the Caribbean to assist them make the most of the plentiful and http://dantelrei618.bearsfanteamshop.com/all-about-what-is-a-yield-in-finance cheap natural gas and the brand-new innovative tidy wind and solar innovations offered. By doing this we enhance our partners' economies, we buffer the area from the effects of Venezuelan collapse and take realistic steps towards lowering carbon emissions. So the crisis in Venezuela might trigger an oil supply disruption. What effect would such a disruption have on the Caribbean countries? Mr. Bernal. My associates are determined to make sure I carry a fair share of the load.
Thank you for that. The relationship with Venezuela is a long and complex one. Venezuela initiated the Petrocaribe at a time when numerous Caribbean countries were actually extremely stretched financially and actually required some help. However, the relationship has its complexities. For instance, Venezuela declares a huge share of Guyana which belongs to the CARICOM group. It likewise has extended its claims in regards to coastal waters based on an island nearly 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some financial support. I believe we are at a point where the relationship is going to end up being really unforeseeable since of nobody knows exactly what will happen in the Caribbean with Venezuela.
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A number of Caribbean countries are believing beyond Petrocaribe because they do not presume that it will continue in its present type and they have to be thinking about alternatives. This produces a point in which brand-new initiatives, including from the U.S - How to finance a franchise with no money. in energy, would be very welcome in the region. Ms. Ros-Lehtinen. Thank you quite, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for requiring time to diminish here. The Chair will now go to Mr. Meeks. Mr. Meeks. Thank you, Mr. Chairman. And thank you for being here, and great to see all of you who, you know, we trust quite with your expertise and because the Caribbean is incredibly crucial, I believe.
It is actually, you know when you take a look at our hemisphere and we have actually got to make sure that we reinforce and interacting. And I hear my colleagues in regards to specifically Petrocaribe, but I think that the concerns that are facing a great deal of the islands-- and I discover, for instance, Mr. Ambassador, you listed as number six in order of priority the energy crisis, et cetera, in attempting to make certain. So I want to search for out as it refers to the islands themselves the important things that are most pressing with them that would assist them general with their economy, due to the fact that I understand, for Have a peek at this website example, you can't just rely on tourist or you can't just depend upon, you know, they have the diversification of it requires to be there.