The de-risking of the reporter banking relationships are really essential to the Caribbean because worldwide financial banks have been vital not just to domestic economy however in its link to the worldwide economy. Some services have already been choked off and there need to be a method for us to discover an effort that integrates the security goals which we register for, and also at the very same time, permit monetary intermediation such as trade financing, transfers of earnings, financial obligation payments, et cetera, to continue. Finally, security. The little states of the Caribbean discover it very challenging to https://trans4mind.com/counterpoint/index-home-garden/look-for-house-for-sale.html compete with transnational crime linked to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has done an impressive task in supporting these countries, however I believe there is room to do more in the interest of our mutual security. Security nowadays can just be specified as international and can only be reacted to by cooperation among nations. Furthermore, in the trade area there are some good legislation in location for trade. Nevertheless, a number of the Caribbean countries are now service oriented nations and we require to take a look at possibilities for promoting mutual and beneficial 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 personnels in the Caribbean, these companies can remain competitive both here and in the U.S - Which of the following can be described as involving direct finance.
The Caribbean countries are coastal societies. Facilities, financial activity, population, the building environment are all focused on a narrow strip on the coast, even for those countries which are not islands, for example, Belize and Guyana. It means that they are among the most susceptible nations to climate modification. More resources need to be provided in a more accessible way to alleviate climate modification and to assist these nations in surviving. And I point particularly to the traveler industry which is critically based on the quality of that immediate coastal strip. Lastly, energy (What does ear stand for in finance). 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 among the greatest cost on the planet onto energy in cheaper sources. That would serve to restore an entire variety of economic activity, consisting of manufacturing. What happened to household finance corporation. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that need to be attended to. If we might address them in one overall initiative led by the U.S. and including the development of banks, I believe that they strengthen each other and it is time for a new strong initiative in U.S. policy toward the Caribbean.
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[The ready declaration 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 actually agreed we are going to skip over him and go to the former chairman of the full committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so quite and I say sorry for coming late. And we have another hearing which I am chairing on Syria, but thank you, Chairman Duncan and Ranking Member Sires, for holding this important hearing. And I don't think that we can discuss U.S.
Venezuela established Petrocaribe in 2005 to help influence lots of nations in the hemisphere and up to this point the method has worked. Nevertheless, now we see the collapse of the Venezuelan economy because 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 extremely focused on this effort right now because it remains in our nationwide security interest to coordinate an energy service; a method so that fewer countries in the Western Hemisphere would be reliant on a very unreliable Venezuela.
And I think that we have got to be working with our partners, our allies in the Caribbean to assist them benefit from the plentiful and cheap gas and the new innovative tidy wind and solar technologies available. This method we reinforce our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take practical steps toward reducing carbon emissions. So the crisis in Venezuela may cause an oil supply disruption. What effect would such an interruption have on the Caribbean countries? Mr. Bernal. My colleagues are figured out to make certain I bring a reasonable share of the load.
Thank you for that. The relationship with Venezuela is a long and complicated one. Venezuela initiated the Petrocaribe at a time when many Caribbean nations were truly very stretched financially and really required some help. However, the relationship has its intricacies. For instance, Venezuela declares a very large share of Guyana which belongs to the CARICOM group. It also has actually extended its claims in terms of coastal waters based upon an island practically 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some financial backing. I believe we are at a point where the relationship is going to what is a timeshare company end up being really unpredictable due to the fact that of nobody knows precisely what will happen in the Caribbean with Venezuela.
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Several Caribbean nations are thinking beyond Petrocaribe because they don't assume that it will continue in its present kind and they need to be considering options. This produces a point in which new initiatives, consisting of from the U.S - How long can i finance a used car. in energy, would be really welcome in the area. Ms. Ros-Lehtinen. Thank you extremely much, 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 rely upon really much with your proficiency and because the Caribbean is exceptionally essential, I believe.
It is actually, you understand when you take a look at our hemisphere and we have actually got to make sure that we enhance and working together. And I hear my associates in concerns to especially Petrocaribe, however I believe that the problems that are facing a lot of the islands-- and I see, for instance, Mr. Ambassador, you noted as number six in order of top priority the energy crisis, et cetera, in trying to make sure. So I want to attempt to discover out as it refers to the islands themselves the things that are most pushing with them that would assist them total with their economy, because I know, for example, you can't just rely on tourism or you can't just rely on, you understand, they have the diversity of it requires to be there.