The de-risking of the correspondent banking relationships are really important to the Caribbean since international monetary banks have weslin financial actually been critical not only to domestic economy but in its link to the international economy. Some services have actually currently been choked off and there must be a method for us to discover an initiative that combines the security goals which we sign up for, and also at the exact same time, allow financial intermediation such as trade financing, transfers of profits, debt payments, et cetera, to continue. Finally, security. The small states of the Caribbean find it extremely difficult to compete with global criminal activity connected to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has actually done an exceptional task in supporting these nations, but I believe there is space to do more in the interest of our mutual security. Security nowadays can only be specified as global and can only be reacted to by cooperation amongst nations. Fourthly, in the trade location there are some great legislation in location for trade. However, a number of the Caribbean countries are now service oriented nations and we require to analyze possibilities for promoting mutual and advantageous worth chains which combine U.S. and Caribbean in services such as healthcare, education, and back workplace support. I believe by combining the abilities on Capitol Hill with some of the personnels in the Caribbean, these companies can remain competitive both here and in the U.S - What happened to household finance corporation.
The Caribbean countries are seaside societies. Facilities, economic activity, population, the structure environment are all focused on a narrow strip on the coast, even for those nations which are not islands, for example, Belize and Guyana. It means that they are among the most susceptible nations to environment change. More resources require to be provided in a more accessible method to mitigate climate change and to assist these nations in surviving. And I point particularly to the traveler industry which is critically reliant on the quality of that instant coastal strip. Lastly, energy (What does finance a car mean). 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 energy which is among the greatest expense in the world onto energy in less costly sources. That would serve to restore an entire series of financial activity, including manufacturing. What does etf stand for in finance. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that require to be dealt with. If we might resolve them in one general effort led by the U.S. and including the development of banks, I think that they enhance each other and it is time for a new bold effort in U.S. policy towards the Caribbean.
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[The ready statement of Mr. Bernal follows:] [GRAPHIC( S) NOT OFFERED IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you so much 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 full committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so quite and I excuse 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 essential hearing. And I don't think that we can discuss U.S.
Venezuela established Petrocaribe in 2005 to help affect numerous nations in the hemisphere and as much as this point the strategy has actually worked. Nevertheless, now we see the collapse of the Venezuelan economy due to the fact that of the incompetence of the Maduro routine. So it offers the U.S. a chance to fill that space, and this is where we need the State Department and the Department of Energy to be very focused on this effort right now since it is in our national security interest to coordinate an energy service; a strategy so that fewer nations in the Western Hemisphere would depend on a really undependable Venezuela.
And I believe that we have actually got to be working with our partners, our allies in the Caribbean to help them make the most of the abundant and inexpensive gas and the new advanced tidy wind and solar innovations available. By doing this we enhance our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take practical actions towards reducing carbon emissions. So the crisis in Venezuela may trigger an oil supply disruption. What effect would such a disturbance have on the Caribbean nations? Mr. Bernal. My coworkers are identified to ensure I bring a reasonable share of the load.
Thank you for that. The relationship with Venezuela is a long and complicated one. Venezuela started the Petrocaribe at a time when numerous Caribbean countries were actually very stretched economically and truly needed some help. However, the relationship has its complexities. For example, Venezuela declares a really big share of Guyana which belongs to the CARICOM group. It likewise has extended its claims in regards to seaside waters based on an island almost 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 juncture where the relationship is going to become very unpredictable since of no one understands exactly what will take place in the Caribbean with Venezuela.
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Numerous Caribbean countries are thinking beyond Petrocaribe because they do not presume that it will continue in its present kind and they have to be believing of alternatives. This develops a point in which brand-new initiatives, including from the U.S - What is a consumer finance company. in energy, would be very welcome in the area. Ms. Ros-Lehtinen. Thank you quite, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for taking time to run down iva buying group 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 competence and because the Caribbean is exceptionally essential, I believe.
It is really, you know when you take a look at our hemisphere and we have got to make certain that we enhance and interacting. And I hear my coworkers in regards to particularly Petrocaribe, however I believe that the problems that are challenging a great deal of the islands-- and I discover, for instance, Mr. Ambassador, you noted as number six in order of top priority the energy crisis, et cetera, in attempting to make certain. So I wish to look for out as it relates to the islands themselves the important things that are most pressing with them that would help them overall with their economy, due to the fact that I understand, for example, you can't just depend upon tourist or you can't simply rely on, you understand, they have the diversity of it requires to be there.