Congresswoman Cherfilus-McCormick Welcomes Hemispheric Leaders to the Summit of the Americas in Los Angeles, California

WASHINGTON, DC- I applaud the Biden Administration for hosting this year's Summit of the Americas in the United States for the first time since 1994. This is an opportunity to align regional leaders, the private sector, and civil society behind a new and ambitious economic agenda for Latin America and the Caribbean and address near shoring as an alternative to combat China and Russia's influence in the region. 
 
The Summit demonstrates the Administration's commitment to strengthening collaboration with the Caribbean Community (CARICOM) and countries across Latin America as we address governance and human rights challenges impacting both the U.S. and our strategic partners. 
 
To further strengthen relations with the region, this week, I co-led the Opportunities in the Americas Act, along with my colleague, Congressman Adriano Espaillat, to bolster economic engagements and, more specifically, to:
 
- Improve grid and energy efficiency in the Western Hemisphere to encourage investment, enhance living conditions, and develop clean energy;

- Increase supply chain resiliency, which advances our national security;

- Grant low-interest loans to businesses already engaged in Latin America or the Caribbean to expand their operations; and

- Provide low-interest loans to businesses that relocate from the People's Republic of China to a Latin American or Caribbean country that is a party to a free trade agreement with the United States.
 
This legislation advances the priorities of the region while strengthening economic partnerships with our strategic partners. Furthermore, it plays a crucial role in strengthening the supply chains, making America less dependent on nations outside of the hemisphere and stimulating job creation.
 
The Opportunities in the Americas Act also represents my unwavering commitment to my constituents from the Caribbean and Latin America, many of whom frequently engage in commerce in the region and need policies that support their expansion and foster business growth. Low-interest loans are vital to promote innovation and competition and eliminate barriers that prevent businesses from developing. 
 
I wish my constituents and hemispheric leaders a successful Summit and a prosperous Caribbean Heritage Month. I will forever remain committed to the prosperity of our region.