Sen. Jeanne Shaheen Holds a Hearing On Strengthening the Transatlantic Economic
Political Transcript Wire › December 18, 2009
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Sen. Jeanne Shaheen Holds a Hearing On Strengthening the Transatlantic Economic
SENATE COMMITTEE ON FOREIGN RELATIONS, SUBCOMMITTEE ON EUROPEAN AFFAIRS HOLDS A HEARING ON STRENGTHENING THE TRANSATLANTIC ECONOMIC
DECEMBER 9, 2009SPEAKERS: SEN. JEANNE SHAHEEN, D-N.H. CHAIRMAN SEN. CHRISTOPHER J. DODD, D-CONN. SEN. ROBERT MENENDEZ, D-N.J. SEN. BOB CASEY, D-PA. SEN. JIM WEBB, D-VA. SEN. EDWARD E. "TED" KAUFMAN, D-DEL. SEN. JOHN KERRY, D-MASS. EX OFFICIOSEN. JIM DEMINT, R-S.C. RANKING MEMBER SEN. BOB CORKER, R-TENN. SEN. JIM RISCH, R-IDAHO SEN. ROGER WICKER, R-MISS. SEN. RICHARD G. LUGAR, R-IND. EX OFFICIOWITNESSES: ROBERT HORMATS, UNDERSECRETARY OF STATE FOR ECONOMIC, ENERGY, AND AGRICULTURAL AFFAIRSFRANCES BURWELL, VICE PRESIDENT AND DIRECTOR, TRANSATLANTIC RELATIONS, THE ATLANTIC COUNCILMICHAEL MAIBACH, PRESIDENT AND CEO, EUROPEAN BUSINESS COUNCIL[*] SHAHEEN: Good afternoon, everyone. We will begin and hope that we can get through a major portion of this afternoon's hearing before we have any votes. So, and we also very much appreciate Secretary Hormats being here. We know that you have a tight schedule. So we will get underway right away and I have an abbreviated statement, but we will file the complete one for the record and also Senator DeMint has a statement that he will be entering into the record. So, the Senate Foreign Relations Subcommittee on European Affairs meets today to examine the economic, trade, and investment ties between the United States and Europe; and to assess opportunities for further integration, expansion, and deepening of this critical partnership. I want to welcome all of you here today. We have two impressive panels, and we look forward to hearing from our witnesses and engaging them in dialogue on this important relationship. Today, we are nearly two years into the worst economic downturn, certainly of my generation. But we have begun to see some positive signs. Unemployment remains much too high and growth is still too stagnant. We need to find additional ways to encourage investment and create jobs here at home. As the global economy begins to rebalance, and the American consumer can no longer represent the sole engine of growth, U.S. businesses will need to look overseas for markets and investment. Understandably, much of the global attention has turned to the rapidly developing economies like China, India, and Brazil. And it is easy to forget that by far, America's largest, most vibrant, and perhaps, its most critical economic relationship is actually with Europe. It would be a mistake to neglect this crucial partnership as we attempt to dig ourselves out of this economic downturn. The numbers really do speak for themselves. Representing over 800 million people, the combined economies of the United States and Europe generate a gross domestic product of $32.7 trillion, which accounts for over 50 percent of the world's GDP. As Governor of New Hampshire, I was able to witness firsthand the critical nature of the transatlantic relationship to communities and businesses throughout my state. I was the first governor to lead a trade delegation outside of North America. We traveled to England, Ireland, Germany, and Denmark on missions which generated millions of dollars for New Hampshire businesses. And we went to Europe, because what we heard from New Hampshire businesses was that is where the markets were. In 2007, Europeans bought nearly $1 billion worth of goods from businesses in my home state of New Hampshire; and today, European countries represent six of the top ten overseas markets for New Hampshire goods. Obviously, I think what happened in New Hampshire and what is good for New Hampshire is good for the rest of the country. It is not only goods and services crossing the ocean, it is also investment dollars. For every one dollar in goods traded across the Atlantic, nearly $4 are invested between the United States and Europe. Of the $5.2 billion invested in New Hampshire in 2006, $3.6 billion came from Europe. Investment dollars from Europe means jobs right here in New Hampshire and in the United States. European...See the full content of this document
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