Us Congress House Bill HB1704

Us Congress 2023-2024 Regular Session

• Introduced: 3/22/23
• Refer: 3/22/23

Caption

Latin America and Caribbean Nearshoring Act

Impact

The legislation establishes a framework for U.S. public and private sector investments in energy infrastructure and critical mineral mining in Latin America and the Caribbean. By facilitating this investment, the bill aims to not only bolster economic development in these countries but also align their energy resources more closely with U.S. security interests. One significant aspect of this bill is the potential for U.S. assistance to these countries, which is designed to reduce regional migration by creating better local economic opportunities and addressing the economic impacts of reliance on Chinese supply chains.

Summary

House Bill 1704, known as the Latin America and Caribbean Nearshoring Act, aims to decrease the United States' dependency on Chinese manufacturing by enhancing American relations with Latin American and Caribbean nations. The bill emphasizes securing vital energy and mineral supply chains from Chinese control while promoting investment in these regions to support their economic growth and stability. Under this act, the U.S. government will work to empower these nations to foster economic independence and resilience against global economic disruptions.

Contention

While the bill is framed as a move towards securing U.S. economic and national security interests, it has faced critique concerning the implications for human rights and governance in countries like Cuba and Venezuela. Provisions that permit the inclusion of these nations under certain conditions, including improvements in democratic processes and human rights, may stir debate among legislators about prioritizing economic goals over human rights issues. This dual focus may generate contention on whether these partnerships could inadvertently support authoritarian regimes if poorly monitored.