Barbados PM Mottley Appeals To US Congress for Fairer Deal On Banking Regulation

Barbados’ Prime Minister Mia Amor Mottley appeared to win support from key US legislators when she delivered historic testimony before the US Congress today.

She made a case against what she believes is the unfair over-regulation and penalising of the region’s banking sector. Miss Mottley, with Trinidad and Tobago’s Prime Minister Dr. Keith Rowley present, addressed the Financial Services Committee of the US Congress on the topic: “When Banks Leave – The Impacts of De-risking on the Caribbean and Strategies for ensuring financial access”.

Acknowledging Dr. Rowley’s presence, Miss Motley noted that a significant number of the banks in Barbados are Trinidad-owned. Miss Mottley argues that a blind eye seems to be turned to money laundering and other shady financial transactions in Europe and elsewhere while largely black-run states are at risk of having their banking sector shut down and economies ruined.

Miss Mottley spoke of why she believes certain countries are being unfairly targeted.

Voice of: Barbados’ Prime Minister Mia Amor Mottley.

Chair of the US House Committee, Congresswoman Maxine Waters indicated her support for efforts to combat what she called the crisis of banking de-risking in the Caribbean.

Voice of: Chair of the US House Committee, Congresswoman, Maxine Walters.

Miss Waters and North Carolina Congressman Patrick McHenry warned of the risk of pressure from the western regulators forcing countries like Barbados to turn to China.