SUPPORTING THE OVERSEAS PRIVATE INVESTMENT CORPORATION
WHEREAS, mayors recognize the importance of trade, exports and overseas investments to the economic health of America’s cities and to the security of the Unites States generally; and
WHEREAS, U.S. cities export billions of dollars in goods and services annually, and account for most of the economic gains made in the United States during recent years; and
WHEREAS, the Overseas Private Investment Corporation has extended financing and insurance worth $112 billion for projects sponsored by U.S. companies, many of which are located in cities, creating $56 billion in U.S. exports, and creating mor than 230,000 American jobs; and
WHEREAS, cities benefit greatly from the job creation and new revenues in urban communities throughout the United States which result from these exports and investments; and
WHEREAS, mayors support the African Growth and Opportunity Act currently under consideration in Congress; and
WHEREAS, the Overseas Private Investment Corporation is called upon in this legislation to finance and support direct investment funds for Sub-Saharan Africa totaling $650 million,
NOW, THEREFORE, BE IT RESOLVED that The U.S. Conference of Mayors supports the continued activities of the Overseas Private Investment Corporation.
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