Bloomberg Cites Immigration Reform As Key To Economic Recovery

By Adrianna McGinley

New York Mayor Michael Bloomberg proposed an overhaul of the immigration system as a bipartisan key to economic recovery and job creation.

During a speech Wednesday at the U.S. Chamber of Commerce in D.C., Bloomberg proposed reform focused on opening pathways for international students, entrepreneurs and temporary workers, citing that a mere 15 percent of visas are given for economic reasons, a number that he says drastically lessens the U.S. ability to compete globally.

“Allocating only 15 percent of visas based on economics is just terrible public policy, and it really is holding our economy back. In today’s global marketplace we cannot afford to keep turning away those with skills that our country needs to grow and to succeed. It is sabotaging our economy, I’ve called it national suicide, and I think it really is.”

He said the U.S. can no longer rely on its position as the world’s super power of innovation, as other countries emerge as strong competitors.

“America no longer is the inevitable crossroads for enterprise and innovation. Countries from Asia to South America now beckon with opportunity, so the United States simply has to compete like never before for talent.”

Bloomberg cited programs in China offering incentives including tax breaks, affordable loans, and start up capital for those who study overseas to return to China once they graduate. He said not providing a path for these students to remain and work in the U.S. is “about the dumbest thing we can do” since two-thirds of those earning Ph.D.s in computer science or engineering in the U.S. are foreign students.

“We are saying to those who dream of becoming Americans, who dream of coming here to work and start businesses, we don’t need you, we don’t need your sweat or your skills, we don’t need your ideas or your innovations, but nothing, nothing could be further from the truth,” Bloomberg said. “We desperately need immigrants who want to come here to work, who have the skills our companies need to succeed. The American dream cannot survive if we keep telling the dreamers to go elsewhere.”

Bloomberg urged the public to contact their representatives to push for immigration reform.

Energy Policy in the transition to power

The U.S. Chamber of Commerce's (USCC) Institute for 21st Century Energy today announced a "Transition Plan for Securing America's Energy Future," an energy policy roadmap with 88 concrete recommendations and detailed timelines for President-elect Barack Obama and the 111th Congress.

In order to implement a new energy strategy, the Institute recommends that President-elect Obama create a new office within the Executive Office of the President to coordinate the implementation of all aspects of energy policy, both foreign and domestic. The head of this office would have a seat on the National Economic Council and National Security Council.

According to the USCC press release, the transition plan builds on 13 fundamental pillars that the Institute released in July in an "Open Letter" to the next President and Congress that was signed by 27 national leaders and has received broad bipartisan support.

According to the Institute's plan, the 13 pillars include: aggressively promoting energy efficiency, improving environmental friendliness, increasing R&D funding, expanding domestic oil and gas exploration and production, increasing nuclear energy use, using clean coal, increasing renewable electricity sources, transforming our transportation sector, addressing the critical shortage of qualified energy professionals, reducing "burdensome regulations and opportunities for frivolous litigation, and demonstrating global leadership on energy security and climate change.

The Open Letter and Blueprint are available at www.energyxxi.org

U.S. Chamber of Commerce preps for G-20

In preparation for leaders convening for the G-20 this weekend, the U.S. Chamber of Commerce (USCC) Center for Capital Markets Competitiveness (CCMC) has revealed seven key principles to help strengthen the U.S. financial markets.

According to the CCMC’s press release, the principles were developed in consultation with a wide range of business leaders, academics, and investors. David Hirschmann, president and CEO of the U.S. Chamber CCMC said the principles are: (1) promotion of economic stability, efficiency and growth; (2) management of systemic risk; (3) internationalization (“there’s no such thing as a domestic market”); (4) comprehensive regulation and oversight; (5) increased transparency; (6) investor opportunity, capital formation, and consumer protection; and (7) sustaining and enhancing financial reporting.

There were comments in regard to the congressional proposal to assist General Motors Corp., Ford Motor Co. and Chrysler LLC with $25 billion in loans from the Troubled Assets Relief Program (TARP). David Chavern, Executive Vice President and Chief Operating Officer of the USCC said, “allowing them to fail during what will end up being just a relatively short period of economic dislocation would be a big mistake…We have been very public in supporting the finalization of $25 billion in financing for new technologies.” Chavern continued “we don’t know how long this recession’s going to last, but however long it’s going to last it’s going to be a lot shorter of a time that the auto industry has existed in this country.”

Chavern also said the USCC strongly supports a second stimulus package especially for extending unemployment benefits and investing in infrastructure.

According to the official G-20 website, the G-20 is an important forum to promote dialogue between advanced and emerging countries on key issues regarding economic growth and stability of the financial system.