President Donald J. Trump released his Administration’s first full budget on Tuesday, May 23. The budget proposal would eliminate funding to the Overseas Private Investment Corporation (OPIC), among other independent federal agencies.
In a guest post on IGD’s Huffington Post platform, Marysue K. Shore, president of Global Business Strategies, an advisory firm facilitating trade and investment in emerging markets, highlights how OPIC supports the creation of jobs for U.S. workers, while providing a low-cost means of building stable economies and creating strong allies in regions vital to the U.S.’s long-term security.
Shore previously served as Senior Advisor to the President of OPIC during the George W. Bush administration.
As President Trump continues to build on his agenda to grow the U.S. economy, and considers forging a better path in foreign and national security policy, he has at his disposal a number of tools that can help advance those interests. One of the most effective is the Overseas Private Investment Corporation (OPIC).
OPIC is a vital component of the U.S. “economic arsenal”, putting U.S. free market ingenuity and entrepreneurship at the forefront of global development. Through loan guarantees, direct loans and political risk insurance, OPIC supports U.S. small businesses and middle market companies — the engines of economic growth and job creation — expand into new markets and compete on a more level playing field. Working alongside private sector companies, OPIC complements, rather than competes with, what the private market already offers.
Perhaps most importantly for a budget conscious Administration, OPIC operates at no cost to the U.S. taxpayers.