Scott on US charm offensive
US Democratic presidential candidate John Kerry's attacks on Bermuda are not gathering much support in Washington, Premier Alex Scott said last night after a day of intensive lobbying on Capitol Hill.
The Premier and Finance Minister Paula Cox met around 30 congressmen as part of a campaign to counter the “misinformation” from Sen. Kerry.
Mr. Scott said the public relations blitz had been a success and he had been assured by leading congressmen that Sen. Kerry's attacks on Bermuda were little more than election hype.
Among the influential congressmen he met in Washington yesterday were: Sen. Max Baucus, chairman of the influential Senate Finance Committee, and the chair of the powerful tax-raising Ways and Means Committee Charles Rangel.
Speaking exclusively to The Royal Gazette in his New York hotel last night, Mr. Scott said: “We feel it was a great success.
“We don't feel that Sen. Kerry's campaign as it tackles Bermuda, Bermuda's reputation, and Bermuda's financial sector is really taking root with the folks in Washington.
“Most of them have said to us, we know Bermuda and know it doesn't pertain to Bermuda, but individuals such as Sen. Baucus, who don't know Bermuda, found it reassuring that we were there to make representations and answer any questions that they had.
“Most had a sense that ‘this too will pass'. Several of them said to us that these things will be said and they don't have to be, as lawyers would say, on all fours, and don't be too exercised by what you hear.
“We don't have that liberty and we have to ensure that Bermuda's good name is protected in any way that we can.”
In the second part of the public relations drive to improve the Island's image as a reputable jurisdiction, the Premier and Ms Cox join the Bermuda International Business Association (BIBA) in New York today for a high-powered series of presentations to leading US financial institutions.
Mr. Scott explained the reason behind this week's lobbying in the US.
He said: “We wanted to make sure that if and when any matter comes before legislators concerning the interests of Bermuda, especially our insurance and reinsurance sector, that the facts about Bermuda can be put forward and voices speak up in our interest.
“On the issue of corporate inversions, there have been none in Bermuda since 2001, yet the Kerry campaign has still been mooting the notion that US corporations are continuing on to Bermuda.”
Mr. Scott, who also met the British ambassador in Washington Sir David Manning on Tuesday afternoon, said legislators in the US know that Bermuda has a better reputation than many other jurisdictions.
“They view other jurisdictions with some concern, but they feel that Bermuda has been accepted by the OECD, there has been the clearance of the US tax treaty which is not given lightly, and we are known to be highly regulated.”
The Premier and Ms Cox met the Congressional Black Caucus in Washington yesterday and Ms Cox addressed their lunchtime meeting.
“At the conclusion, several of them vowed to be available and that's what we went out for, to represent in the best light Bermuda if any legislation counter to our interests finds its way onto the floor.”
The seminar, held at the luxury St. Regis Hotel off Fifth Avenue, will highlight Bermuda's role in trust fund, hedge fund and securitisation. Following the seminars, Ms Cox will give a keynote speech at lunchtime on Bermuda's role in international finance.
In the sessions, Mr. Scott will give a welcome, followed by a regulatory overview from Cheryl-Ann Lister, chief executive officer of the Bermuda Monetary Authority, and an outline of E-business and Telecommunications from Government e-business advisor Nigel Hickson.
