June 29, 2016

US mayors concerned by Brexit and US presidential election

Hours after the vote to leave the European Union was announced in the United Kingdom, mayors from around the US gathered in Indianapolis, for the 84th US Conference of Mayors annual meeting. Mayor Steve Benjamin expressed concern about the economic impact on his city. His state enjoys the highest foreign direct investment per capita in the country. He said he said he and his team are watching the impact of Brexit very closely, recognizing that this can either be an isolated event or it can be a domino. Benjamin explained that the concern is about "effects [on] capital markets, people's pensions, potential rush from the pound to the dollar–how that affects US exports. The port of Charleston is probably the most important element in the South Carolina economic ecosystem." Benjamin said "we're so interconnected" that the concern over Brexit is not just an economic one, but also its effect on national security.

Read the full article here.