Senator John E. Sununu on the Global Economic Crisis

Former Senator John Sununu

The Issam Fares Institute for Public Policy and International Affairs and the Alwaleed Bin Talal Alsaud Center for American Studies and Research sponsored a lecture on Friday April 3 by former (2003-09) New Hampshire Senator John E. Sununu entitled “How American Citizens Engage in the Political Process: Examples from Middle East Policy Formulation and the Global Economic Crisis.”

Senator Sununu is a member of the congressional oversight panel of the Troubled Asset Relief Program (TARP) which works closely with the Treasury Department and makes recommendations to the US Congress regarding market assets and other financial matters.

Sununu started off by arguing that economic crises and political crises affect each other reciprocally, assuring his audience that the US government is engaging in rigorous deliberation regarding the current economic crisis. “Having a deliberate process gives you the opportunity to endure crises,” he said.

The speaker made three observations about the financial crisis. “The United States is not the only factor responsible for the economic crisis.” Rather, it is a shared responsibility which will need the cooperation of many countries. Also, “The United States will remain the anchor of the local and regional financial world,” he said. As a result, this will place a responsibility on the United States to keep its currency strong so it will remain the main choice for reserve currency. Finally, flexibility is needed in the plans to resolve the economic crisis.

With regard to prospects for the peace process, Sununu said, “We ask what’s the domestic political environment and economic environment . . . we also ask what is the external political environment and economic environment. Also, in legislating, we try very hard to avoid unintended consequences.”

During the question period, Sununu was asked about hopes for an Arab-Israeli peace agreement, prospects for a two state solution to end the Palestinian Israeli conflict, and whether or not Americans will have to pay more taxes.

John Sununu served as senator from New Hampshire from 2003-09. He served as a member of the Senate Banking, Commerce, Finance, Foreign Relations, and Homeland Security Committees. He negotiated and wrote several acts such as the Internet Tax Freedom Act (2007), the New England Wilderness Act (2006) and the Patriot Act Amendments (2005). Sununu also served as a member of congress from New Hampshire (1997-2003). From 1993 to 1996 he was director of operations and CFO at Teletrol Systems, Inc. of Manchester, NH. He is the recipient of several awards such as the Helen Keller Award from Lighthouse International and the Gibran Award for Distinguished Public Service from the Arab-American Institute. John Sununu earned his MBA from the Harvard School of Business in 1991.