Presidential Documents

27395

Federal Register

Vol. 60, No. 99

Tuesday, May 23, 1995

Title 3—

The President

Memorandum of May 17, 1995

Certification Regarding Use of the Exchange Stabilization

Fund and Federal Reserve in Relation to the Economic Crisis

in Mexico

Memorandum for the Secretary of the Treasury

On January 31, 1995, I approved a program of assistance to Mexico, in

the form of swap facilities and securities guarantees in an amount not

to exceed $20 million, using the Exchange Stabilization Fund (the ‘‘ESF

program’’).

By virtue of the authority vested in me by the Constitution and the laws

of the United States, including section 301 of title 3, United States Code,

and section 406 of the Emergency Supplemental Appropriations and Rescissions for the Department of Defense to Preserve and Enhance Military Readiness Act of 1995 (Public Law 104–6), I hereby certify that:

(1) There is no projected cost (as defined in the Federal Credit Reform

Act of 1990) to the United States from the proposed swap transaction.

(2) All loans, credits, guarantees, and currency swaps to Mexico from

the Exchange Stabilization Fund or the Federal Reserve System are adequately

backed to ensure that all United States funds are repaid.

(3) The Government of Mexico is making progress in ensuring an independent central bank.

(4) Mexico has in effect a significant economic reform effort.

(5) The Executive Branch has provided the documents requested by House

Resolution 80 adopted March 1, 1995, and described in paragraphs (1)

through (28) of that Resolution. All documents identified as responsive

to the Resolution have been provided to the entire House of Representatives.

Pursuant to the terms of the Resolution, the Executive Branch has not

provided those documents as to which the Executive Branch has informed

the House that it would be inconsistent with the public interest to provide

the documents to the House. Pursuant to arrangements for safekeeping of

classified materials in House facilities, classified documents have been provided to the House by making them available either at designated, secure

House facilities or at Executive Branch facilities. Each agency, including

the Federal Reserve Board, has advised the House of the procedures employed

by that agency to provide the documents requested by House Resolution

80.

I have been informed that the Board of Governors of the Federal Reserve

System has provided the documents requested by House Resolution 80 and

described in paragraphs (1) through (28) of that Resolution.
27396 Federal Register / Vol. 60, No. 99 / Tuesday, May 23, 1995 / Presidential Documents

I hereby delegate to you the reporting requirement contained in section

406 of Public Law 104–6. You are authorized and requested to report this

certification immediately to the Speaker of the House and appropriate congressional committees, as defined in section 407 of Public Law 104–6.

I also hereby delegate to you the reporting requirement contained in section

403 of Public Law 104–6.

You are authorized and directed to publish this memorandum in the Federal

[FR Doc. 95–12812

Register

THE WHITE HOUSE,

Washington, May 17, 1995.

.

œ–

Filed 5–19–95; 4:42 pm]

Billing code 4810–25–M