Presidential Documents

19485

Federal Register

Vol. 60, No. 75

Wednesday, April 19, 1995

Title 3—

The President

Memorandum of April 14, 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. Pending arrangements for safekeeping of

classified material in a House facility, classified documents have

been provided to the House by making them available 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.

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.
19486 Federal Register / Vol. 60, No. 75 / Wednesday, April 19, 1995 / Presidential Documents

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. 95–9852

Register

THE WHITE HOUSE,

Washington, April 14, 1995.

.

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Filed 4–17–95; 3:54 pm]

Billing code 4810–31–M