II 

109TH CONGRESS 

2D SESSION S. 3622 

To authorize the President to negotiate the creation of a North American 

Investment Fund between the Governments of Canada, of Mexico, and 

of the United States to increase the economic competitiveness of North 

America in a global economy. 

IN THE SENATE OF THE UNITED STATES 

JUNE 29, 2006 

Mr. CORNYN (for himself and Mr. COLEMAN) introduced the following bill; 

which was read twice and referred to the Committee on Foreign Relations 

A BILL 

To authorize the President to negotiate the creation of a 

North American Investment Fund between the Governments of Canada, of Mexico, and of the United States 

to increase the economic competitiveness of North America in a global economy. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘North American In5 vestment Fund Act’’. 


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1 SEC. 2. ESTABLISHMENT OF THE NORTH AMERICAN IN2 VESTMENT FUND. 

3 The President is authorized to negotiate with the 

4 Government of Canada and the Government of Mexico to 

5 establish a North American Investment Fund (referred to 

6 in this Act as the ‘‘Fund’’) by— 

7 (1) agreeing to certain amendments to the No8 vember 1993 Agreement Between the Government of 

9 the United States of America and the Government 

10 of the United Mexican States Concerning the Estab11 lishment of a Border Environment Cooperation 

12 Commission and a North American Development 

13 Bank; or 

14 (2) negotiating an agreement with the Govern15 ment of Canada and the Government of Mexico to 

16 establish and administer the Fund. 

17 SEC. 3. PURPOSES. 

18 The purposes of the Fund shall be— 

19 (1) to increase the economic competitiveness of 

20 North America in a global economy; 

21 (2) to reduce the income gap between Mexico 

22 and Canada, and between Mexico and the United 

23 States; and 

24 (3) to promote economic development in Mexico 

25 in the areas of infrastructure, education, technology, 

26 and job training. 


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1 SEC. 4. PROJECTS FUNDED. 

2 (a) IN GENERAL.—Grants shall be awarded from the 

3 Fund for projects to carry out the purposes described in 

4 section 3, including projects— 

5 (1) to construct roads in Mexico to facilitate 

6 trade between Mexico and Canada, and Mexico and 

7 the United States; 

8 (2) to encourage the development and improve 

9 the quality of primary, secondary, and post-sec10 ondary education throughout Mexico; 

11 (3) to expand the deployment of communica12 tions and broadband infrastructure throughout Mex13 ico, with emphasis on rural and underserved areas; 

14 and 

15 (4) to expand job training and workforce devel16 opment for high-growth industries in Mexico. 

17 (b) PROJECT SELECTION.— 

18 (1) IN GENERAL.—The agreement described in 

19 section 2 shall include guidelines for determining 

20 which projects will receive financial assistance from 

21 the Fund. 

22 (2) PRIORITY.—In selecting grantees to carry 

23 out projects described in subsection (a)(1), priority 

24 should be given to projects in the interior and south25 ern regions of Mexico that connect to more devel26 oped markets in the United States and Canada. 


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1 SEC. 5. CONTRIBUTIONS TO THE FUND. 

2 (a) IN GENERAL.—The agreement described in sec3 tion 2 shall require the Governments of Canada, of Mex4 ico, and of the United States to contribute to the Fund, 

5 subject to the limitations under subsection (b). 

6 (b) LIMITATIONS ON CONTRIBUTIONS BY THE

7 UNITED STATES AND CANADA.—The agreement described 

8 in section 2 shall include provisions that permit Canada 

9 and the United States to contribute to the Fund if the 

10 Government of Mexico— 

11 (1) increases the tax revenue collected by such 

12 Government, with the goal of annually collecting an 

13 amount of such revenue that is equal to 18 percent 

14 of the annual gross domestic product of Mexico; and 

15 (2) carries out a program of reforms to increase 

16 private investment and economic growth, reduce pov17 erty, and maintain economic stability in Mexico. 

18 SEC. 6. TERM OF THE FUND. 

19 The agreement described in section 2 shall require 

20 that the Fund— 

21 (1) operate for an initial period of 10 years; 

22 and 

23 (2) cease operations at the end of such 10-year 

24 period, unless the Governments of Canada, of Mex25 ico, and of the United States agree to extend the pe26 riod of operation beyond such initial period. 


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1 SEC. 7. REPORT. 

2 Not later than 180 days after the date on which the 

3 Government of Mexico complies with the criteria described 

4 in paragraphs (1) and (2) of section 5(b), and once every 

5 180 days after such date of compliance and before the fi6 nalization of the agreement described in section 2, the 

7 President shall submit a report to Congress detailing the 

8 progress made by the Government of the United States 

9 to establish the Fund in accordance with this Act. 

Æ 


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