IV
104TH CONGRESS
1ST SESSION
H. CON. RES. 27
To express the sense of the Congress that the Secretary of the Treasury
should submit monthly reports to the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on Banking and
Financial Services of the House of Representatives concerning compliance
by the Government of Mexico regarding certain loans, loan guarantees,
and other assistance made by the United States to the Government
of Mexico.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY 14, 1995
Mr. KING (for himself, Mr. MCCOLLUM, Mr. BEREUTER, Mr. ROTH, Mr.
BACHUS, Mr. CASTLE, Mr. LAZIO of New York, Mr. SAM JOHNSON of
Texas, Mrs. MYRICK, Mr. CREMEANS, Mr. METCALF, Mr. HEINEMAN,
Mr. FORBES, Mr. LONGLEY, Mr. WELLER, Mr. WATTS of Oklahoma, and
Mr. NEY) submitted the following concurrent resolution; which was re-
ferred to the Committee on Banking and Financial Services
CONCURRENT RESOLUTION
To express the sense of the Congress that the Secretary
of the Treasury should submit monthly reports to the
Committee on Banking, Housing, and Urban Affairs of
the Senate and the Committee on Banking and Financial
Services of the House of Representatives concerning com-
pliance by the Government of Mexico regarding certain
loans, loan guarantees, and other assistance made by
the United States to the Government of Mexico.
•HCON 27 IH
Whereas Mexico is an important neighbor and trading part-
ner of the United States;
Whereas on January 31, 1995, the President announced a
program of assistance to Mexico, that includes swap fa-
cilities and securities guarantees in the amount of
$20,000,000,000, using the exchange stabilization fund
established pursuant to section 5302 of title 31, United
States Code, and the Federal Reserve System;
Whereas the program of assistance also involves the partici-
pation of the Federal Reserve System, the International
Monetary Fund, the Bank for International Settlements,
the International Bank for Reconstruction and Develop-
ment, the Inter-American Development Bank, the Bank
of Canada, and several Latin American countries;
Whereas the involvement of the exchange stabilization fund
and the Federal Reserve System means that United
States taxpayer funds will be used in the assistance effort
to Mexico;
Whereas assistance provided by the International Monetary
Fund, the International Bank for Reconstruction and
Development, and the Inter-American Development Bank
may require additional United States contributions of
taxpayer funds to those entities;
Whereas the immediate use of taxpayer funds and the poten-
tial requirement for additional future United States con-
tributions of taxpayer funds necessitates congressional
oversight of the disbursement of funds from the exchange
stabilization fund, the Federal Reserve System, and the
International Monetary Fund; and
•HCON 27 IH
Whereas the efficacy of the assistance to Mexico is contingent
on the pursuit of sound economic policy by the Govern-
ment of Mexico: Now, therefore, be it
Resolved by the House of Representatives (the Senate
concurring), That it is the sense of the Congress that—
(1) the Secretary of the Treasury should, in
conjunction with reports required under section
5302 of title 31, United States Code, by the 30th
day after the end of each month, submit a detailed
report to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on
Banking and Financial Services of the House of
Representatives describing, with respect to such
month—
(A) the condition of the Mexican economy;
(B) any consultations between the Govern-
ment of Mexico and the Department of the
Treasury or the International Monetary Fund;
and
(C) any funds disbursed from the exchange
stabilization fund, including any swap facilities
or securities guarantees, pursuant to the ap-
proval of the President issued on January 31,
1995;
•HCON 27 IH
(i) individuals;
(ii) partnerships;
(iii) joint ventures; and
(iv) corporations; and
(3) the Secretary of the Treasury should con-
tinue to submit reports under paragraph (1) until
the Secretary determines that no further risk exists
to United States taxpayers of default by the Govern-
ment of Mexico on funds provided from the exchange
stabilization fund, the Federal Reserve System, or
the International Monetary Fund pursuant to the
program of assistance approved by the President on
January 31, 1995.
Æ