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STUDENT FINANCIAL ASSISTANCE
(RESCISSION)
Of the funds made available under this heading in
Public Law 103–112, $100,000,000 made available for title
IV, part A, subpart 1 of the Higher Education Act are re-
scinded.
Ω18æPage 20, after line 10 insert:
FEDERAL AVIATION ADMINISTRATION
FACILITIES AND EQUIPMENT
(AIRPORT AND AIRWAY TRUST FUND)
(RESCISSION)
Of the available balances under this heading that re-
main unobligated for the ‘‘advanced automation system’’,
$35,000,000 are rescinded.
FEDERAL HIGHWAY ADMINISTRATION
FEDERAL-AID HIGHWAYS
(HIGHWAY TRUST FUND)
(RESCISSION)
Of the available contract authority balances under this
heading in Public Law 97–424, $13,340,000 are rescinded;
and of the available balances under this heading in Public
Law 100–17, $126,608,000 are rescinded.
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MISCELLANEOUS HIGHWAY DEMONSTRATION PROJECTS
(RESCISSION)
Of the available appropriated balances provided in
Public Law 93–87; Public Law 98–8; Public Law 98–473;
and Public Law 100–71, $12,004,450 are rescinded.
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DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT
HOUSING PROGRAMS
ANNUAL CONTRIBUTIONS FOR ASSISTED HOUSING
(RESCISSION)
Of the funds made available under this heading in
Public Law 103–327 and any unobligated balances from
funds appropriated under this heading in prior years,
$400,000,000 are rescinded from amounts available for the
development or acquisition costs of public housing.
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TITLE III—MISCELLANEOUS
SEC. 301.—Notwithstanding sections 12106, 12107,
and 12108 of title 46, United States Code, and section 27
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of the Merchant Marine Act, 1920 (46 App. U.S.C. 883),
as applicable on the date of enactment of this Act, the Sec-
retary of Transportation may issue a certificate of docu-
mentation for the vessel L. R. BEATTIE, United States of-
ficial number 904161.
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TITLE IV—MEXICAN DEBT DISCLOSURE
ACT OF 1995
SEC. 401. SHORT TITLE.
This title may be cited as the ‘‘Mexican Debt Disclo-
sure Act of 1995’’.
SEC. 402. FINDINGS.
The Congress finds that—
(1) Mexico is an important neighbor and trading
partner of the United States;
(2) on January 31, 1995, the President approved
a program of assistance to Mexico, in the form of
swap facilities and securities guarantees in the
amount of $20,000,000,000, using the Exchange Sta-
bilization Fund;
(3) the program of assistance involves the par-
ticipation of the Federal Reserve System, the Inter-
national Monetary Fund, the Bank of International
Settlements, the World Bank, the Inter-American De-
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velopment Bank, the Bank of Canada, and several
Latin American countries;
(4) the involvement of the Exchange Stabiliza-
tion Fund and the Federal Reserve System means
that United States taxpayer funds will be used in the
assistance effort to Mexico;
(5) assistance provided by the International
Monetary Fund, the World Bank, and the Inter-
American Development Bank may require additional
United States contributions of taxpayer funds to those
entities;
(6) the immediate use of taxpayer funds and the
potential requirement for additional future United
States contributions of taxpayer funds necessitates
Congressional oversight of the disbursement of funds;
and
(7) the efficacy of the assistance to Mexico is con-
tingent on the pursuit of sound economic policy by
the Government of Mexico.
SEC. 403. REPORTS REQUIRED.
(a) REPORTS.—Not later than April 1, 1995, and
every month thereafter, the President shall transmit a re-
port to the appropriate congressional committees concern-
ing all United States Government loans, credits, and guar-
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antees to, and short-term and long-term currency swaps
with, Mexico.
(b) CONTENTS OF REPORTS.—The report described in
subsection (a) shall include the following:
(1) A description of the current condition of the
Mexican economy.
(2) Information regarding the implementation
and the extent of wage, price, and credit controls in
the Mexican economy.
(3) A complete documentation of Mexican tax-
ation policy and any proposed changes to such policy.
(4) A description of specific actions taken by the
Government of Mexico during the preceding month to
further privatize the economy of Mexico.
(5) A list of planned or pending Mexican Gov-
ernment regulations affecting the Mexican private sec-
tor.
(6) A summary of consultations held between the
Government of Mexico and the Department of the
Treasury, the International Monetary Fund, or the
Bank of International Settlements.
(7) A full description of the activities of the
Mexican Central Bank, including the reserve positions
of the Mexican Central Bank and data relating to the
functioning of Mexican monetary policy.
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(8) The amount of any funds disbursed from the
Exchange Stabilization Fund pursuant to the ap-
proval of the President issued on January 31, 1995.
(9) A full disclosure of all financial transactions,
both inside and outside of Mexico, made during the
preceding month involving funds disbursed from the
Exchange Stabilization Fund and the International
Monetary Fund, including transactions between—
(A) individuals;
(B) partnerships;
(C) joint ventures; and
(D) corporations.
(10) An accounting of all outstanding United
States Government loans, credits, and guarantees pro-
vided to the Government of Mexico, set forth by cat-
egory of financing.
(11) A detailed list of all Federal Reserve cur-
rency swaps designed to support indebtedness of the
Government of Mexico, and the cost or benefit to the
United States Treasury from each such transaction.
(12) A description of any payments made during
the preceding month by creditors of Mexican petro-
leum companies into the petroleum finance facility es-
tablished to ensure repayment of United States loans
or guarantees.
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(13) A description of any disbursement during
the preceding month by the United States Government
from the petroleum finance facility.
(14) Once payments have been diverted from
PEMEX to the United States Treasury through the
petroleum finance facility, a description of the status
of petroleum deliveries to those customers whose pay-
ments were diverted.
(15) A description of the current risk factors
used in calculations concerning Mexican repayment
of indebtedness.
(16) A statement of the progress the Government
of Mexico has made in reforming its currency and es-
tablishing an independent central bank or currency
board.
SEC. 404. PRESIDENTIAL CERTIFICATION.
Notwithstanding any other provision of law, before ex-
tending any loan, credit, guarantee, or arrangement for a
swap of currencies to Mexico through any United States
Government monetary facility, the President shall certify
to the appropriate congressional committees that—
(1) there is no projected cost to the United States
from the proposed loan, credit, guarantee, or currency
swap;
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(2) all loans, credits, guarantees, and currency
swaps are adequately collateralized to ensure that
United States funds will be repaid;
(3) the Government of Mexico has undertaken ef-
fective efforts to establish an independent central bank
or an independent currency control mechanism; and
(4) Mexico has in effect a significant economic
reform effort.
SEC. 405. DEFINITION.
As used in this title, the term ‘‘appropriate congres-
sional committees’’ means the Committees on Banking and
Financial Services and International Relations of the
House of Representatives and the Committees on Foreign
Relations and Banking, Housing, and Urban Affairs of the
Senate.
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This Act may be cited as the ‘‘Supplemental Appro-
priations and Rescissions Act, 1995’’.
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Amend the title so as to read: ‘‘An Act making sup-
plemental appropriations and rescissions for the fiscal
year ending September 30, 1995, and for other pur-
poses.’’.
Attest:
Secretary.
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