[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 80 Introduced in House (IH)]







104th CONGRESS
  1st Session
H. RES. 80

    Requesting the President to submit information to the House of 
     Representatives concerning actions taken through the exchange 
  stabilization fund to strengthen the Mexican peso and stabilize the 
                           economy of Mexico.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 10, 1995

 Ms. Kaptur (for herself, Mr. Abercrombie, Mr. DeFazio, Mr. Evans, Mr. 
  Hunter, Mr. Klink, Mr. Lipinski, Mr. Rohrabacher, Mr. Sanders, Mr. 
  Taylor of Mississippi, Mrs. Thurman, Mr. Visclosky, and Ms. Danner) 
submitted the following resolution; which was referred to the Committee 
                   on Banking and Financial Services

_______________________________________________________________________

                               RESOLUTION


 
    Requesting the President to submit information to the House of 
     Representatives concerning actions taken through the exchange 
  stabilization fund to strengthen the Mexican peso and stabilize the 
                           economy of Mexico.

    Resolved, That the President is hereby requested to provide to the 
House of Representatives, not later than 14 days after the adoption of 
this resolution, the following documents:
            (1) Any document concerning the assured source of repayment 
        to the United States for any short-, intermediate-, or long-
        term credit facility made available to Mexico after December 
        31, 1994.
            (2) Any document concerning the net worth of Pemex, the 
        historical annual revenues of Pemex, the projected annual 
        revenues during the 5-year period beginning on the date of the 
        adoption of this resolution, and the extent to which the 
        proceeds from the sale of Mexican oil to customers within 
        Mexico or outside of Mexico--
                    (A) are required to be paid to the Government of 
                Mexico as taxes or as payments in lieu of taxes; or
                    (B) have been pledged as collateral for the 
                repayment of any loans or other extensions of credit to 
                the Government of Mexico or to Pemex other than any 
                credit facility described in paragraph (1).
            (3) Any document concerning the value of any oil the 
        proceeds from the sale of which are pledged to assure the 
        repayment of any financial assistance provided by the United 
        States to Mexico, the documentation received by the United 
        States in connection with such pledge, and the manner in which 
        the United States may exercise any rights under such pledge to 
        obtain the proceeds as repayment for losses incurred.
            (4) Any document concerning any assurances given by the 
        Government of Mexico to the United States Government with 
        respect to changes in past economic policies or the adoption of 
        a new economic plan.
            (5) Any document concerning the decision by the President 
        to use the assets of the exchange stabilization fund 
        established under section 5302 of title 31, United States Code, 
        in connection with any short-, intermediate-, or long-term 
        credit facility made available to Mexico after December 31, 
        1994.
            (6) Any document concerning the criteria used by the 
        President or the Secretary of the Treasury in making any 
        decision to use the assets of the exchange stabilization fund 
        to respond to any economic, balance of payments, or exchange 
        crisis in any country and the facts on which such 
        determinations were made with respect to Poland, in 1989, and 
        to Mexico in December of 1994 and early 1995.
            (7) Any document concerning how the use of the assets of 
        the exchange stabilization fund as a source of credit to Mexico 
        compares with all prior uses of the assets of the fund since 
        1945 for all other countries under section 5302 of title 31, 
        United States Code, with regard to--
                    (A) the dollar amount of each transaction;
                    (B) the type of the transaction, such as loan, loan 
                guarantee, or swap agreement (as defined in section 
                11(e)(8)(D)(vi) of the Federal Deposit Insurance Act);
                    (C) the purpose of the transaction, such as whether 
                it was to support the United States dollar, to support 
                a foreign currency, or any other purpose;
                    (D) the duration, in years, of the transaction 
                during which any credit was or is permitted to remain 
                outstanding;
                    (E) any security or collateral pledged to assure 
                repayment with respect to each such transaction; and
                    (F) the existence of any agreement involving the 
                International Monetary Fund or the Board of Governors 
                of the Federal Reserve System in connection with each 
                such transaction and the terms of each agreement by 
                such Fund or Board.
            (8) Any document concerning debts owed by the Government of 
        Mexico and any entity owned or controlled by the Government of 
        Mexico to United States public or private creditors which are 
        outstanding as of the date of the adoption of this resolution, 
        the status of each such debt (including whether such debt has 
        been refinanced), and the collateral or security pledged to 
        assure repayment of such debt.
            (9) Any document concerning an accounting of all the fund 
        flows through the exchange stabilization fund established under 
        section 5302 of title 31, United States Code, during the 24-
        month period ending on the date of the adoption of this 
        resolution, including the identification of the amount of and 
        purpose for each transaction involving such fund during such 
        period.
            (10) Any document concerning the balance of available 
        assets in the exchange stabilization fund as of the date of the 
        adoption of this resolution.
            (11) Any document concerning the amount by which the total 
        principal amount of loans, loan guarantees, and other 
        extensions of credit which the President has announced will be 
        made available to Mexico exceeds the total amount of available 
        assets in the exchange stabilization fund established under 
        section 5302 of title 31, United States Code, and the means for 
        covering the shortfall, if any.
            (12) Any document concerning the departure of the 
        International Monetary Fund from the Fund's customary 
        guidelines for country assistance, including any recommendation 
        made by the President or any other officer or employee in the 
        executive branch to the Fund regarding the amount of financial 
        assistance the Fund was preparing to make available to Mexico, 
        and any reciprocal agreement made by the executive branch to 
        the Fund for making such assistance available in an amount 
        greatly in excess of the customary guidelines.
            (13) Any document concerning the factual circumstances 
        pursuant to which the Bank for International Settlements has 
        become a lender to individual countries beyond the Bank's 
        customary role as a clearinghouse for central banks.
            (14) Any document concerning the financial obligations of 
        the Board of Governors of the Federal Reserve System to the 
        Bank for International Settlements.
            (15) Any document concerning the relationship among the 
        Board of Governors of the Federal Reserve System, the Bank for 
        International Settlements, and the central banks of other 
        countries which are affiliated with such Bank in any manner 
        with regard to assigning or apportioning the ultimate liability 
        for any loss incurred in connection with the extension of 
        credit by such Bank to the Government of Mexico.
            (16) Any document, including minutes, concerning any 
        meeting between the President and any Members of Congress 
        concerning the proposed actions of the President, as announced 
        on January 31, 1995, to strengthen the Mexican peso and support 
        economic stability in Mexico.
            (17) Any document concerning any discrepancy between the 
        amount the President announced is available in the exchange 
        stabilization fund established under section 5302 of title 31, 
        United States Code, and the amount shown as being available in 
        such Fund in the monthly statement of the public debt of the 
        United States on December 31, 1994.
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