[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 384 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
                                 S. 384

To require a report on United States support for Mexico during its debt 
                    crisis, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

            February 10 (legislative day, January 30), 1995

 Mr. Brown (for himself and Mr. Helms) introduced the following bill; 
which was read twice and referred to the Committee on Foreign Relations

_______________________________________________________________________

                                 A BILL


 
To require a report on United States support for Mexico during its debt 
                    crisis, and for other purposes.

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

SECTION 1. REPORT REQUIRED.

    (a) Report.--Not later than March 1, 1995, and every six months 
thereafter, the President shall transmit a report to the appropriate 
congressional committees concerning all United States Government loans, 
credits, guarantees, and short-term and long-term currency swaps with 
Mexico.
    (b) Contents of Report.--The report described in subsection (a) 
shall include the following:
            (1) A breakdown of all outstanding United States Government 
        loans, credits, and guarantees provided to the Government of 
        Mexico.
            (2) A detailed list of all Federal Reserve currency swaps 
        designed to support indebtedness of the Government of Mexico, 
        and the cost or benefit to the United States Treasury from each 
        such transaction.
            (3) A description of any payments by creditors of Mexican 
        petroleum companies into the petroleum finance facility 
        established to ensure repayment of United States loans or 
        guarantees.
            (4) A description of any disbursement by the United States 
        Government from the petroleum finance facility.
            (5) 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 payments were diverted.
            (6) A description of the risk factors used in calculations 
        concerning Mexican repayment of indebtedness.
            (7) A statement of the progress the Government of Mexico 
        has made in reforming its currency and establishing an 
        independent central bank or currency board.
            (8) A description of specific actions taken by the 
        Government of Mexico to further privatize the economy of 
        Mexico.

SEC. 2. PRESIDENTIAL CERTIFICATION.

    Notwithstanding any other provision of law, before extending 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;
            (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 effective 
        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. 3. DEFINITION.

    As used in this Act, the term ``appropriate congressional 
committees'' means the Committees on Appropriations, Ways and Means, 
and International Relations of the House of Representatives and the 
Committees on Appropriations, Finance, and Foreign Relations of the 
Senate.
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