[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. Con. Res. 6 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
S. CON. RES. 6

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 SENATE OF THE UNITED STATES

            February 14 (legislative day, January 30), 1995

     Mr. Mack (for himself, Mr. D'Amato, Mr. Shelby, Mr. Bond, Mr. 
Faircloth, Mr. Grams, Mr. Frist, Mr. Brown, Mr. Murkowski, Mr. Bennett, 
and Mr. Gramm) submitted the following concurrent resolution; which was 
             referred to the Committee on Foreign Relations

_______________________________________________________________________

                         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 compliance by the 
  Government of Mexico regarding certain loans, loan guarantees, and 
other assistance made by the United States to the Government of Mexico.

Whereas Mexico is an important neighbor and trading partner of the United 
        States;
Whereas on January 31, 1995, the President announced a program of assistance to 
        Mexico, that includes swap facilities 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 participation of the Federal 
        Reserve System, the International Monetary Fund, the Bank for 
        International Settlements, the International Bank for Reconstruction and 
        Development, 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 potential requirement for 
        additional future United States contributions 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
Whereas the efficacy of the assistance to Mexico is contingent on the pursuit of 
        sound economic policy by the Government of Mexico: Now, therefore, be it
    Resolved, 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 Government 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 approval of the 
                President issued on January 31, 1995;
            (2) each report submitted under paragraph (1) should 
        include, with respect to the month for which the report is 
        submitted--
                    (A) a full description of the activities of the 
                Mexican Central Bank and Mexican exchange rate policy, 
                including the reserve positions of the Mexican Central 
                Bank and data relating to the functioning of Mexican 
                monetary policy;
                    (B) information regarding the implementation and 
                the extent of wage, price, and credit controls in the 
                Mexican economy;
                    (C) a complete documentation of Mexican tax policy 
                and any proposed changes to such policy;
                    (D) a list of planned or pending Mexican Government 
                regulations affecting the Mexican private sector;
                    (E) any efforts to privatize public sector entities 
                in Mexico; and
                    (F) a full disclosure of all financial 
                transactions, both inside and outside of Mexico, 
                directly involving funds disbursed from the exchange 
                stabilization fund and the International Monetary Fund, 
                including transactions with--
                            (i) individuals;
                            (ii) partnerships;
                            (iii) joint ventures; and
                            (iv) corporations; and
            (3) the Secretary of the Treasury should continue to submit 
        reports under paragraph (1) until the Secretary determines that 
        no further risk exists to United States taxpayers of default by 
        the Government 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.
                                 <all>