[Congressional Record Volume 141, Number 19 (Tuesday, January 31, 1995)]
[House]
[Pages H954-H955]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




SERIOUS QUESTIONS ABOUT AUTHORITY UNDER WHICH ACTION WAS TAKEN TO BAIL 
                          OUT THE MEXICAN PESO

  (Mr. BARR asked and was given permission to address the House for 1 
minute.)
  [[Page H955]] Mr. BARR. Mr. Speaker, today we heard communications 
from the White House, which were communicated and reverberated around 
the world, that the President of the United States has made an end run 
around the Congress, and I think this raises some very troubling 
problems about the Mexican bailout process.
  Just 1 short week ago, Mr. Speaker, we had the top administration 
officials appear before the Committee on Banking and Financial 
Services, on which I have the honor of serving, to tell this Congress 
that the only way, the only way that we could avoid a crisis in the 
international monetary market and avoid a collapse of the Mexican 
economy, is if this Congress acceded to the wishes of the 
administration and provided legislation that would in effect bail out 
the Mexican peso.
  Less than 1 week later, Mr. Speaker, we find out that the 
administration has another plan, and I call on the administration to 
come clean with this Congress, to let us know exactly what is going on 
and to answer some very serious questions about the authority under 
which this action is taking place, why it was not foreseen and why this 
administration, through the testimony of the administration officials 
in the Committee on Banking and Financial Services, appeared to mislead 
this U.S. Congress and the American people.

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