[Congressional Record Volume 141, Number 34 (Thursday, February 23, 1995)]
[House]
[Pages H2155-H2156]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


       RESOLUTION PROVIDING INFORMATION ON MEXICAN LOAN GUARANTEE

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Pennsylvania [Mr. Fox] is recognized for 5 minutes.
  Mr. FOX of Pennsylvania. Mr. Speaker, I am pleased to announce to my 
colleagues today that the House Committee on Banking and Financial 
Services, under the able leadership of our Chairman, Jim Leach of Iowa, 
today passed House Resolution 80. This was originally filed by the 
gentlewoman from Ohio [Ms. Kaptur] with substitute language of the 
gentleman from New York [Mr. King]. This will give Congress the ability 
to have the background information on the $20 billion Mexican loan 
bailout or guarantee as it may be called. The bill specifically asks 
the President for any documents that relate to the condition of the 
Mexican economy; any consultations between the Government of Mexico and 
the Secretary of the Treasury; a description of the activities of the 
central bank of Mexico; information regarding the implementation and 
extent of wage, price and credit controls in the Mexican economy; a 
complete documentation of Mexican tax policy; a description of all 
financial transactions both inside and outside of Mexico directly 
involving funds disbursed from the exchange stabilization fund; any 
documents concerning any legal analysis with regard to the authority of 
the President or the Secretary of Treasury to use that stabilization 
fund; and any documents concerning the value of any of the oil, the 
proceeds from the sale of which are pledged to the repayments of any 
financial assistance provided by the United States to Mexico.
  I bring this to the attention of my colleagues, Mr. Speaker, because 
Congress and the American people are rightfully concerned whether the 
President has exceeded his powers in effectuating the $20 billion loan 
guarantees. Congress is also concerned about illegal drug trafficking 
and what Mexico is doing about it, and also illegal immigration and 
what Mexico is doing about it, and further if the collateral pledged by 
Mexico is sufficient to protect the interests of the United States.
  I will work with my colleagues for final passage of this legislation 
so we can get the answers from the White 
[[Page H2156]]  House and the President in order to help protect the 
interests of the American people in my district and all 435 districts 
to make sure we protect the people in this House.

                          ____________________