    [Public Papers of the Presidents of the United States: William J. Clinton (1995, Book I)]
    [January 31, 1995]
    [Pages 130-131]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement With Congressional Leaders on Financial Assistance to Mexico
    January 31, 1995

        We agree that, in order to ensure orderly exchange arrangements and
    a stable system of exchange rates, the United States should immediately
    use the Exchange Stabilization Fund (ESF) to provide appropriate
    financial assistance for Mexico. We further agree that under Title 31 of
    the United States Code, Section 5302, the President has full authority
    to provide this assistance. Because the situation in Mexico raises
    unique and emergency circumstances, the required assistance to be
    extended will be available for a period of more than 6 months in any 12-
    month period.
        The United States will impose strict conditions on the assistance it
    provides with the goal of ensuring that this package imposes no cost on
    U.S. taxpayers. We are pleased that other nations have agreed to
    increase their support. Specifically, the International Monetary Fund
    today agreed to increase its participation by $10 billion for a total of
    $17.8 billion. In addition, central banks of a number of industrial
    countries through the Bank for International Settlements have increased
    their participation by $5 billion for a total of $10 billion.
        We must act now in order to protect American jobs, prevent an
    increased flow of illegal immigrants across our borders, ensure
    stability in this hemisphere, and encourage reform in emerging markets
    around the world.
        This is an important undertaking, and we believe that the risks of
    inaction vastly exceed any risks associated with this action. We fully
    support this effort, and we will work to ensure that its purposes are
    met.
        We have agreed to act today.

    Note: The statement was announced jointly with Newt Gingrich, Speaker of
    the House of Representatives; Bob Dole, Senate majority leader; Thomas
    Daschle, Senate minority leader; Richard Armey, House majority leader;
    and Richard Gephardt, House minority leader.

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