Mexican Debt Disclosure Act of 1995

Short Title

This title is cited as the Mexican Debt Disclosure Act of 1995.

Congressional Assessment

104th U.S. Congress finds —

(1) Mexico is an important neighbor and trading partner of the United States(2) On January 31, 1995, the President of the United States approved a program of assistance to Mexico, in the form of swap facilities and securities guarantees in the amount of $20,000,000,000 (Mex$125,600,000,000) using the exchange stabilization fund(3) Program of assistance involves the participation of the Board of Governors of the Federal Reserve System, International Monetary Fund, Bank for International Settlements, International Bank for Reconstruction and Development, Inter-American Development Bank, Bank of Canada, and several Latin American countries(4) Involvement of the exchange stabilization fund and the Board of Governors of the Federal Reserve System means that United States taxpayer funds will be used in the assistance effort to Mexico(5) Assistance provided by the International Monetary Fund, International Bank for Reconstruction and Development, and Inter-American Development Bank may require additional United States contributions of taxpayer funds to those entities(6) 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(7) Efficacy of the assistance to Mexico is contingent on the pursuit of sound economic policy by the Government of Mexico

Presidential Reports

(a) Reporting Requirement — Not later than June 30, 1995, and every six months thereafter, President of the United States shall transmit to the appropriate congressional committees a report concerning all guarantees issued to, and short-term and long-term currency swaps with the Government of Mexico by the United States Government, including the Federal Reserve Board of Governors(b) Contents of Reports — Each report shall contain a description of the following actions taken, or economic situations existing, during the preceding six month period or, in the case of the initial report, during the period beginning on the date of enactment of this Act:(c) Summary of Treasury Department Reports — In addition to the information required, each report required shall contain a summary of the information contained in all reports submitted during the period covered by the report

Reports by the Secretary of the Treasury

(a) Reporting Requirement — Beginning on the last day of the first month which begins after the date of enactment of this Act, and on the last day of every month thereafter, Secretary of the Treasury shall submit to the appropriate congressional committees a report concerning all guarantees issued to, and short-term and long-term currency swaps with the Government of Mexico by the United States Government, including the Federal Reserve Board of Governors(b) Contents of Reports — Each report shall include a description of the following actions taken, or economic situations existing, during the month in which the report is required to be submitted:

Termination of Reporting Requirements

The reporting requirements shall terminate on the date that the Government of Mexico has paid all obligations with respect to swap facilities and guarantees of securities made available under the program approved by the President of the United States on January 31, 1995

Presidential Certification Regarding Swap of Currencies to Mexico Through Exchange Stabilization Fund or Federal Reserve

(a) In General — Notwithstanding any other provision of law, no loan, credit, guarantee, or arrangement of a swap of currencies to Mexico through the exchange stabilization fund or by the Federal Reserve Board of Governors may be extended or (if already extended ) further utilized, unless and until the President submits to the appropriate congressional committees a certification that —(b) Treatment of Classified or Privileged Material — For purposes of the certification required, the President shall specify, in the case of any document that is classified or subject to applicable privileges, that, while such document may not have been produced to the House of Representatives, in lieu thereof it has been produced to specified Members of Congress or their designees by mutual agreement among the President, the Speaker of the House, and the chairmen and ranking members of the Committee on Banking and Financial Services, the Committee on International Relations, and the Permanent Select Committee on Intelligence of the House

Definitions

For purposes of this title, the following definitions shall apply :