Summary: H.Res.80 — 104th Congress (1995-1996)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed House amended (03/01/1995)

Requests the President, within 14 days of the adoption of this resolution, to provide to the House of Representatives any document concerning: (1) the condition of the Mexican economy and consultations between the Mexican Government and the Secretary of the Treasury, the International Monetary Fund (IMF), or the Bank for International Settlements; (2) activities of the central bank of Mexico, wage, price, and credit controls, Mexican tax policy, financial transactions involving funds disbursed from the exchange stabilization fund (fund) and the IMF, planned or pending regulations affecting Mexico's private sector, and efforts to privatize Mexico's public sector; (3) legal analysis regarding the use of the fund; (4) agreements between the United States and Mexico to provide assured sources of repayment for all payments made in connection with credit facilities made to Mexico after December 31, 1994, and implementation of authorities regarding such facilities; (5) efforts by the international community to stabilize the Mexican economy; (6) the extent to which Mexico is complying with conditions regarding credit facilities; (7) IMF resources to be made available in response to the Mexican financial crisis and the extent to which IMF participation is likely to require additional contributions to the IMF by member states; (8) agreements detailing the fee structure and terms of financial support made available to Mexico through the fund; (9) the assured source of repayment to the United States for credit facilities made available to Mexico after December 31, 1994; (10) the net worth and historical annual revenues of Pemex as well as the projected annual revenues for the five-year period beginning on this resolution's adoption date and the extent to which proceeds from the sale of Mexican oil to customers are required to be paid to Mexico as taxes or payments in lieu of taxes or have been pledged as collateral for the repayment of loans or credit extended to Mexico or Pemex (other than credit facilities described above); (11) the value of any oil the proceeds from the sale of which are pledged to assure the repayment of assistance provided by the United States and the manner in which the United States may exercise rights to obtain such proceeds as repayment for losses incurred; (12) assurances given by the Mexican Government with respect to changes in economic policies; (13) the decision by the President to use the assets of the fund in connection with credit facilities described above; (14) criteria used in making any decision to use such assets to respond to any economic, balance of payments, or exchange crisis in any country and the facts on which such determinations were made with respect to Poland in 1989 and to Mexico in 1994 and 1995; (15) how the use of such assets as a source of credit to Mexico compares with all prior uses since 1945 for all other countries with regard to dollar amount, type, purpose, and duration of transaction, security or collateral pledged, and the existence of any agreement involving the IMF or the Federal Reserve System; (16) outstanding debts owed by the Mexican Government to U.S. creditors; (17) an accounting of all the fund flows through the fund for the 24-month period preceding the date of adoption of this resolution; (18) the balance of available assets in the fund; (19) the amount by which the total extensions of credit that will be made available to Mexico exceed available assets in the fund and the means for covering any shortfall; (20) the departure of the IMF from its customary guidelines for country assistance; (21) the factual circumstances pursuant to which the Bank for International Settlements has become a lender to individual countries beyond the Bank's role as a clearinghouse for central banks; (22) the financial obligations of the Federal Reserve to the Bank; (23) the relationship among the Federal Reserve, the Bank, and central banks of other countries affiliated with the Bank with regard to assigning the ultimate liability for loss incurred in connection with the extension of credit to Mexico; (24) any discrepancy between the amount the President announced is available in the fund and the amount shown as being available in the monthly statement of the public debt of the United States on December 31, 1994; and (25) conditions which were put on the credit facilities through the stabilization fund or the Federal Reserve that were requested by members of the investment community.