[Federal Register Volume 60, Number 99 (Tuesday, May 23, 1995)]
[Presidential Documents]
[Pages 27395-27396]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-12812]
[[Page 27393]]
_______________________________________________________________________
Part III
The President
_______________________________________________________________________
Memorandum of May 17, 1995--Certification Regarding Use of the Exchange
Stabilization Fund and Federal Reserve in Relation to the Economic
Crisis in Mexico
Presidential Documents
Federal Register / Vol. 60, No. 99 / Tuesday, May 23, 1995 /
Presidential Documents
_____________________________________________________________________
Title 3--
The President
[[Page 27395]]
Memorandum of May 17, 1995
Certification Regarding Use of the Exchange
Stabilization Fund and Federal Reserve in Relation to
the Economic Crisis in Mexico
Memorandum for the Secretary of the Treasury
On January 31, 1995, I approved a program of assistance
to Mexico, in the form of swap facilities and
securities guarantees in an amount not to exceed $20
million, using the Exchange Stabilization Fund (the
``ESF program'').
By virtue of the authority vested in me by the
Constitution and the laws of the United States,
including section 301 of title 3, United States Code,
and section 406 of the Emergency Supplemental
Appropriations and Rescissions for the Department of
Defense to Preserve and Enhance Military Readiness Act
of 1995 (Public Law 104-6), I hereby certify that:
(1) There is no projected cost (as defined in the
Federal Credit Reform Act of 1990) to the United States
from the proposed swap transaction.
(2) All loans, credits, guarantees, and currency
swaps to Mexico from the Exchange Stabilization Fund or
the Federal Reserve System are adequately backed to
ensure that all United States funds are repaid.
(3) The Government of Mexico is making progress in
ensuring an independent central bank.
(4) Mexico has in effect a significant economic
reform effort.
(5) The Executive Branch has provided the documents
requested by House Resolution 80 adopted March 1, 1995,
and described in paragraphs (1) through (28) of that
Resolution. All documents identified as responsive to
the Resolution have been provided to the entire House
of Representatives. Pursuant to the terms of the
Resolution, the Executive Branch has not provided those
documents as to which the Executive Branch has informed
the House that it would be inconsistent with the public
interest to provide the documents to the House.
Pursuant to arrangements for safekeeping of classified
materials in House facilities, classified documents
have been provided to the House by making them
available either at designated, secure House facilities
or at Executive Branch facilities. Each agency,
including the Federal Reserve Board, has advised the
House of the procedures employed by that agency to
provide the documents requested by House Resolution 80.
I have been informed that the Board of Governors of the
Federal Reserve System has provided the documents
requested by House Resolution 80 and described in
paragraphs (1) through (28) of that Resolution.
[[Page 27396]] I hereby delegate to you the reporting
requirement contained in section 406 of Public Law 104-
6. You are authorized and requested to report this
certification immediately to the Speaker of the House
and appropriate congressional committees, as defined in
section 407 of Public Law 104-6.
I also hereby delegate to you the reporting requirement
contained in section 403 of Public Law 104-6.
You are authorized and directed to publish this
memorandum in the Federal Register.
(Presidential Sig.)
THE WHITE HOUSE,
Washington, May 17, 1995.
[FR Doc. 95-12812
Filed 5-19-95; 4:42 pm]
Billing code 4810-25-M
