95-16774. Certification Regarding Use of the Exchange Stabilization Fund and Federal Reserve in Relation to the Economic Crisis in Mexico

[Federal Register Volume 60, Number 129 (Thursday, July 6, 1995)]
[Presidential Documents]
[Pages 35113-35114]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-16774]





                        Presidential Documents 



Federal Register / Vol. 60, No. 129 / Thursday, July 6, 1995 / 
Presidential Documents

___________________________________________________________________

Title 3--
The President

[[Page 35113]]

                Memorandum of June 29, 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 
                billion, 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.

                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.

[[Page 35114]]


                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, June 29, 1995.

[FR Doc. 95-16774
Filed 7-3-95; 2:36 pm]
Billing code 4810-25-M