§ 402. FINDINGS.
207 words·~1 min read·
/usc/title-31/section-402A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
“The Congress finds that— Mexico is an important neighbor and trading partner of the United States; on January 31, 1995 , the President approved a program of assistance to Mexico, in the form of swap facilities and securities guarantees in the amount of $20,000,000,000, using the exchange stabilization fund; the program of assistance involves the participation of the Board of Governors of the Federal Reserve System, the International Monetary Fund, the Bank for International Settlements, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Bank of Canada, and several Latin American countries; the 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; assistance provided by the International Monetary Fund, the International Bank for Reconstruction and Development, and the Inter-American Development Bank may require additional United States contributions of taxpayer funds to those entities; the 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; and the efficacy of the assistance to Mexico is contingent on the pursuit of sound economic policy by the Government of Mexico.