[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