Tuesday, July 18, 2006

Your Tax Dollars at work - in Mexico

North American Investment Fund Act (Introduced in Senate)

S 3622 IS

109th CONGRESS

2d Session

S. 3622


To authorize the President to negotiate the creation of a North American Investment Fund between the Governments of Canada, of Mexico, and of the United States to increase the economic competitiveness of North America in a global economy.

IN THE SENATE OF THE UNITED STATES

June 29, 2006


Mr. CORNYN (for himself and Mr. COLEMAN) introduced the following bill; which was read twice and referred to the Committee on Foreign Relations

A BILL

To authorize the President to negotiate the creation of a North American Investment Fund between the Governments of Canada, of Mexico, and of the United States to increase the economic competitiveness of North America in a global economy.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `North American Investment Fund Act'.

SEC. 2. ESTABLISHMENT OF THE NORTH AMERICAN INVESTMENT FUND.

The President is authorized to negotiate with the Government of Canada and the Government of Mexico to establish a North American Investment Fund (referred to in this Act as the `Fund') by--

(1) agreeing to certain amendments to the November 1993 Agreement Between the Government of the United States of America and the Government of the United Mexican States Concerning the Establishment of a Border Environment Cooperation Commission and a North American Development Bank; or

(2) negotiating an agreement with the Government of Canada and the Government of Mexico to establish and administer the Fund.

SEC. 3. PURPOSES.

The purposes of the Fund shall be--

(1) to increase the economic competitiveness of North America in a global economy;

(2) to reduce the income gap between Mexico and Canada, and between Mexico and the United States; and

(3) to promote economic development in Mexico in the areas of infrastructure, education, technology, and job training.

SEC. 4. PROJECTS FUNDED.

(a) In General- Grants shall be awarded from the Fund for projects to carry out the purposes described in section 3, including projects--

(1) to construct roads in Mexico to facilitate trade between Mexico and Canada, and Mexico and the United States;

(2) to encourage the development and improve the quality of primary, secondary, and post-secondary education throughout Mexico;

(3) to expand the deployment of communications and broadband infrastructure throughout Mexico, with emphasis on rural and underserved areas; and

(4) to expand job training and workforce development for high-growth industries in Mexico.

(b) Project Selection-

(1) IN GENERAL- The agreement described in section 2 shall include guidelines for determining which projects will receive financial assistance from the Fund.

(2) PRIORITY- In selecting grantees to carry out projects described in subsection (a)(1), priority should be given to projects in the interior and southern regions of Mexico that connect to more developed markets in the United States and Canada.

SEC. 5. CONTRIBUTIONS TO THE FUND.

(a) In General- The agreement described in section 2 shall require the Governments of Canada, of Mexico, and of the United States to contribute to the Fund, subject to the limitations under subsection (b).

(b) Limitations on Contributions by the United States and Canada- The agreement described in section 2 shall include provisions that permit Canada and the United States to contribute to the Fund if the Government of Mexico--

(1) increases the tax revenue collected by such Government, with the goal of annually collecting an amount of such revenue that is equal to 18 percent of the annual gross domestic product of Mexico; and

(2) carries out a program of reforms to increase private investment and economic growth, reduce poverty, and maintain economic stability in Mexico.

SEC. 6. TERM OF THE FUND.

The agreement described in section 2 shall require that the Fund--

(1) operate for an initial period of 10 years; and

(2) cease operations at the end of such 10-year period, unless the Governments of Canada, of Mexico, and of the United States agree to extend the period of operation beyond such initial period.

SEC. 7. REPORT.

Not later than 180 days after the date on which the Government of Mexico complies with the criteria described in paragraphs (1) and (2) of section 5(b), and once every 180 days after such date of compliance and before the finalization of the agreement described in section 2, the President shall submit a report to Congress detailing the progress made by the Government of the United States to establish the Fund in accordance with this Act.

http://thomas.loc.gov/cgi-bin/query/z?c109:S.3622:

1 Comments:

Anonymous Anonymous said...

First of all. YOU ARE WRONG. No where in the bill does it state that US tax dollars are being used. First of all I think we can all agree that the mexican government has a high level of corruption. Senator Cornyn would just like to up the tax and tarrifs on the goods coming into this country from 9% to 18%. Then take that extra 9% difference, and reinvest MEXICO’S OWN MONEY back into their society so that there are more jobs, and less immigrants coming across the border. Thus increasing more trade and help the US economy as well. Learn to read or don’t judge something you don’t understand. This is where people get miss guided because of sources like YOU!

3:50 PM  

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