Speech #970004281

Speaker. today I am reintroducing a bill to establish a United StatesMexico Joint Development Bank. As I have pointed out in previous Congresses. the purpose of this Bank will be to bring together financial endeavors between the United States and Mexico which will be helpful in creating a sound economic condition. Illegal immigration. which has become a major social and economic problem. is reflective of the economic environment in which these two countries operate and is one of the causes of the heavy traffic of illegal immigration from Mexico into the United States. I believe the longrun solution to this problem lies in increased economic development of Mexico. particularly in the creation of employment opportunities in those areas of Mexico where these immigrants originate. The Bank that I am proposing is similar in nature to the multilateral development banks such as the InterAmerican Development Bank. the Asian Development Bank. and the African Development Bank. with which I am familiar since my subcommittee has the responsibility for passing legislation authorizing these institutions. The Bank would be different. however. in that it would be funded and managed equally between the United States and Mexico.