Speech #990002221

The callable capital stays in each Governments Treasury and would only be used to cover outstanding bonds in the event of a total failure by the bank. an event that is extremely unlikely. The bank could make loans at attractive rates. because its bonds would be the highest grade being guaranteed by the callable capital of the bank. The bilateral development bank addresses the real cause underlying the problem of illegal immigrationwhich is the desperate need for human opportunity. The truth is that the recently proposed immigration reform bills solve no problem at all. They do not address the causes of illegal immigration. and therefore cannot even effectively deal with the symptoms. For example. last years socalled SimpsonMazzoli bill would have limited legal immigration from Mexico to about 40.000 immigrants per year. The waiting list for visas in Mexico today is backlogged by 300.000. and the list grows longer with each passing day. Under SimpsonMazzoli. the backlog of visa applications would have inexorably grown. Since legal immigration is already all but impossible for Mexicans. and would continue to be so. the typical Mexican would continue to have no choice but to enter without legal permission. After all. 14 out of every 15 Mexican visa applicants in line today must expect to wait forever. the only real choice in that kind of situation is to swim the river. Since the immigration reform bills neither address the cause of illegal immigration nor make it practical for the typical immigrant to enter legally. they are mere exercise in futility. The only realistic thing to do is to work on the basic cause of the problem. rather than to throw up a new paper fencea paper curtain that would be no more effective in stopping illegal immigration than the socalled tortilla curtain has been. My bilateral bank proposal is realistic. it is positive. it addresses the real problem. it relies on mechanisms that have been proven over decades. and that have worked throughout the world. It is a program that offers maximum flexibility. that requires very little Government outlays and removes development efforts from the realm of politicslocal or international. This is a program that is pragmatic. that will produce results. and that can be put in place quickly. since both the United States and Mexican Governments already have vast experience in and confidence with the techniques and organization involved in the concept. The bilateral development bank recognizes a mutual need. operates on the basis of mutual cooperation. and represents the kind of system in which both Governments can place great confidence. because both Governments already have used the concept for decades with great success. Today. illegal immigration is seen as a U.S. program with a Mexican solution. But for the Government of Mexico. stopping illegal migration would only exacerbate the already great and rapidly growing problems of poverty and unemployment within the country. On our side of the border. there can be no hope that the immigrant wave can be stopped or even much affected by immigration reform bills that in no way address the root causes oi illegal entry. let alone make it possible for legal migration to take place. My bill provides the real solutiona cooperative program that helps both countries solve a problem that vexes and embarrasses both. in a way that is clearly acceptable to both.*