Speech #990183139

The economies and futures of Mexico and the United States are inextricably connected. and the bond is particularly evident in our State of Texas. In this Congress. I have had the opportunity to play a significant role in the consideration of the immigration reform legislation currently before the Judiciary Committee. Illegal immigration into our country is severely affecting our labor force. our economy. and our society. It is urgent that we bring immigration under control. But a view of the immigration problem as simply a domestic labor problem in the United States is an incomplete view. We must also take into account the economic conditions in the countries whose citizens have come to the United States illegally by the millions for jobs they cannot find at home. if we are to find a real solution. Nowhere is this more important than in Mexico. Although an increasing number of illegal immigrants are coming from other countries around the world. Mexico remains the major sending country. Because Mexico and the United States are so closely interrelated economically. there are tremendous opportunities to improve the Mexican economy through our trade. investment. and development policies. We should examine our current policies to see how they affect the Mexican economy and explore changes that would be mutually beneficial to both our economies. We should look particularly at sectors of the Mexican economy with the most potential to provide employment. As we strive to solve the immigration problem by reforming and strengthening our laws to regain control of our borders. we cannot ignoreindeed we must attempt to respond tothe real needs of Mexico. We should explore every avenue to assist a proud nation in desperate need of economic development. Not only do I hope this issue will be addressed in the immigration reform bill now under consideration in the Judiciary Committee. but also in legislation such as my Foreign Investment Disclosure and Reciprocity Act through which I hope to encourage nations like Mexico to open their doors wider to investment and business development. As San Antonio Mayor Henry Cisneros has noted: One of the most controversial issues will be American investment in Mexcio. Foreign firms are limited to owning no more than 49 percent of a Mexican business.