Marcy Kaptur: “Just for a second, it interested me at what point the Government of…”

On the recordJanuary 11, 1995

Just for a second, it interested me at what point the Government of Mexico decided to devalue the peso. You know, they have their Presidential elections in August, so everything was quiet up until August. Then we had a GATT vote here, and that was right after elections. We delayed it. Nothing was said. Nobody wanted to upset the applecart. Then we had the vote on GATT here late in November, and, boom, right after that, when everything was set and secure, then the decision was made to devalue the peso, and our Government knew for a long time this was coming, the officials over at Treasury and the Fed. So it was all orchestrated at the highest levels, no debate down here, no discussion, and now, as you say, our people have to foot the bill.

Said by

Marcy Kaptur

Democratic · Ohio

Source

govinfo.gov

Editor's note · Context

Discussing the timing of Mexico's peso devaluation in relation to U.S. trade policy and elections.

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Marcy Kaptur: “Just for a second, it interested me at what point the Government of Mexico decided to devalue the peso. You know, they…”

Editor's note · Context