Sherrod Brown said "American investors were benefiting. There were incentive for American investors to pull their money out, and that is what accelerated the whole downward plunge of the peso. You couple the politics of NAFTA, that the Mexican Government and the American Government did not want any peso devaluation during NAFTA, the Mexican government did not want any peso devaluation, although it could have been done in small increments during their own Presidential elections. So the politics of Mexico and the easy availability of money sent to Mexico, and the American bankers and American investors sending their money there, the Mexicans glad to receive it, certainly with the NAFTA stamp of approval, yes, our Government was saying it is OK to invest there, all played into this." @ PoliticalQuotes.com

On the recordFebruary 6, 1995

American investors were benefiting. There were incentive for American investors to pull their money out, and that is what accelerated the whole downward plunge of the peso. You couple the politics of NAFTA, that the Mexican Government and the American Government did not want any peso devaluation during NAFTA, the Mexican government did not want any peso devaluation, although it could have been done in small increments during their own Presidential elections. So the politics of Mexico and the easy availability of money sent to Mexico, and the American bankers and American investors sending their money there, the Mexicans glad to receive it, certainly with the NAFTA stamp of approval, yes, our Government was saying it is OK to invest there, all played into this.

Said by

Sherrod Brown

Democratic · Ohio

Source

govinfo.gov

Editor's note · Context

Discussing the impact of NAFTA on the Mexican peso and American investment.

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