North American Investment Fund Act

        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2941 Introduced in Senate (IS)]

108th CONGRESS
2d Session
S. 2941

To authorize the President to negotiate the creation of a North
American Investment Fund to promote economic and infrastructure
integration among Canada, Mexico, and the United States, and for other
purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

October 7, 2004

Mr. Cornyn introduced the following bill; which was read twice and
referred to the Committee on Foreign Relations

_______________________________________________________________________

A BILL

To authorize the President to negotiate the creation of a North
American Investment Fund to promote economic and infrastructure
integration among Canada, Mexico, and the United States, and for other
purposes.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``North American Investment Fund
Act''.

SEC. 2. AUTHORITY FOR A NORTH AMERICAN INVESTMENT FUND.

The President is authorized to negotiate with the Governments of
Canada and Mexico to create a North American Investment Fund, as
described in this Act (hereinafter referred to as the ``Fund''), by--
(1) agreeing to certain amendments to the November 1993
Agreement Between the Government of the United States of
America and the Government of the United Mexican States
Concerning the Establishment of a Border Environment
Cooperation Commission and a North American Development Bank;
or
(2) negotiating an agreement with the Governments of Canada
and Mexico to establish and administer the Fund.

SEC. 3. PURPOSES.

The purposes of the Fund shall be--
(1) to promote economic and infrastructure integration
among Canada, Mexico, and the United States;
(2) to promote education and economic development in
Mexico; and
(3) to reduce the wealth gap between Mexico and Canada, and
between Mexico and the United States.

SEC. 4. PROJECTS FUNDED.

(a) In General.--The Fund shall make grants for projects to carry
out the purposes described in section 3, including projects--
(1) to construct roads in Mexico to facilitate trade
between Mexico and Canada, and Mexico and the United States;
(2) to develop and implement post-secondary education
programs in Mexico;
(3) to install telecommunications technologies throughout
Mexico; and
(4) to construct other infrastructure that will carry out
such purposes.
(b) Project Selection.--The terms of the agreement establishing the
Fund shall include guidelines for the selection of projects to receive
grants from the Fund.

SEC. 5. CONTRIBUTIONS TO THE FUND.

(a) In General.--The terms of the agreement establishing the Fund
shall, subject to the limitation in subsection (b), require the
Governments of Canada, Mexico, and the United States to contribute to
the Fund.
(b) Limitations on Contributions by the U.S. and Canada.--The terms
of the agreement establishing the Fund shall include provisions that
permit Canada and the United States to contribute to the Fund only if,
during the initial term of operation of the Fund, the Government of
Mexico--
(1) increases the tax revenue collected by such Government,
with the goal of collecting an amount of such revenue that is
equal to 16 percent of the gross domestic product of Mexico;
and
(2) carries out a program of economic reforms to increase
economic stability in Mexico.

SEC. 6. TERM OF THE FUND.

The terms of the agreement establishing the Fund shall require that
the Fund operate for an initial period of 10 years and cease operations
at the end of such period, unless Canada, Mexico, and the United States
agree to extend the period of operation.

SEC. 7. REPORT.

Not later than 180 days after the date of the enactment of this
Act, the President shall submit to Congress a report on the progress
made by the Government of the United States to establish the Fund as
described in this Act.
<all>