North American Development Bank. This bill (H.R. 254), as amended by the Senate, would implement a U.S.-Mexico agreement that would allow the North American Development Bank (NADBank) to make below-market-loans. It would also extend the area in Mexico served by the bank to a zone along the border 186 miles wide (compared to the current 62 miles wide). The NADBank was established by the 1993 North American Free Trade Agreement (NAFTA) to finance development on both sides of the U.S.-Mexico border. The bank is funded by both the United States and Mexico.
The House agreed to a motion to suspend the rules and passed H.R. 254 on March 25, 2004 by a vote of 377 to 48 (Roll Call 87). We have assigned pluses to the nays because foreign aid to Mexico in the form of below-market-loans funded by U.S. taxpayers is unconstitutional. A two-thirds majority of those present and voting (284 in this case) is required for passage under a suspension of the rules.
