President Zedillo Requests Special Session of Congress to Discuss Major Economic & Political Reforms

SourceMex Economic News & Analysis on Mexico, June 10, 1998 | Go to article overview

President Zedillo Requests Special Session of Congress to Discuss Major Economic & Political Reforms


President Ernesto Zedillo's administration wants Congress to schedule a special session in the next several weeks to resolve important economic and political issues. Even if the president succeeds, legislators in the special session will not debate the president's request for new legislation governing the failed bank-rescue fund (Fondo Nacional de Proteccion al Ahorro, FOBAPROA). In a meeting with Zedillo and top Cabinet officials in late May, legislative leaders from the five political parties represented in the Chamber of Deputies agreed to consider the president's proposal to schedule a special session to debate many economic proposals submitted by the administration in April. These proposals would include measures to strengthen autonomy for the Banco de Mexico (central bank) and the Comision Nacional Bancaria y de Valores (CNBV) and to allow foreign banks to acquire a greater share of Mexico's largest financial institutions (see SourceMex, 04/15/98). Legislators from the governing Partido Revolucionario Institucional (PRI) pushed for the special session, but delegations of the center-right Partido de la Revolucion Democratica and the conservative Partido Accion Nacional (PAN) declined to commit to such a session. Deputies Dolores Padierna of the PRD and Fauzdi Hamdan of the PAN questioned whether legislators would have sufficient time to prepare for the flurry of complex issues that could be brought up in the special session. Padierna and Hamdan, deputy coordinators for their respective parties in the Chamber of Deputies, said the financial reforms and other matters such as indigenous rights are too complex to force "hurried decisions" in a special session. Instead, Padierna proposed creating working groups to study the issues and draft proposals before the beginning of the next regular session in September. The administration, however, continued to insist that legislators schedule a special session. In the end, leaders of the PRD, PAN, Partido del Trabajo (PT), and Partido Verde Ecologista Mexicano (PVEM) agreed to consult their membership to determine whether a special session should be held in the latter part of August.

Session would not include reforms to bank-rescue fund PRI legislators initially planned to support Zedillo's request that a special session also include debate on the administration's proposal to convert 552 billion pesos (US$62.2 billion) in FOBAPROA liabilities into public debt. But this was squashed by the coalition of four opposition parties in the Chamber of Deputies, which said it would not consider any legislation dealing with FOBAPROA until an independent audit of the bank-rescue fund is completed. The comprehensive audit is expected to take four to five months, meaning legislators will not debate FOBAPROA legislation until sometime in November. "What is clear is that we won't rubber-stamp anything," said legislative leader Porfirio Munoz Ledo of the PRD. In early June, a committee comprising members of the five political parties agreed to hire an international consultant to coordinate a FOBAPROA audit. In a closed-door session, the committee invited 10 US and Canadian banking experts to apply for the position. The list includes former Canadian Central Bank governor John Crow, Massachusetts Institute of Technology (MIT) specialist Martin Feldstein, and eight US and Canadian private consultants. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

President Zedillo Requests Special Session of Congress to Discuss Major Economic & Political Reforms
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.