(pending) North American Investment Fund

frwebgate.access.gpo.gov
A BILL
To authorize the President to negotiate the creation of a
North American Investment Fund between the Governments
of Canada, of Mexico, and of the United States
to increase the economic competitiveness of North America
in a global economy.
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’’.

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SEC. 2. ESTABLISHMENT OF THE NORTH AMERICAN INVESTMENT FUND.
The President is authorized to negotiate with the
Government of Canada and the Government of Mexico to
establish a North American Investment Fund (referred to
in this Act 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 Government of Canada and the Government of Mexico to
establish and administer the Fund.
SEC. 3. PURPOSES.
The purposes of the Fund shall be—
(1) to increase the economic competitiveness of
North America in a global economy;
(2) to reduce the income gap between Mexico
and Canada, and between Mexico and the United
States; and
(3) to promote economic development in Mexico
in the areas of infrastructure, education, technology,
and job training.

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SEC. 4. PROJECTS FUNDED.
(a) IN GENERAL.—Grants shall be awarded from the
Fund 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 encourage the development and improve
the quality of primary, secondary, and post-secondary education throughout Mexico;
(3) to expand the deployment of communications and broadband infrastructure throughout Mexico, with emphasis on rural and underserved areas; and
(4) to expand job training and workforce development for high-growth industries in Mexico.
(b) PROJECT SELECTION.—
(1) IN GENERAL.—The agreement described in
section 2 shall include guidelines for determining
which projects will receive financial assistance from
the Fund.
(2) PRIORITY.—In selecting grantees to carry
out projects described in subsection (a)(1), priority
should be given to projects in the interior and southern regions of Mexico that connect to more developed markets in the United States and Canada.

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SEC. 5. CONTRIBUTIONS TO THE FUND.
(a) IN GENERAL.—The agreement described in section 2 shall require the Governments of Canada, of Mexico, and of the United States to contribute to the Fund,
subject to the limitations under subsection (b).
(b) LIMITATIONS ON CONTRIBUTIONS BY THE
UNITED STATES AND CANADA.—The agreement described
in section 2 shall include provisions that permit Canada
and the United States to contribute to the Fund if the
Government of Mexico—
(1) increases the tax revenue collected by such
Government, with the goal of annually collecting an
amount of such revenue that is equal to 18 percent
of the annual gross domestic product of Mexico; and
(2) carries out a program of reforms to increase
private investment and economic growth, reduce poverty, and maintain economic stability in Mexico.

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