Posted on 12/06/2006 8:19:21 AM PST by 3AngelaD
Federal Reserve Markets “Directo a México” to U.S. Banks for “Migrant” Transfers of $20 Billion in Remittances to Mexico (Washington, DC) -- Judicial Watch, the public interest group that investigates and prosecutes government corruption, today released Federal Reserve marketing materials created for “Directo a México” [Direct to Mexico], a new government program designed to facilitate the transfer of funds from immigrant workers in the U.S. – regardless of their legal status – to their relatives in Mexico. Judicial Watch obtained the marketing materials, prepared for presentations to financial institutions in California in early November 2006, from the Retail Payments Office of the Federal Reserve in Atlanta, Georgia.
Marketed as “the best way to send money home,” offering “more pesos for every dollar,” the Federal Reserve’s remittance program charges U.S. financial institutions $0.67 per item to transfer money from the United States to Mexican banks, ensuring a “highly competitive rate.” The Federal Reserve also provides participating U.S. financial institutions with Spanish language promotional materials to “help get your message out.” The program was reportedly launched in response to a directive from President Bush following the 2001 U.S. – Mexico Partnership for Prosperity created by President Bush and then Mexican President Fox. It makes no distinction between “legal” and “illegal” aliens.
The “Directo a México” marketing materials, which are targeted to banks, credit unions and other financial institutions in the U.S., include information on payment channels and benefits to Mexican recipients. These marketing materials also detail the number of Mexican migrants in the United States, 9,328,405, with no distinction between those here illegally or not. A separate list identifies Mexican banks receiving “Directo a México” transfers by branches (8,578) and total bank accounts (41,313,157).
While the federal government is subsidizing and marketing “Directo a México,” Arizona Attorney General Terry Goddard has seized millions of dollars en route to Mexico via Western Union, the largest U.S. money-transfer company. These financial transactions are allegedly linked to a sophisticated drug smuggling and human trafficking racket. Arizona courts have issued warrants that allow state investigators to intercept wire transfers that exceed $500 from 23 states.
“The taxpayer-subsidized ‘Directo a México’ program seems designed to facilitate the transfer of wealth by illegal immigrants outside the United States. This program undermines our nation’s immigration laws and is a potential national security nightmare,” stated Judicial Watch President Tom Fitton. “In the least, the Federal Reserve must limit this program to legal aliens and U.S. citizens only.” Federal Reserve materials: http://www.judicialwatch.org/archive/2006/DirectoaMexico2006_FIs.pdf
Sounds like we could TAX THOSE TRANSFERS VERY EASILY!!!
What country does our "government" work for ??? Certainly not America.....
You know, maybe we are approaching this all wrong. Maybe what we ought to be doing is ENCOURAGING illegal immigration from populations/countries we find desirable. THEN we would see how long those people defending illegal aliens from Mexico change their tune.
We could pay for all the health care, education, housing subsidies, food stamps etc. consumed by immigrants by taxing all these transfers at a rate of about 10 percent. But our government would prefer that citizen taxpayers foot the bill instead. That tax isn't going to happen. The banks went to Congress to try to get a cut of the bazillions Western Union and Central American banks with branches here are making on money transfers, and Congress accommodated them nicely. Check out the campaign contributions to members of the House and Senate banking committees that set up this program. Taxpayers have been sold down the river yet again.
There was a reason I convinced my husband I should no longer be a "taxpayer" years ago.....
Check out the campaign contributions to members of the House and Senate banking committees that set up this program. Taxpayers have been sold down the river yet again.
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** LEGISLATION AND FAVORS FOR SALE **
The sign over the door to the Congress....
What more could we do to encourage illegal immigration? We have in place every conceivable incentive to immigrate illegally as it is.
I don't understand. Doesn't Western Union do this same thing, if so why is the government interfering and competing with a private company?
Good question. It is as if the Federal Reserve set up a program allowing banks to give away hamburgers to compete with MacDonald's. I'll say it again: The banking industry went to Congress and got this, in exchange for campaign contributions, because the bankers wanted a cut of Western Union's business. Check out the campaign contributions to members of the House and Senate banking committees.
ping
of course we can, but our elected officials go weak in the knees over these guys.
"We could pay for all the health care, education, housing subsidies, food stamps etc. consumed by immigrants by taxing all these transfers at a rate of about 10 percent"
The tax would have to be 50% just to pay what illegals cost California each year.
You have to admit that 10 percent of $20 billion is a chunk of change.
100% confication would only cover 10% of what the illegals cost us.
So you wouldn't even try to pay for part of it if we could? I won't argue with you about the outrageous costs to the native-born of supporting immigration, and I agree that the U.S. government has abandoned its obligation to look out for the rights and well being of its citizens. But I think the government should take a crack at taxing the money sent abroad and using the proceeds to pay for PART of what the immigrants consume.
Precisely.
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