Posted on 02/01/2007 6:22:36 PM PST by Kitten Festival
U.S. Treasurer Anna Escobedo Cabral said Wednesday that remittances are a driving force of Mexico´s economic growth and that the country should encourage migrants´ families to invest their money. Speaking at the Bankers Club, Cabral said Mexico´s financial sector should do more to bring remittance money into formal financial channels by making credit, insurance and mortgage products easily available.
Remittances to Mexico last year reached US$23 billion, a 15 percent increase over 2005, which was considered a record year, Mexico´s central bank announced Wednesday.
In recent years, banks have competed for customers wiring money to Mexico by lowering their transaction fees.
Cabral said the public and private sectors could do more to help Mexicans "build their assets and invest their money wisely," which would spur business, jobs and economic growth.
Also at the meeting, Louisiana state Treasurer John Kennedy said Mexican workers were a key element in his state´s recovery from Hurricane Katrina.
"There is no doubt in my mind that we could not have made nearly the progress we have made without the working people from your country who have come to my state to rebuild," he said.
The number of Mexicans living in Louisiana has risen to about 5,000 from 3,000 since the storm on Aug. 29, 2005, and as many as another 30,000 may be coming and going from Louisiana.
(Excerpt) Read more at mexiconews.com.mx ...
The Treasurer of the United States is happy that funds earned illegally in her country is enriching a foreign country?
Boy, good thing we have a republican administration that supports enforcing our laws and all that stuff.
The Mexican central bank, by contrast, warns that remittances are a very dangerous crutch to rely on for Mexico's development. That's right, the Mexican central bank.
I wouldn't challenge their opinion. Remittances can be cut off any time. Their best workers are in the US, not building anything long term for Mexicans.
She didn't say this money was from illegals. However, to address that chance, a good revenue raiser might be to have banks require a green card or proof of citizenship (birth cert) or naturalization papers before money can be wired outbound for no cost. If these documents are not present, the US govt could charge $10 per $100 wired. The proceeds could fund the fence.
Itr should just be illegal to send all that money out of our country. Period. Make it illegal, tax it, do whatever you have to do, but we can't afford to have such a huge drain!
I like the idea but there needs to be a fine in there somewhere for sending money that you didn't declare taxes on, such as your undocumented neighbor.
I was just about to say to tax it! Great idea! Why not get Western Union to add a very hefty surcharge, at least an American busines will be raking in some bigger $$$$$$.
Your position is immoral. If you earned the money legally, then it is yours to do with what you please - send it out of the country if you want or not. If earned illegally, then the government has to prove its case in a court of law in front of a jury to stop you. That is the American way. What you are proposing is theft.
yep, that's about the size of it.
And the employers are happy in her country that they don't have to pay minimum wages or taxes. Seems fair all around.
ping
Just another Anchor Baby inserted into high federal office by this administration.
Once you know that, the tone of her speech is sort of easy to understand.
Her name and loyalty are to a foreign country. GW approves this rotten game
Once again, Bush puts someone into power who clearly has divided loyalties.
"Not only is she a Mexican-American, but she is a woman in a very high position in our U.S. government," said business junior Sara Meza, co-chair of the summit. "She has a very inspirational story because she started out like a lot of us."From here.
Of course, being mexican-American is all that really matters.
I repeat. The gov can do the same thing to you, whether your an illegal or not. Got it? That is what is wrong.
"I repeat"
That's not what you implied. You said it was immoral to prevent illegals from sending money back home. I suggested you re-examine who the immoral party truely is. Got It?
Latino representation in the National Zoo? Some jokes just write themselves.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.