Whitey Ford
04-11-2019, 12:17 AM
Uncle Sam facilitates the process with a program called “Directo a Mexico” (Direct to Mexico), launched by the Federal Reserve, the government agency that serves as the nation’s central bank, more than a decade ago. President George W. Bush came up with the idea following the 2001 U.S.-Mexico Partnership for Prosperity to provide low-cost banking services to illegal immigrants and facilitate the procedure for those sending money home. In its first year, 2005, remittances to Mexico topped $20 billion and the Federal Reserve reports “double-digit percentage growth for the past several years.” Remittances are transferred through the Federal Reserve’s own automated clearinghouse linked directly to Mexico’s central bank (Banco de Mexico). The Trump administration should eliminate it because it undermines our nation’s immigration laws and is a potential national security nightmare.
Back in 2006 Judicial Watch investigated the outrageous taxpayer-subsidized initiative and obtained government records that shed light on how it functions. Marketing materials target immigrant workers in the U.S.—regardless of their legal status—as well as banks, credit unions and other financial institutions. The program is promoted as “the best way to send money home,” offering “more pesos for every dollar.” American financial institutions are charged $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 marketing materials also include the number of Mexican migrants in the U.S. with no distinction between those here illegally or not. A separate list identifies thousands of Mexican banks receiving “Directo a México” transfers.
A frequently asked question section posed this: “If I return to Mexico or am deported, will I lose the money in my bank account?” The answer: “No. The money still belongs to you and can easily be accessed at an ATM in Mexico using your debit card.” In short, the U.S. created this special banking system specifically for illegal aliens and tens of billions of dollars have streamed through it.
https://www.judicialwatch.org/blog/2019/04/most-of-the-33-billion-in-remittances-to-mexico-flow-via-u-s-govt-banking-program/
Back in 2006 Judicial Watch investigated the outrageous taxpayer-subsidized initiative and obtained government records that shed light on how it functions. Marketing materials target immigrant workers in the U.S.—regardless of their legal status—as well as banks, credit unions and other financial institutions. The program is promoted as “the best way to send money home,” offering “more pesos for every dollar.” American financial institutions are charged $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 marketing materials also include the number of Mexican migrants in the U.S. with no distinction between those here illegally or not. A separate list identifies thousands of Mexican banks receiving “Directo a México” transfers.
A frequently asked question section posed this: “If I return to Mexico or am deported, will I lose the money in my bank account?” The answer: “No. The money still belongs to you and can easily be accessed at an ATM in Mexico using your debit card.” In short, the U.S. created this special banking system specifically for illegal aliens and tens of billions of dollars have streamed through it.
https://www.judicialwatch.org/blog/2019/04/most-of-the-33-billion-in-remittances-to-mexico-flow-via-u-s-govt-banking-program/