January 30th, 1995: " The Mexican Stabilization Act" narrowly passes the House of Representatives. In a surprise to everyone, Speaker Cheney said in a Press Conference held shortly after the vote that "while I'm not happy that we have to bail out Mexico, I think we have an obligation to the American people to prevent a wave of illegal immigration to the United States from Mexico and to prevent any economic hardship here as a result of the crisis in Mexico. I hope the United States Senate does the right thing and passes this legislation." One day later, the Speaker was attacked by Conservative Talk Show Host Rush Limbaugh, who called him a "trader" and a "RHINO" who "Sold out less than a month after becoming Speaker."
February 7th, 1995: The United States Senate Passes "The Mexican Stabilization Act." President Clinton signed it into law later that day. The legislation included a $50 Billion bailout, a loan guarantee that Mexico pay back the loan, and at the request of the Congress, the legislation has a disclosure act in which the Mexican Government has to disclose how the bailout money is being spent.