We achieved our central legislative objectives of the 2007 Sabbath Year: a hearing in the House and introduction into the Senate of the Jubilee Act for Responsible Lending and Expanded Debt Cancellation.
The Jubilee Act will expand eligibility for 100 percent debt cancellation without harmful economic conditions to 67 impoverished countries in the Global South. The House version (H.R.2634) was introduced into the House by Rep. Waters (D-CA) and Rep. Bachus (R-AL). The Senate version, (S.2166) was introduced by Sen. Casey (D-PA), Sen. Lugar (R-IN) and Sen. Dodd (D-CT).
Now, this fall, we would like to see the Jubilee Act passed by both houses of Congress and signed into law by the President.
On Wednesday, April 16, 2008, the Jubilee Act (HR 2634) was debated and passed in the House of Representatives and now moves to the Senate. If you'd like to watch a video of the House vote, visit the archived page on the CSPAN website. Proceedings on the Jubilee Act (HR 2634) begin at 1:21 (1hr, 20 min).
The Jubilee Act had a hearing in the Senate Foreign Relations committee on April 24, 2008, and was passed by the Senate Foreign Relations committee a month later. Now the bill must be passed by the full Senate.
The Jubilee Act: Cancels impoverished country debt, prohibits harmful economic and policy conditions on debt cancellation, mandates transparency and responsibility in lending from governments and international financial institutions, calls for a new legal framework to restrict the activities of predatory “vulture funds,” and calls for a U.S. audit of debts resulting from odious and illegitimate lending.
If you have not urged your Senators to co-sponsor the Senate version of the Jubilee Act S 2166, take 5 minutes and make the call to your members of Congress. Take Action Now!
