June 29 - The Senate votes to advance Puerto Rico debt crisis legislation for a final vote.
June 29 - The United States Senate plans to vote on the Puerto Rico Oversight, Management and Economic Stability Act to address the island's debt crisis.
June 27 - US Senate faces Puerto Rico vote before July 1 deadline.
June 21 - Owners of Puerto Rico government's debt file suit to undo an April debt moratorium law.
June 20 - Puerto Rico's religious leaders release a statement on the status of debt talks between the US territory's Governor and creditors.
June 16 - Religious leaders from Puerto Rico and across the United States meet with senators to urge their support for legislation to restructure the island's debt.
June 13 - The United States Supreme Court upheld a decision that prevents Puerto Rico's courts from restructuring some of its debt.
June 9 - The US House of Representatives passes Puerto Rico debt crisis legislation 297-127 and unanimously passed an amendment to address child poverty. Read Jubilee's perpective on the bill and amendment in the Washington Post and NBC News. The House passed Puerto Rico debt crisis legislation 297-127. - See more at: www.jubileeusa.org/press/press-item/article/house-passes-puerto-rico-debt-crisis-legislation.htmlThe House passed Puerto Rico debt crisis legislation 297-127. - See more at: http://www.jubileeusa.org/press/press-item/article/house-passes-puerto-#sthash.8ZSx3XNX.dpufTHeRead
June 8 -Jubilee USA, Catholic Charities USA and the United Church of Christ endorse Puerto Rico debt legislation and an amendment to address child poverty in the US territory.
June 7 - San Juan Archbishop Roberto González Nieves publishes an op-ed on Puerto Rico's debt crisis and the island's political status.
June 2 - The Consumer Financial Protection Bureau releases new rules governing "payday" lending.
May 31 - The New York Times endorses legislation to address Puerto Rico's debt crisis.
May 25 - The House Committee on Natural Resources votes 29-10 to approve Puerto Rico debt legislation and send it to the full House of Representatives. Read Jubilee's views in the Wall Street Journal.
May 18 - Representative Sean Duffy (R-WI) introduces a new version of legislation to help resolve Puerto Rico's financial crisis. Read Jubilee's analysis in Sojourners, Washington Times and the National Catholic Reporter.
May 6 - The White House announces new actions on corruption and tax evasion in the wake of the "Panama Papers" leak.
May 2 - Puerto Rico is set to default on most of $422 million in debt payments due. Read Jubilee's views in the Wall Street Journal, Politico, Foreign Policy and TeleSUR. Catholic Charities USA and the US Conference of Catholic Bishops write separate letters letter to Congress urging action on the crisis.
Mar 25 - A new report suggests Florida residents paid up to $2.5 billion in "payday" lending fees.
Read more of Jubilee's latest news.
Puerto Rico's Humanitarian Crisis
Fall 2015 - With Puerto Rico's religious leaders, Jubilee USA is working to resolve Puerto Rico's economic and humanitarian crisis. Puerto Rico's 3.5 million residents are American citizens - their crisis is our crisis.
In August, the island's religious leaders called for Jubilee - debt relief, budget transparency and investment in Puerto Rico's people. They called on Congress and the White House to intervene. We organized high-level meetings for those leaders with the White House and Congress and joined them at the United Nations to call on funds that own Puerto Rico's debt to negotiate with the government.
Jubilee's efforts are featured in NBC News, CBS News, TIME Magazine, Reuters, the Associated Press, the Los Angeles Times, Catholic News Service, National Catholic Reporter and thousands of news stories across the globe.
Pope Francis and Poverty
September 2015 - Pope Francis' historic US visit focuses on building bridges to end global poverty. At the United Nations, Pope Francis urges world leaders to address the specific debt, tax and trade policies that drive global poverty, including "oppressive lending systems."
Jubilee also published four op-eds on the Pope's visit Jubilee Protects All of Us, Pope Francis Encourages Building Bridges to Address Challenges, The Pope, Partisanship and the Common Good, Pope Francis in His Own Words.:
Read Jubilee USA's thoughts on the "Jubilee Year" of mercy and Pope Francis' endorsement of a global bankruptcy process for countries.
Debt Relief for Nepal
Spring 2015 - On campaign to win debt relief for Nepal from the IMF and to move the World Bank to create its own emergency relief fund and cancel Nepal's debt. Jubilee's views on Nepal appear in Bloomberg, the International Business Times, Reuters, Inter Press Service and more., a 7.8 magnitude earthquake struck Nepal, killing over 8,800 people and destroyed over 500,000 homes, 8,000 schools and 1,023 health centers. Nepal is one of the poorest countries in the world and owes $3.8 billion in debt, including about $1.5 billion each to the World Bank and Asian Development Bank. Thanks to Jubilee's efforts, Nepal is potentially eligible for $23 million in debt relief from the International Monetary Fund's new debt relief trust fund for countries impacted by natural disasters. We are running a
Ebola Debt Relief Victory
February 5, 2015 - Jubilee USA won $100 million in debt relief for Ebola-impacted West African countries from the International Monetary Fund (IMF) and a new IMF debt relief fund for countries struck by natural disasters or health crises.
Our Ebola debt relief campaign began in the summer of 2014, when we released data showing that Guinea - where the epidemic began - was spending more on debt than on public health. That fall, we moved the White House to ask the IMF for $100 million in Ebola debt relief and pointed out that the IMF already had a trust fund set up to cancel debt in times of crisis. We moved the IMF to create that fund after Haiti's devastating 2010 earthquake. Ebola, we argued, was a good reason to use it again. In October, 150 Jubilee faith communities acted and prayed for Ebola debt relief.
The IMF expanded its Haiti fund to include countries struck by health crises and designated 38 of the world's poorest countries eligible for relief. This fund is the culmination of 15 years of Jubilee's work to end extreme poverty and create permanent social safety nets for countries in crisis.
Jubilee at the Vatican
Spring 2015 - On March 13, Pope Francis celebrated the second anniversary of his election to the Papacy. The Pope emphasized ending poverty and addressing global inequality. Our views on the "Jubilee" Pope are featured on National Public Radio's Marketplace.
In May 2014, a global Jubilee delegation met Pope Francis and held extensive meetings with high-level Vatican officials. The delegation discussed debt, tax, trade and financial reform with Vatican Secretary of State, Cardinal Pietro Parolin and the president of the Pontifical Council for Justice and Peace, Cardinal Peter Turkson. Jubilee's work at the Vatican was featured in the National Catholic Reporter, Vatican News Network, Catholic News Service and ValueWalk.
UN Votes to Begin Global Bankruptcy Process
Fall 2014 - On September 9, 2014, the United Nations General Assembly voted overwhelmingly to begin work on a global bankruptcy process. That process - one of Jubilee's core issues since our founding - could make defaults less likely and halt predatory hedge funds. The resolution passed 124 - 11 with almost unanimous support in Latin America and Africa. Jubilee organized thousands of messages to United States UN Ambassador Samantha Power urging her to vote yes. In December, the UN reaffirmed the process with two more resolutions. Foreign Policy, the Guardian, International Business Times and ValueWalk featured our work.
The Debt Trial of the Century
Summer 2014 - On June 16, the US Supreme Court rejected Argentina's appeal for a hearing in the "Debt Trial of the Century." The case dates back to Argentina's 2001 debt default and pits the South American country against a group of predatory hedge funds seeking more than $1.5 billion. Jubilee USA filed an amicus brief to the high court this March, urging the court to take the case and noting the negative impact a ruling in favor of the predatory funds would have on poor countries, debt restructurings and legitimate investors. On July 30, Argentina defaulted. Jubilee USA's views on the case are featured in the Wall Street Journal, National Public Radio, the Financial Times, Time Magazine and more. Jubilee's executive director Eric LeCompte addressed the United Nations about the case in August.
A complete timeline of the case is available on our website.
Dr. Jim Yong Kim Touts Jubilee's Impact On Poverty
June, 2014 - At the 2014 RESULTS Conference, World Bank president Dr. Jim Yong Kim said, "Two of the most important impacts on growth in Africa over the last 5 years, which has been over 5%, no one expected it, has been 1) the Jubilee movement, debt relief...and 2) HIV treatment."
Winning a Fair Debt Deal for Grenada and other Caribbean Nations
October 11, 2013 - Jubilee is working to get a fair debt deal for Grenada that will benefit its citizens. Eric traveled to Grenada this year to participate in negotiations between the IMF, Grenada government, international experts and civil society representatives. Read the letter Jubilee's executive committee sent to IMF Head Christine Lagarde. Learn more about the issue through Eric LeCompte's Op Ed in Inter Press Service and the original statement by Grenada's Conference of Churches.
Fueled by recurring financial crises, corruption and loans made to Caribbean countries in the aftermath of natural disasters, several Caribbean nations are suffering debt crises that have deep impacts on the poorest people. Jubilee is supporting a new Jubilee Caribbean Debt Relief Network in order to cancel debt and set precedents that can impact millions of people living in extreme poverty around the globe. Learn more in Jubilee's blog post, Winning a Fair Debt Deal for Caribbean Nations.
Jubilee for Students
July 9, 2012 - The President signs the bipartisan legislation to promote college affordability and protect low-interest college loans through the Transportation Bill. Jubilee applauds the bipartisanship in Congress and we thank the President for his leadership and Republicans and Democrats who reached across the aisle to make this happen. Read Jubilee's statement on the vote to protect college students and their families.
Months before, Jubilee was mobilizing supporters and engaging Congress Members to protect low-interest rates for students and minimize future debt burdens on students before time ran out on July 1st, 2012. We sent a letter to Senators and had a weekend of prayer and action. Over 40 Jubilee Congregations and faith communities prayed and acted for students. Over 1,600 supporters sent letters to their Senators. Find out more about the communities that participated in the weekend of action and prayer.
Read about Jubilee's work around the college student loan issue in Yes! Magazine, Catholic News Service and Eric's blog in Sojourners which talks about his visit to the White House to hear President Obama speak on student loans. And read our blog.