Apr 30 - Chad receives $1.1 billion in debt relief from the International Monetary Fund and the World Bank. Chad is the fourth-least developed country in the world. Jubilee's views appear in the Agence-France Presse and the International Business Times.
Apr 25 - A 7.8 magnitude earthquake strikes Nepal, killing nearly 4,000 people. Nepal is one of 38 countries eligible for the IMF's new debt relief fund. It owes $3.8 billion in debt, including $1.5 billion to the World Bank. Jubilee's views are in Bloomberg, International Business Times, the Epoch Times and Voice of America.
Apr 23 - Campaigns Director Andrew Hanauer speaks at the United Nations on debt and tax policies that can lift millions of people out of poverty.
Apr 17 - During its spring meetings the IMF discusses a global bankruptcy process, a key Jubilee reform.
Apr 17 - The World Bank announces $650 million in aid and loans to Ebola-affected countries.
Apr 17 - Jubilee USA hosts a workshop on Ebola debt relief and the new IMF debt relief trust fund for poor countries. Our executive director will speak alongside senior IMF and World Bank staff. Join us!
Apr 15 - The IMF releases its Global Financial Stability Report, noting debt and human crises are driving global inequality.
Apr 9 - Executive Director Eric LeCompte speaks at the United Nations on promoting debt, tax and trade policies that protect the most vulnerable. Our Board Co-Chair Aldo Caliari co-moderated the panel.
Apr 3 - Jubilee USA calls for debt relief for Vanuatu. The small island nation owes $84 million to international lenders and needs immediate assistance to recover from a category 5 cyclone.
Apr 2 - Greece submits new reform proposals to the European Union targeting tax evasion and corruption in an effort to secure further emergency financing. Questions remain as to whether Greece will make its next payment to the International Monetary Fund on schedule. The International Business Times features Jubilee's views.
Mar 27 - Victory! From Oregon to Florida, Jubilee USA generated thousands of calls and stopped the Senate from repealing a global financial transparency law.
Mar 26 - The Senate is voting this week on an amendment aimed at repealing a key US anti-corruption law. Act today! Call your senators and urge them to vote No on SA 621.
Mar 10 - President Obama signs a "Student Aid Bill of Rights", which includes protections for students from predatory lending practices.
Feb 25 - New legislation would allow Puerto Rico to access US bankruptcy protection. Puerto Rico is heavily indebted and impoverished, but its unique status as a territory leaves it few options to escape its debt trap.
Feb 25 - CCTV America and America Magazine interview our executive director Eric LeCompte on Greece, debt, austerity and tax evasion. Jubilee's views on the Greek elections are in the Financial Times and ValueWalk and our views on Greece's loan deal with the Eurozone are in Valuewalk.
Feb 2 - President Obama tells CNN that Greece needs a growth strategy and that austerity policies "squeeze more and more out of a population that is hurting." Jubilee's views on the Greek elections are in the Financial Times and ValueWalk.
January 30 - The UN Economic Commission for Africa calls for debt cancellation for Ebola-impacted countries.
January 25 - An anti-austerity party wins Greece's elections and promises to renegotiate Greece's debt. Greece is the third most heavily indebted country in the world. See Jubilee's views in the Financial Times and ValueWalk.
January 23 - An anti-austerity party is poised to win upcoming Greek elections. Is the time right for a repeat of the 1953 London Conference that addressed Germany's post-war debt problems?
January 12 - Today marks the five-year anniversary of Haiti's earthquake. After the quake the International Monetary Fund created a new debt relief fund that could now help Ebola-impacted West Africa.
January 8 - CCTV features Jubilee's debt relief efforts for West African countries affected by Ebola.
December 30 - Jubilee's views on the on-going dispute between Argentina and predatory hedge funds are featured in Fox News, the New York Times, the Associated Press and the International Business Times.
December 26 - New reports show Ebola-impacted countries losing billions to debt, tax evasion and corruption.
December 16 - Our 2014 Year-End Report is hot off the press. We are winning because of you.
December 15 - According to a new report from Jubilee partner Global Financial Integrity, the developing world loses nearly $1 trillion each year to corruption and corporate tax evasion.
December 15 - The UN Economic Commission for Africa calls for debt relief for Ebola-impacted West African countries.
December 5 - The UN votes 128 to 16 to begin next steps on the global bankruptcy process it approved in September. Jubilee's views are featured in the International Business Times.
December 4 - Take Action Today for Ebola Debt Relief! Thank Treasury Secretary Jack Lew for supporting debt relief for Liberia, Sierra Leone and Guinea.
December 2 - Today is #GivingTuesday, a day for donating to worthy causes. Your tax-deductible gift to Jubilee today is matched up to $15K!
November 26 - The Financial Times features Jubilee USA's views on what forms of debt predatory hedge funds might target next.
November 12 - Jubilee moved the White House to call for $100 million in debt relief for Ebola-stricken West Africa. Jubilee's efforts are featured in Inter Press Service and the International Business Times.
October 29 - The three countries most impacted by Ebola spend nearly $200 million per year paying off debt. Guinea spends more on debt than on public health - and loses even more to corporate tax avoidance and illicit financial flows.
October 7 - The IMF releases its new World Economic Outlook Report, forecasting slow growth amid high debt levels and calling for increased infrastructure investment.
October 3 - Executive Director Eric LeCompte and Jubilee USA's work on debt and predatory hedge funds is featured on National Public Radio's Interfaith Voices. Listen here.
September 29 - A US District Judge finds Argentina in contempt of court over its attempts to avoid paying holdout hedge funds.
September 23 - The US Treasury Department acts to stop corporate inversions.
September 17 - The OECD proposes international structures to stop corporate tax avoidance, a systemic cause of global poverty.
September 9 - The United Nations votes to create a global bankruptcy process that could deter predatory funds. The resolution passed by a vote of 124-11. Jubilee USA's views are covered in ValueWalk and Foreign Policy Magazine.
September 4 - Jubilee USA's executive board sends a letter to US Ambassador to the UN Samantha Power urging her to vote for a UN resolution to curb predatory behavior.
September 2 - The United Nations conference on small island developing states meets in Samoa. Jubilee USA argues that the conference fails to address the underlying debt and tax crises these islands face.
August 28 - A group of banks and investors propose a framework for handling debt defaults aimed at preventing a repeat of the Argentina/NML dispute. Jubilee's views are covered in the Financial Times, International Business Times and the New York Post. The framework is available here.
August 7 - Argentina sued the United States today at the International Court of Justice. The suit stems from Argentina's legal dispute with hold-out creditors.
August 5 - In the wake of Argentina's default, Jubilee USA's Executive Director addresses the United Nations about the global impacts of the Argentina/NML case. Jubilee's views on the case are covered in The Wall Street Journal and NPR's Marketplace. Grenada and the Democratic Republic of the Congo are two countries that could be impacted by the Supreme Court's ruling.
June 27 - A US District judge blocks Argentina's attempt to make debt payments to the majority of its creditors, ordering Argentina to also pay hold-out creditors in full. Argentina has argued that it cannot pay the hold-outs without facing more than $100 billion in lawsuits from other creditors, thus triggering a potential default.
June 25 - According to a new IMF paper, corporate tax avoidance hurts the global economy, and poor countries most of all.
June 23 - In a speech on poverty, World Bank President Jim Kim states: "Two of the most important impacts on growth in Africa over the last 5 years... have been 1) the Jubilee movement, debt relief...and 2) HIV treatment."
June 16 - The Supreme Court rejects Argentina's appeal for a hearing in the "Debt Trial of the Century." See Jubilee's views in the Associated Press, Bloomberg, Washington Post, NPR, Democracy Now! and Time.
June 13 - The International Monetary Fund Executive Board meets to discuss responsible lending and borrowing, predatory hedge funds and aspects of an international bankruptcy process. Read Jubilee USA and New Rules for Global Finance's letter to the Fund.
June 5 - The G7 finished its meetings in Brussels today. The summit addressed the need to find solutions to the global debt crisis and to stop corporate tax avoidance in the developing world. Read Jubilee's release and statement.
May 27 - Argentina filed its final arguments at the US Supreme Court in its dispute with holdout predatory hedge funds. Jubilee's amicus brief was filed in March and explains how the case affects global poverty, debt restructuring and poor country access to credit. The high court will likely decide in June if it will hear the case. Listen to Eric LeCompte's national radio interview. See Jubilee's press coverage in the Wall Street Journal, Mint Press, the National Catholic Reporter and the Argentine press. Read Argentina's original petition for a hearing.
May 27 - Pfizer halted its tax avoidance plans amidst heavy scrutiny. Jubilee's statement welcoming the decision argues that corporate tax avoidance is a "theft from the poor."
May 21 - Our Executive Director, Eric LeCompte, led a global Jubilee delegation to the Vatican and met with Pope Francis today. Yesterday they were formally received by Vatican Secretary of State Cardinal Parolin and Cardinal Turkson who applauded Jubilee for bringing together Muslims, Jews and Christians to work on financial reforms to end poverty. Read more about the meetings in the National Catholic Reporter, Catholic News Service and the Vatican press.
April 19 - Jubilee USA's Spring E-Update is out! Learn more about the work we are doing and how you can get involved.
April 18 - While the Supreme Court debates whether or not to hear the "Debt Trial of the Century," a related case between Argentina and predatory hedge funds is being heard by the high court. On brief and the list of organizations that filed. Listen to Eric LeCompte's national radio interview. See Jubilee's press coverage in the National Catholic Reporter, Wall Street Journal, Mint Press and the Argentine press. Read Argentina's petition.Jubilee USA and 78 religious and development organizations filed to the US Supreme Court on the NML/Argentina debt case. The filing expresses concern for the case's impact on the poor and on bipartisan US policy. Read Jubilee's
April 11 - As IMF meetings focus on debt and inequality, see Jubilee USA's views in Common Dreams.
March 25 - Jubilee USA and 78 religious and development organizations filed to the US Supreme Court on the NML/Argentina debt case. The filing expresses concern for the case's impact on the poor and on bipartisan US policy. Read Jubilee's brief, the list of organizations that filed and our press release. Listen to and read Eric LeCompte's national radio interview. See Jubilee's recent coverage on the case in the National Catholic Reporter, Wall Street Journal, Mint Press and the Argentine press.
March 21 - Jubilee USA and 75 religious and development organizations will file to the US Supreme Court on the global implications of the NML Capital vs Argentina case on Monday. Read our press release. Also read Eric LeCompte's comments to the Wall Street Journal on this landmark case.
March 13 - Today marks the one-year anniversary of Pope Francis' installation as head of the Catholic Church. Read Jubilee USA's statement on the Pope's anniversary.
February 28 - The Daily Californian covered Jubilee's unity event to end extreme poverty that was sponsored by the UC Berkeley College Republicans, Democrats, and Jewish, Muslim and Christian groups on and off campus. Eric keynoted the event that will become a model for universities around the US to bridge political and religious divides to solve structural causes of extreme poverty: debts, taxes and corruption. You can read more about the event through The Daily Californian's article here.
February 14 - Argentina prepares to file final Supreme Court appeal in global predatory hedge fund debt case. The religious community joins the IMF, the US government and the United Nations in opposing exploitative hedge fund behavior. Read our press release. Jubilee's Executive Director, Eric LeCompte, spoke about the twists and turns of the case in January to HedgeCo.net. For a timeline on the Argentina/NML Capital Case visit here.
January 24 - Read Jubilee's press release on the 2014 World Economic Forum in Davos, Switzerland and the imperative for world leaders to address tax avoidance. Developing countries lose billions of dollars each year to tax avoidance, money that should be spent on education and health care for some of the world's poorest people. Between 2000 and 2008, $6.5 trillion left the developing world untaxed, leaving poor countries more in need of loans and aid.
January 16- Read this article on predatory hedge funds from HedgeCo.Net. Jubilee's Executive Director, Eric LeCompte, is featured to explain the importance of this issue and its relation to the Supreme Court case, Argentina v. NML Capital.
December 27 - Jubilee Director Eric LeCompte was interviewed on Democracy Now! around debt and humanitarian crisis in the Philippines and global financial reform. Watch it here. Since Typhoon Haiyan struck the Philippines, the country has paid over $1 billion in debt payments - more than twice as much as they've received in relief aid. Some of the debt still being paid is from the abusive Marcos regime. Sign our petition today to grant an immediate moratorium on the Philippines' debt repayments, and to offer unconditional grants--not loans--to help the country recover. Read more in Jubilee's release on Common Dreams.
Update, Feb. 14, 2014: As of today, the Philippines has made more than $2 billion in debt payments since the Typhoon, money that should be going to help the victims of the storm and to rebuild the country.
December 17 - Argentina is expected to appeal to the US Supreme Court by mid-February in response to the US 2nd Circuit Court ruling in favor of predatory hedge funds. The precedent the case sets empowers a small group of hedge funds to target assets that benefit vulnerable populations. The nearly 93% of debt holders who restructured are now pressing for a solution. Read Jubilee's latest press release. Learn more about this global poverty debt case.
December 12 - Take action and tell your Senators and Representative to support legislative measures for responsible lending and borrowing at the IMF, World Bank and other International Financial Institutions. Such measures would benefit the world's poorest and most vulnerable. Learn more about our work with the IMF in Jubilee Director Eric LeCompte's OpEd: Grenada's IMF Sunday School in Inter Press Service.
December 5 - Representatives Doggett and DeLauro introduce legislation to end sequestration and curb corporate usage of offshore tax havens. Jubilee applauds the bill that helps millions of people escape poverty. Read our statement on Common Dreams.
December 4 - The EU fined eight financial institutions a combined total of $2.3 billion for their alleged role in the manipulation the London Interbank Offered Rate (LIBOR). The manipulation of LIBOR is one of the largest banking scandals of our time. Read Jubilee Director Eric LeCompte's statement on how this manipulative behavior impacts the most vulnerable.
November 26 - Jubilee's Executive Director spoke at the United Nations today during the Open Working Group on Sustainable Development. Read his comments on debt, tax, the IMF and vulture funds.
November 18 - In the landmark debt case between vulture funds and Argentina, the US 2nd Circuit ruled for predatory hedge funds and against the interests of the global poor. We expect Argentina to file an appeal to the US Supreme Court. Read Jubilee Director Eric LeCompte's statement.
November 6 - Jubilee USA and American Jewish World Service hosted a congressional briefing on responsible lending and borrowing and vulture funds. Check out speeches from our esteemed panel and read the statements from Financial Services Committee Chairman Emeritus Spencer Bachus and Financial Services Committee Ranking Member Maxine Waters here. Read more in our coverage in Inter Press Service.
November 1 - A US Appeals Court rejected vulture funds' request to remove hold on payments in the landmark debt case between Argentina and vulture funds. Read more in Jubilee USA's statement.
October 11 - Jubilee USA is working to get a fair debt deal for Grenada that will benefit its citizens. Learn more in Eric LeCompte's Op Ed in Inter Press Service. Read the letter Jubilee's executive committee sent to IMF Head, Christine Lagarde. Read the Conference of Churches in Grenada's original statement.
October 10 - The IMF announced that member countries approved their commitment to fund the Poverty Reduction and Growth Trust (PRGT) for concessional lending. Financing comes from windfall profits made from IMF gold sales. Jubilee led a three year campaign to secure windfall profits to go to benefit the poor. We still have concerns over aspects of lending, however, zero percent interest loans mean real relief for millions of the world's most vulnerable people. See our coverage in Inter Press Service, the Independent European Daily Express and the Pakistan Observer. You can read more about our IMF gold sales victory in Agence France-Presse (AFP), Yahoo News, the Global Post and the South China Morning Star.
October 7 -The U.S. Supreme Court decides not to take the Argentina and NML Capital debt case. Further appeals are pending in lower courts and the Supreme Court will likely have another chance to accept the case in the coming months. Read Jubilee's reaction in our press statement. See Jubilee's thoughts on the case in the Washington Post, the Financial Times and the Los Angeles Times. Read Eric's OpEd in Yes! Magazine and get more details on the case from our vulture funds page.
October 3 - Executive Director Eric LeCompte and Jubilee USA's work on debt and predatory hedge funds is featured on National Public Radio's Interfaith Voices. Listen here.
September 19 - The Senate version of the Stop Tax Haven Abuse Act was introduced. This legislation calls on corporations to stop avoiding paying taxes in the developing world. Take Action and ask your Senators to cosponsor this legislation.
September 6 - The G20 meeting concludes in Russia and delegates released their leaders' declaration. Read Jubilee USA's statement.
September 5 - Jubilee USA Network, United to End Genocide and Physicians for Human Rights sent a letter to the White House on establishing preemptive contract sanctions on the Syrian government. This action deters companies from selling weapons and protects future Syrian generations from inheriting illegitimate debts. The groups also sent a letter to New York Governor Andrew Cuomo who has similar executive powers to address Syria in our proposal.
August 19 - Norway becomes first lending country to audit loans made to developing countries. The audit finds some past loans wouldn't meet current UNCTAD principles on responsible lending. Read about Jubilee's perspective at Inter Press Service.
August 1 - Congress passes Senate student loan compromise. Read Jubilee's press statement. Thanks to the 60 Jubilee communities that prayed and acted for student debt relief.
July 5 - Jubilee USA's Executive Committee thanks President Obama for standing up to vulture funds. Read the letter we sent to the White House. Sign our thank-you letter to President Obama for working to stop vulture funds.
July 1 - Student loan interest rates doubled for nearly 7 million college students. Read our press statement. On the weekend of June 21st, over 60 faith communities prayed to protect our students' futures in our Jubilee for Students.
June 28 - President Obama is traveled to the African nations of Senegal, Tanzania and South Africa from June 26-July 3. Read our backgrounder and recommendations and our press statement on Common Dreams.
June 18 - Jubilee USA is quoted on a lead story by CNN Money on the G8's historic declaration on corporate transparency and tax avoidance. The declaration notes that wealthy nations are responsible for multinational companies and must make sure these companies don't dodge taxes in poor countries. Jubilee's Director, Eric LeCompte, is quoted in the Guardian and National Catholic Reporter.
June 13 - Jubilee USA applauds the EU for passing important profit and tax reporting for extractive industries operating in the developing world. Read our press statement to learn about these vital global poverty issues.
May 22 - European Ministers address international tax evasion and back Obama plan for global information sharing. See Jubilee's press statement.
May 1 - Tell Congress to cosponsor the Stop Tax Haven Abuse Act (HR1554). This legislation addresses a systemic cause of poverty - the fact that many multinational corporations don't pay taxes to developing and poor countries. A key way this legislation curbs tax avoidance is by requiring country-by-country reporting of corporate payments to governments. Read Jubilee's press statement on Common Dreams.
April 18 - At the International Monetary Fund spring meetings, Jubilee's Director, Eric LeCompte, was quoted in the Washington Post, NBC, CBS, the Miami Herald, the Associated Press, Agence France-Press and thousands of other outlets. During the IMF meetings, G20 financial ministers met to discuss debt and tax issues. Our reactions were shared globally in French and Spanish in an Agence France-Press article. See it at El Espectador.
April 15 - On Tax Day, Rep Lloyd Doggett (D-TX) introduced the Stop Tax Haven Abuse Act. This legislation closes offshore tax loopholes and requires country-by-country reporting of corporate tax payments to both developed and developing nations. This reporting is critical to curbing illicit financial flows, a systemic cause of poverty. Read Jubilee's press statement on Common Dreams.
April 9 - The EU agreed on Accounting and Transparency Directives. This law will order EU-listed and non-listed oil, gas, mining and logging firms to declare their payments to governments in countries where they operate - much like Dodd-Frank Section 1504 in the US. Read our statement in Common Dreams on what this means for the world's most vulnerable.
March 21 - Jubilee USA and the FACT Coalition organized and sent a letter to Senators to close offshore tax loopholes. Closing these corporate tax loopholes sends a message around the globe that corporate tax avoidance is unacceptable whether it be in the developing or developed world. Read our press release.
March 7 - Senator Carl Levin (D-MI) announces he will not seek reelection in 2014. Read Jubilee USA's statement.
February 26 - Eric LeCompte met with the German Embassy in DC on the eve of the London Accord. The Accord gave needed debt relief to Germany that was crucial to pave the way for their "economic miracle." Eric spoke about how this model could help nations that are highly indebted.
February 11 - Senators Carl Levin (D-MI) and Sheldon Whitehouse (D-RI) introduced the Cut Unjustified Tax Loopholes Act (CUT Loopholes Act). With the sequester right around the corner, this legislation would generate billions for the US by ending loopholes that allow the wealthiest corporations to dodge paying their fair share of taxes. This legislation would send a global message to end corporations' use of tax dodging that affect every day Americans and the world's poorest. Read our press statement.
February 7 - Senator Bernie Sanders (I-VT) and Representative Jan Schakowsky (D-IL) introduced the Corporate Tax Fairness Act that would generate more than $590 billion over the next ten years by closing offshore tax havens. This legislation would send a strong message that this kind of corporate behavior worldwide is unacceptable. Read Jubilee USA's press statement. Read the letter Jubilee USA signed in support of the legislation with dozens of partner organizations.
Capitol Briefing on Responsible Lending and Borrowing and Vulture Funds
November 6, 2013 - Jubilee USA and American Jewish World Service hosted a congressional briefing on responsible lending and borrowing and vulture funds. Check out speeches from our esteemed panel and read the statements from Financial Services Committee Chairman Emeritus Spencer Bachus and Financial Services Committee Ranking Member Maxine Waters. Read more in our coverage in Inter Press Service.
Jubilee's views on vulture funds have been covered in thousands of outlets across the globe, including the Inter Press Service (8/27), the Associated Press (8/23), the Wall Street Journal (8/23), Washington Post (8/23), the Los Angeles Times (8/23), NBC, ABC, CBS, the National Catholic Reporter (8/23) and the Financial Times (6/27). Additionally, Eric published an Op-Ed in Yes! Magazine (4/22).
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.
Thank President Obama for Efforts to Stop Vulture Funds
July 5, 2013 - Join Jubilee USA in thanking President Obama, US Treasury and the Justice Department for protecting our economy from destabilizing forces and for standing up to hedge funds that exploit the poor. Sign our thank-you letter to President Obama. Jubilee USA Executive Committee thanks President Obama for standing up to vulture funds by sending this letter to the White House.
Historic G8 Declaration
June 18, 2013 - G8 Summit leaders released a historic declaration that promotes corporate transparency and calls for and end to corporate tax avoidance. The G8 declaration notes that wealthy countries have a responsibility to ensure that multinational companies don't dodge taxes in poor countries. The G8 leaders also noted how important it is to stop corruption within oil and extractive industries. Jubilee's Director, Eric LeCompte, is quoted in a lead story at CNN Money, in Andrew Sparrow's Guardian blog and in National Catholic Reporter.
Urgent! Tell Congress, COSPONSOR the Stop Tax Haven Abuse Act (H.R.1554)
May 1, 2013 - Tell Congress, to cosponsor the Stop Tax Haven Abuse Act (HR1554) and address systemic causes of poverty.
Read Jubilee's press statement on Common Dreams.
Bipartisan Amendment on Corporate Offshore Tax Loopholes Passes
March 25, 2013 - Thanks to you, the bipartisan Levin(D)/Hatch(R) Amendment 708 passed the Senate Budget Resolution! The passage is part of a global movement to ensure that corporations are accountable to the most vulnerable. Read more in our press release. Jubilee's work brought Senator McCain to the table as well. Earlier in the year, Senator Levin introduced the Cut Unjustified Loopholes Act which proceeded the budget action.
Jubilee Meets with White House
December 20, 2012 - Jubilee USA's leadership went to the White House to meet with Gayle Smith, Senior Director of the National Security Council and President Obama's Special Assistant. They moved forward specific recommendations to build an international economy that serves, protects and promotes the participation of the most vulnerable.
Avoid Falling Over the Fiscal Cliff by Closing Offshore Tax Loopholes
December 10, 2012 - Jubilee USA successfully moved the White House to raise the issue of corporate tax during the "fiscal cliff" negotiations. As 2012 closed, Jubilee pushed our solution to avoid falling over the cliff - closing offshore tax loopholes. Curbing this behavior would not only cover the $109 billion in spending cuts but it would benefit the world's most vulnerable. Closing these loopholes sends a message that this type of corporate behavior - that robs billions from the developing world - is unacceptable around the globe. We mobilized our grassroots and congregations to send messages and call their Members of Congress around the negotiations. Eric LeCompte was featured on radio airwaves from coast-to-coast. Jubilee joined negotiations on the Hill and met with the White House. We were pleased with the White House announcement to push for corporate tax overhaul in the cliff talks. In early 2013 we face another deadline that will revisit offshore loopholes and expanding revenue in the developing world.
November 16, 2012 - ACT NOW - Urge Members of Congress to support responsibility, accountability and transparency at the International Monetary Fund.
Stopping the Blackout Coverage of the LIBOR Scandal
October 5, 2012 - The Sisters of Charity of New York delivered thousands of Jubilee petitions to NBC Nightly News and ABC World News to urge them to stop their blackout coverage of the LIBOR banking scandal. Read about the story in the Wall Street Journal.
The bank manipulation of a critical interest rate impacts all of us - from home mortgages to credit cards - its effects are wide-ranging, especially for the poor and most vulnerable. Jubilee USA Network, the Interfaith Center on Corporate Responsibility and the Missionary Oblates of Mary Immaculate sent these letters to NBC Nightly News and ABC World News.
September 28, 2012 - The Executive Board of the IMF approved the final amount of nearly $4 billion from their windfall gold sale profits to support concessional lending to low-income nations through the Poverty Reduction and Growth Trust (PRGT) and extend a 0% interest rate that will make this trust available for future generations beyond 2014. This momentous move has been two years in the making and we are very excited to see our work translating into real relief for some of the world's poorest people. Click here to read our press release. Click here to learn more about our efforts around IMF Gold.
August 22, 2012 - A victory for transparency and anti-corruption was won when the Securities and Exchange Commission (SEC) ruled in our favor to implement the Cardin-Lugar Rule of Dodd-Frank. This ruling promotes greater transparency in the dealings of oil, coal and extractive industries in the developing world. Our efforts were highlighted in the SEC's final public ruling!
Earlier this year, we collected over 110,000 petitions with the ONE campaign to deliver to the SEC. These petitions asserted that the SEC should implement this legislation that was passed over a year and a half ago and reject the lobbying of the oil industry to weaken the rule. The Amendment was a coup for transparency in international finances and a step to help curb corruption. Click here to learn more.
Jubilee for Students
July 9, 2012 - The President signed 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 press statement.
Months before, Jubilee mobilized supporters and engaged Congress Members to protect low-interest rates for students and minimize college student's future debt burdens before time runs out on July 1st, 2012. We sent a letter to Senators and had a weekend of prayer and action. Over 40 Jubilee faith communities prayed and acted for students. Over 1,600 supporters sent letters to their Senators. Learn more here.
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.
July 30, 2012 - The White House hosted a conversation to discuss President Obama's Sub-Saharan African strategy with top Obama advisors. Eric LeCompte made the connections between debt and the African people being able to access their own revenue. He discussed implementing responsible lending and borrowing principles and curbing illicit financial flows to solve the debt crisis and promote growth in Africa. Watch the full discussion here (skip to 1hr 22min to listen to Eric).
Cote d'Ivoire to Get Debt Relief from IMF and World Bank
June 28, 2012 - The World Bank and International Monetary Fund recently announced that Cote d'Ivoire will get more than $4 billion cancelled. This is a positive step for the nation but does not address the debt's origins, how to prevent future unsustainable debt or how to get the Ivory Coast out of poverty. Learn more in our press release and our blog.
June 24, 2012 - Jubilee USA stopped vulture funds and won a major victory for international debt relief in the New York State Legislature! We mobilized thousands of our New York Jubilee members to take action to stop vulture funds from using New York State Laws to prey on impoverished countries. See our action here.
Learn more about vulture funds here.
Jubilee at the G8 and G20
June 14, 2012 - Jubilee USA delivered our petition signed by thousands to the Mexican Embassy in Washington, DC urging the G20 to support mechanisms in accordance with a fair and transparent arbitration process (FTAP). Our message was well received during our meeting with two representatives from the Office of Economic Affairs. The petitions were delivered to Mexico's Minister of Finance ahead of the G20 meeting in Los Cabos, Baja California Sur, Mexico. Learn more here.
Argentina's Sovereign Debt
June 11, 2012 - Jubilee USA co-sponsored an event with the government of Argentina on Argentina's economic recovery and sovereign debt.
May 24, 2012 - Jubilee USA and our counterparts at the Zimbabwe Coalition on Debt and Development (ZIMCODD) are calling for a debt audit to uncover the origins of $7 billion of Zimbabwe's debt. Send an email to Donald Kaberuka, the President of the African Development Bank and ask him to support a democratic audit of Zimbabwe's debts.
We Passed the Doha Accord
May 1, 2012- In Doha, Qatar at the UN Conference of Trade and Development (UNCTAD) meetings, Jubilee USA worked with governments and international partners to secure a strong mandate on debt and responsible lending and borrowing. This major victory allows us to build an international consensus on responsible lending and borrowing. Read Jubilee's thank-you letter to President Obama for joining us in our efforts to win in Doha.
Jubilee's Director, Eric LeCompte, was hosted by UNCTAD to moderate a panel with 11 financial ministers and treasury heads from around the globe to speak in support of UNCTAD's principles on responsible lending and borrowing. Watch and hear the full panel discussion here. Read the UN press release on the panel here. Learn more about Jubilee's work to end the debt crisis and promote responsible lending and borrowing in our report.
Jubilee Ireland: Not Our Loans
March 16, 2012 - Leprechauns descended upon the Irish Embassy! Representing the Anglo-Irish Bank and the European Central Bank, leprechauns hoarded pots of gold symbolizing money taken from the Irish to cover reckless loans and debts. Jubilee USA along with religious and policy organizations, delivered a letter to the Irish Embassy calling for the Irish leaders to suspend government payments on these loans, which will add up to $61.7 billion over the next twenty years. The citizens of Ireland are dealing with a damaged economy already, and are now being held responsible for loans run up by an irresponsible and now-dead Anglo bank. With a bit of luck, the Irish people will not be forced to pay this unjust debt, saving them billions of dollars to be put back into their economy and social services.
Jubilee Won Legislation to Stop Tax Havens
March 8, 2012 - The Levin Amendment passed the Senate marking a huge victory for the world's poorest! Because of the work of Jubilee USA and the FACT Coalition, this Amendment will create accountability to stop tax havens and tax avoidance to ensure that money will go where it belongs - to help the people that need it the most in low-income countries. Learn more here.
Director of Jubilee Kenyan Counterpart Named One of Newsweek's 150 Fearless Women
March 8, 2012 - Wahu Kaara, director of Kenya Debt Relief (Jubilee USA's Kenyan counterpart), was named one of Newsweek's 150 Fearless Women from around the world. She joined other figures ranging from Hillary Clinton, Oprah Winfrey, three 2011 Nobel Peace Prize winners and Egyptian revolutionary, Samira Ibrahim.
Kenya Debt Relief has a pairing relationship with Jubilee San Diego. Ms. Kaara was born during the height of Kenya's independence struggle and was our featured speaker for Jubilee USA's Drop the Debt Tour in 2010.
The Responsible Lending and Borrowing Imperative
March 1, 2012- Jubilee USA released its report entitled the "Responsible Lending and Borrowing Imperative: Addressing the Root Causes of Poverty." One of the report contributors, Aldo Caliari, briefed Congress on the principles. Mr. Caliari is a Jubilee Board and Network Council Member and director of the Rethinking Bretton Wood Project of the Catholic Center of Concern.
February 10, 2012 - Jubilee USA along with members of the FACT Coalition, signed a letter to President Obama urging him to look at egregious corporate tax loopholes that reward companies that shift profits and jobs offshore. Click here to read the letter. Click here to learn more about Jubilee and tax justice.
Sovereign Debt Workout Mechanism
Fall 2011 - Jubilee, along with partner organizations, held a round table discussion on what we have learned from past experiences with restructuring sovereign debts, and what options are (or should be) available to today's and tomorrow's sovereign debtors.
To learn more and listen to the full discussion, click here.
Voices of Esther Campaign
Spring 2011 - Join us in launching our newest campaign, the Voices of Esther. Like Queen Esther did for the Israelites, Jubilee activists will use their access to powerful decision-makers to raise our voices for the most vulnerable. As United States citizens, we should use our privilege of living in a democracy to bring the stories of the poor whose concerns are often overlooked. Urge your elected officials to expand debt relief and support responsible finance today.
1,000 Faith Leaders Initiative
Spring 2011 - Jubilee USA is launching a new campaign to bring the voices of diverse faith traditions to the halls of the White House. Through the 1,000 Faith Leaders Initiative we will deliver a letter with more than 1,000 signatures of faith leaders from across the country to President Obama. The letter urges President Obama to expand life-saving debt cancellation and ensure responsible finance for the world's poorest countries.
Break the Chains March for Economic Justice a Success
Fall 2010 - Jubilee USA brought thousands of multicolor paper chains from around the country and marched around the IMF and World Bank to the White House.
Stories and photographs from our march and rally have covered the globe � AFP, AP, and Reuters have used images of your paper chains for their wire stories, a diverse group of bloggers have written on the event, and NBC, ABC, and FOX news stations included the march in their nightly newscast.
Why did we mobilize? On October 5, just before our incredible action, Jubilee USA hosted a standing room only Congressional Briefing on how the IMF should reform its practices.
Debt Cancellation for Haiti
Summer 2010 - Jubilee USA Network welcomes the International Monetary Fund Executive Board�s decision to cancel Haiti�s $268 million debt to the institution in response to the January 12 earthquake, but is concerned over the IMF�s decision to provide $60 million in financing support as a new loan. Read the press release here.
After January's devastating earthquake, Jubilee USA Network led the call for complete debt cancellation for the country. Thanks to efforts from supporters around the world, all of Haiti's donors have committed to debt cancellation. We are continuing to work to make sure that Haiti is freed from the chains of debt once and for all.
Fall 2010 - On September 17-19, Jubilee USA participated in Stand Up! Take Action!, a weekend in which millions worldwide stand up to demand world leaders keep their promises to end poverty and inequality. The following week on September 23, President Obama recognized the need to keep our commitments to the world's poorest citizens. In response to the President's speech, Bishop Neil Irons of the Methodist Church published an Op-Ed in the Washington Post.
Meeting with the Honorable Lael Brainard, US Under Secretary of the Treasury
July 7, 2010 - Jubilee USA Network and religious leaders met with the Honorable Lael Brainard, Under Secretary for International Affairs, US Treasury Department. In the meeting, we thank the Administration for their work on cancelling Haiti's debt and had a robust dialogue on Jubilee USA's priorities including full funding of the U.S.'s debt relief commitments for the world's most vulnerable.