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< November/December 2009
17.12.2009 08:52 Age: 3 yrs
Category: Press Releases
Global Development Advocates Welcome Introduction of Jubilee Act by Bi-Partisan Group in US House of Representatives
Jubilee Act for Responsible Lending and Expanded Debt Cancellation Would Expand Debt Relief for Poor Countries, Reform International Financial Institutions
Contact: Hayley Hathaway, Communications Coordinator, 202-783-3566 x100
Melinda St. Louis, Deputy Director, 202-783-0215 WASHINGTON, DC – Jubilee USA Network, an alliance of more than 75 religious denominations, human rights groups, and development agencies, today welcomed the introduction of the Jubilee Act of 2009 (HR 4405) in the US House of Representatives by a bi-partisan group of Congressional leaders. The legislation would authorize the expansion of debt relief to poor countries that meet strict eligibility requirements but need debt relief to fight global poverty; reform policies of international financial institutions; and urge more responsibility in future lending in borrowing to the world’s poorest countries. “Late yesterday, Congressional leaders put aside partisan differences to stand together in support of the world’s poorest. The legislation will allow additional needy poor nations struggling under the current global financial crisis to redirect spending from onerous debt payments to urgently needed spending on health care, education, and clean water,” said Neil Watkins, Executive Director of Jubilee USA Network. “The financial crisis has slammed into the world’s poorest countries and the Jubilee Act is a cost effective and proven way to help the world’s poor while strengthening the US’ security.” Rep. Maxine Waters (D-CA), the bill’s lead sponsor, was joined by original co-sponsors Rep. Barney Frank (D-MA), Chairman of the House Financial Services Committee, and Rep. Spencer Bachus (R-AL), the committee’s Ranking member. Other original co-sponsors include Rep. Judy Biggert (R-IL), Rep. Emmanuel Cleaver (D-MO), Rep. Luis V. Gutiérrez (D-IL), Rep. Carolyn Maloney (D-NY), Rep. Donald Payne (D-NJ), and Rep. Greg Walden (R-OR). "As the global-economic crisis pushes tens of millions more people around the world below the global-poverty line, it is more critical than ever that Congress act on this vital legislation,” said Alexander Baumgarten, Director of Government Relations for the Episcopal Church, and Board member for Jubilee USA. “We've seen the success of debt cancellation in the past, putting children in school, providing life-saving health services, and bringing economic opportunity to millions. In the new year, we are committed to advocacy to ensure that the promise of this legislation becomes reality for the more-than one billion people living in deadly poverty around the world." The legislation calls the US Treasury Department to negotiate a multilateral agreement for debt cancellation for up to 22 additional poor countries that need cancellation to meet the Millennium Development Goals (MDGs). In addition to authorizing broader debt cancellation, the bill seeks to reform current IMF/World Bank policies and other global lending practices by: • Urging that more resources be devoted to grants for the world’s poorest countries; • Requiring greater transparency at the IFIs, including a policy of maximum disclosure in project and loan documents; • Urging the adoption of more responsible lending practices in the future; • Limiting the conditions that may be required of countries going through the debt relief process to those ensuring that money released by debt relief is used transparently and accountably to address poverty; and • Directing the Government Accountability Office (GAO) to undertake an audit of “odious, onerous, or illegal” lending by the World Bank, IMF, and US government in specific countries. The Jubilee Act was H.R. 2634 in the 110th Congress, and it passed the House of Representatives on April 16, 2008 by a vote of 285 – 132. The legislation cleared the Foreign Relations Committee in the Senate in June 2008, but expired before passing the full Senate in the 110th Congress. Re-introduction of a companion bill in the Senate in the 111th Congress is anticipated in early 2010.
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