Paradise Papers Jubilee Statement

Washington DC - The International Consortium of Investigative Journalists (ICIJ) released its latest research into how individuals and institutions avoid taxes and hide corruption. Previously, the ICIJ released the "Panama Papers" which showed how government officials and individuals evaded laws to hide money and facilitate corruption.

Eric LeCompte Executive Director of the religious development group Jubilee USA releases the following statement:

"Over $‎500 billion a year is lost by governments around the world because of the tax avoidance revealed in the paradise papers.

"Unfortunately, many of these tax avoidance ‎schemes are legal and we need stronger international laws to prevent this activity."

 

Available for interview: Eric LeCompte, Executive Director

Contact: Lydia C. Andrews, Deputy Director

lydia@jubileeusa.org / (o) (202) 783-3566 x109 (m) (847) 772-2305

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Eric LeCompte Featured in Public Finance International

Eric LeCompte, Executive Director of Jubilee USA was recently featured in Public Finance International speaking on Puerto Rico. Read excerpt below and follow link to full article.

US lawmakers urged to extended federal health access to Puerto Rico

By: Mark Smulian

"'...Puerto Rico needs equitable access to federal healthcare programs and tax credits,' the letter from Jubilee USA executive director Eric LeCompte said.

'These recommendations are essential for reducing poverty for nearly 60% of kids who live in poverty on the island.'"

Read more here.

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Catholic News Service Interviews Eric LeCompte on Caribbean Debt Relief

Eric LeCompte, Executive Director of Jubilee USA was recently featured in Catholic News Service and Catholic Philly speaking on Caribbean debt relief in the midst of hurricane recovery. Read excerpt below and follow link to full article. 

Caribbean Church Leaders Campaign for Debt Relief After Hurricanes

By: Staff

"Eric LeCompte, executive director of Jubilee USA, a Washington-based charity working with religious organizations to push for debt relief, said the additional costs of rebuilding more safely put governments in a bind: If they miss debt payments, their credit scores could be negatively affected, making it more difficult and costly to borrow in the future. Alternatively, they could be forced to borrow more from private lenders.

'Putting these governments further into debt is the last thing we want to happen,' LeCompte told Catholic News Service. Under the debt relief plans that have been promoted, the countries would not be penalized for missing payments. Islands could also be made eligible for low-interest loans, LeCompte said.

'Debt relief is the most direct and efficient way of freeing funds for these governments to respond to the human needs on the ground,' he said."

Read more here.

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National Catholic Reporter Talks with Eric LeCompte about the Work of Archbishop Silvano Tomasi

Eric LeCompte, Executive Director of Jubilee USA was recently cited in National Catholic Reporter speaking on the work of United Nations ambassador Archbishop Silvano Tomasi. Read excerpt below and follow link to full article.

New Book Shows Path for International Relations Inspired by Subsidiarity, Solidarity

By: Joshua McElwee 

"Eric LeCompte, who through his work as the executive director of the Jubilee USA Network came to know Tomasi as they both focused on debt, tax and trade issues at the U.N., said the archbishop is 'on the forefront of articulating the church's social teaching.'

'His recent book only shows a small part of his legacy,' he continued. 'He is one of the church's most effective diplomats. He is a moral force for good. I've watched him single-handedly move U.N. global agreements on financial policies that protect the poor, common good trade policies and disarmament.'

'[Tomasi's] published speeches show his incredible love for the poor and tireless advocacy to build God's kingdom on Earth,' he said."

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Support Puerto Rico, Dominica Efforts on Jubilee Weekend

Dear Friends, 

This weekend, as Jubilee Jewish, Christian and Muslim communities unite in prayer for hurricane victims, I urgently ask you to make a special donation to Jubilee USA.

Your gift supports our work to win debt relief and "no strings attached" aid for Puerto Rico, the US Virgin Islands and Dominica.

We can win debt relief for Puerto Rico, the US Virgin Islands, Dominica, Antigua and Barbuda—your gift makes it possible for us to protect vulnerable communities in countries and US States when disaster strikes. Your gift supports our efforts to win real relief across the Caribbean and around our world.

Jubilee USA's team sprang into immediate action as the hurricanes wreaked havoc across the Caribbean. Working with our Jubilee Caribbean partners, we coordinated major religious leaders to contact the White House, Congress, International Monetary Fund (IMF) and other decision makers. Hundreds of news outlets from Bloomberg to Politico to USA Today covered our efforts. We are collecting thousands of petitions. We appeared on CNBC and addressed the United Nations, calling for relief. The White House, the IMF and Congressional leadership are expressing support for our position, but we need more financial resources to get across the finish line in a tight window.

This weekend Jubilee religious communities from coast to coast are praying and acting for hurricane victims across the Caribbean. More than 130 congregations from Pocono Pines, PA‎ to Columbus, IN to Middlebury, VT to Pleasantville, ‎TN to Thousand Oaks, CA to Missoula, MT to Nazareth, KY are calling for real relief for Caribbean islands devastated by this hurricane season. 

Please make a special gift that wins relief for Puerto Rico and Dominica. Your gift now will also help put in place new policies to protect vulnerable communities.

We desperately need resources to continue this work.‎ Already this year we have quite a few victories to celebrate, but your gift now is essential for us to win relief and reconstruction aid for the Caribbean.

We moved a super bankruptcy process for Puerto Rico. We moved the White House and the G20‎ to implement stronger standards on responsible lending and borrowing. We won new business reporting requirements. With Republican and Democratic partners, the Corporate Transparency Act was introduced. 

Now, we must win real aid and debt relief for Puerto Rico, Dominica, Barbuda and the US Virgin Islands.

Whether you can give $50, $5, $100, $500 or $1000 we've never needed your donation more to continue our work. 

We need your special gift now to win our hurricane-relief efforts. In addition, your continuing support means‎ we'll launch more campaigns and see more victories. The campaigns we are launching will change the financial system, stop vulture funds and prevent financial crisis. These are campaigns we can win. Your special gift now means that we can continue to achieve all we planned and allow the poorest victims of this hurricane season a new chance to thrive.

Gratefully,

Eric LeCompte
Executive Director  

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Catholic News Service Cites Jubilee USA's Work on Hurricane Relief

Jubilee USA's advocacy for economic relief for hurricane-struck islands was recently cited in Catholic News Service, Crux Now, and Catholic Philly. Read excerpt below and follow link to full article.

In Caribbean, Church Agencies Help as Process of Rebuilding Begins

By: Ezra Fieser

"In rebuilding stronger, however, the governments face a challenge in securing financing while their economies struggle to recover from the storms. Religious organizations, led by Jubilee USA, an interfaith, nonprofit alliance of religious, development and advocacy organizations, are urging the international community to provide the funding.

'Islands like Puerto Rico and Dominica are in critical need of reconstruction funds,' said Eric LeCompte, executive director of Jubilee USA, in a statement Oct. 20."

Read more here.

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Religious Groups Call for Aid and Debt Relief for Puerto Rico and Dominica

More than 130 faith communities across the United States are praying and acting for hurricane victims ‎during religious services this weekend. Religious groups are calling for debt relief and "no strings attached" reconstruction aid for hurricane-hit islands.
"Islands like Puerto Rico and Dominica are in critical need of reconstruction funds," said Eric LeCompte, Executive Director of the religious development organization Jubilee USA. "Debt relief is a crucial part of aid for islands affected by hurricanes." 
Churches and Temples across the United States are participating in prayers and actions for hurricane victims a part of Jubilee USA's "Jubilee Weekend."

Read more about Jubilee Weekend.

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Public Finance International Features Jubilee USA's Advocacy for Policies to Prevent Financial Crises

Eric LeCompte, Executive Director of Jubilee USA was recently featured in Public Finance International speaking on Jubilee USA's advocacy for policies to prevent financial crises. Read excerpt below and follow link to full article.

Do More to Prevent Financial Crisis, says Debt Campaign

By: Simone Rensch

"'We need global policies in place that prevent risky and predatory behaviour and we still need policies in place that can prevent financial‎ crisis. We need stronger financial protections for developing economies when disaster strikes,' said LeCompte, who has observed IMF and World Bank Meetings since 2010.

'While IMF staff are looking at better ways to predict crisis, we are not putting in place the actual tools to prevent the next financial crisis.'"

 Read more here.

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IMF and World Bank Meetings Begin With Growth Forecasts and Crisis Risk Warnings

The International Monetary Fund (IMF) and World Bank begin their annual meetings which run between October 13th and 15thOn Thursdayahead of the gathering of Finance Ministers, Central Bank Governors and Government leaders, IMF head Christine Lagarde noted that even though they are predicting global economic growth, risks linger for another financial crisis. On Wednesday the IMF released its Global Financial Stability Report which laid out new tools for predicting financial crisis.

"Unfortunately, I think that there isn't appetite among IMF Executive Directors to move forward actual tools to prevent the next financial crisis," noted Eric LeCompte who has observed IMF and World Bank Meetings since 2010. LeCompte is the Executive Director of the religious development coalition Jubilee USA. "While IMF staff are looking at better ways to predict crisis, we are not putting in place the actual tools to prevent the next financial crisis."

On Thursday morning, LeCompte's group, Jubilee USA, hosted a panel at the IMF on putting in place solutions to end financial crises. 

"A few years ago the IMF was proactively looking at structural solutions that stop financial crises and limit austerity policies, but it seems that work has been sidelined," stated LeCompte who serves on United Nation finance expert groups.‎

Earlier in the week the IMF released its biannual World Economic Outlook report, which warned about climate impacts on vulnerable countries.

Read Jubilee USA's release on the October 2017 Global Financial Stability Report

Read Jubilee USA's release on the IMF's World Economic Outlook Report

Read the IMF's Global Financial Stability Report

Read International Monetary Funds October 2017 World Economic Outlook Report

 

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MarketWatch Features Jubilee USA Panel at IMF and World Bank Annual Meetings

Jubilee USA's work on debt relief for islands affected by recent hurricanes was recently featured in MarketWatch. Read excerpt below and follow link to full article. 

New Approach to Sovereign Debt Restructuring Needed, Bankruptcy Law Expert Says

By: Elizabeth Strassner

"Similarly, Jubilee USA, which co-sponsored the panel discussion at which Schwarcz and Mutazu spoke, has recently advocated for a moratorium on Caribbean debt until the countries devastated by Hurricane Irma have time to rebuild.

In a September letter to IMF Managing Director Christine Lagarde, Jubilee USA’s leadership asked the fund to cease debt collection until recovery efforts are well under way: 'We invite the IMF to implement an immediate moratorium on debt payments for countries severely impacted by the Category 5 storm until they have rebuilt and recovered.'"

Read more here.

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