Legislation Combats Shell Company Corruption

Representatives Carolyn Maloney (D-NY) and Peter King (R-NY) heralded the House introduction of the Corporate Transparency Act at press conference at the House Triangle. The bill aims to prevent shell companies from hiding corrupt and criminal activity. ‎

“Dictators use financial secrecy to steal money from their people and human traffickers use shell companies," said Eric LeCompte Executive Director of the religious development group Jubilee USA. "We need Congressional action that protects vulnerable communities from being exploited through financial secrecy."

The legislation requires US corporations to disclose in a private registry that is available to law enforcement, the names of the owners who benefit from a business.

"The leadership of Representatives Maloney and King is critical as we work to promote a more transparent financial system,”‎ noted LeCompte.

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Eric LeCompte Featured in Financial Express

Eric LeCompte, Executive Director of Jubilee USA was recently featured in The Financial Express speaking on trade. Read excerpt below and follow link to full article.

Jubilee USA Director Hails Inclusion of Dispute Settlement Mechanisms

By: Staff

"Eric LeCompte, Executive Director of the religious development group Jubilee USA, in a statement hailed the inclusion of dispute settlement mechanisms in the new trade negotiation goals.

'Trade agreements can be powerful tools for reducing global poverty and the new negotiating objectives recognise the need for trade to promote global development,' the statement said."

Read more here.

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Greece Debt Meeting Defers Decision on Debt Relief

European Union Finance Ministers, the International Monetary Fund and Greek officials agreed on short-term debt plans for Greece but did not reach an agreement on long-term debt solutions.

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

"Greece needs significant debt relief as soon as possible. ‎There can be no sustainable economic growth without cutting the debt.

"The longer we wait to restructure the debt, the harder it becomes to resolve Greece's problems."

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Eric LeCompte Featured in Agenzia Fides

Eric LeCompte, Executive Director of Jubilee USA was recently featured in Agenzia Fides speaking on NAFTA. Read excerpt below and follow link to full article.

AMERICA/ UNITED STATES - “Promote Development and Protect Vulnerable Citizens” NAFTA Agreement for Revision

By: Staff

"Eric LeCompte, of the Jubilee USA Network, and Jennifer Hojaiban, sent a letter to Lighthizer stressing the need in these trade negotiations to promote development, to discuss problems and protect vulnerable citizens."

Read more here.

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Jubilee USA Statement on Greek Eurozone Debt Negotiation

The International Monetary Fund, Eurozone Finance Ministers and Greek officials meet Thursday in Luxembourg to negotiate financing and further debt restructuring for Greece. 


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

"It's time to deal with Greece's debt now. Greece won't see sustainable economic growth unless it receives significant debt relief. We can't keep kicking the can down the road.

"In 1953, Germany benefited from a sweeping debt restructuring that included both significant debt relief and rescheduling debt payments into the future. The London Accord plan led to a prosperous Germany. Now we need a similar plan for a prosperous Greece and a prosperous European Union.

"We can never forget that Greece's high-stake debt negotiations have a growing human ‎cost. In order to limit austerity and protect people's livelihoods, serious debt relief must be a part of a solution as soon as possible."

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House Financial Choice Act Repeals Responsible Lending and Anti-Corruption Measures

The House passed the Financial Choice Act repealing multiple‎ measures enacted by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. 

“This legislation erodes protections that are meant to prevent future financial crisis. It also encourages high-risk speculative investment, a cause of financial crisis,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA. “This act removes oversight of payday lending and too big to fail banks."

‎The legislation that passed the House weakens the regulatory power of the Consumer Financial Protection Bureau (CFPB) over big banks and payday lending.

Another section of Dodd-Frank repealed by the legislation is Section 1504 or the "Cardin-Lugar" measure. Section 1504 requires reporting by oil, gas and mining companies of payments they make to governments in countries where they operate. Earlier in the year, Congress voted to delay implementation of Section 1504.‎

“I'm deeply concerned by attacks on transparency measures that protect vulnerable populations both at home and abroad,” noted LeCompte who serves on United Nations expert groups that focus on responsible finance. “While it's unlikely this legislation will pass the Senate, the Senate must reject any measure that fuels predatory lending, corruption and speculative risky investment.‎"

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House Passes Financial Choice Act

The House of Representatives passed the Financial Choice Act and repealed ‎several measures enacted by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. In passing the Financial Choice Act, the House rolled back requirements for oil, gas and mining companies to disclose information on payments they make to government where they operate. 

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

“This legislation attacks protections for poor people around the world and consumers in the United States.

"‎I'm concerned about the rollback of transparency measures in the Financial Choice Act. This legislation weakens protections for those who take out pay day loans. This legislation prevents people in the developing world from knowing if someone is bribing their government."

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Eric LeCompte Featured in Public Finance International

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

Over 70 Nations Join Landmark Anti-Tax Avoidance Pact

By: Emma Rumney

"Eric LeCompte, executive director of Jubilee USA, which campaigns for a fairer financial system for the world’s poorest countries, said the agreement signed yesterday is also a 'critical step forward' for transparency and tackling corporate tax avoidance.

'The tax pact acknowledges that we are dealing with a problem that transcends borders and we need solutions that can cross borders,' he noted."

Read more here.

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Global Treaty Closes Corporate Tax Avoidance Loopholes

76 countries and jurisdictions committed to closing corporate tax loopholes at the Organization for Economic Cooperation and Development (OECD) in Paris. The agreement builds on efforts from the OECD-G20 Base Erosion and Profit Shifting (BEPS) action plan.

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

“The agreement is a critical step forward for transparency and tackling corporate tax avoidance.

“The tax pact acknowledges that we are dealing with a problem that transcends borders and we need solutions that can cross borders.

"Early on, the United States was a leader in moving forward this process to tackle tax avoidance. Unfortunately the US didn't sign the agreement. We encourage the United States to rejoin this agreement and support other efforts that promote financial transparency." 

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G7 Commits to Stop Corruption and Tax Evasion‎, Fails on Famine Relief

The G7 concluded their meetings in Taormina, Italy and released their communique. 


Eric LeCompte, Executive Director of Jubilee USA, releases the following statement:

"We received a short communique from the G7 and it was too short on ambition and outcomes.

"The G7 is calling for corruption and tax evasion to be stopped in all of its forms. If we can tackle tax evasion and corruption, we could generate billions of dollars a year that is desperately needed in the developing world.

"It's critical for President Trump to support climate agreements. ‎We need to be thinking about our future generations. 

"Trade is at a standstill in the G7. We really need a new trade paradigm for ensuring that all people can live in dignity.

"While it's important that the G7 is raises concerns about the growing famine, ‎we need to see much more action. Debt relief for some countries could provide resources the people need."

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