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The House of Representatives passed the Financial Choice Act and repealed ‎several measures enacted by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.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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G7 Could Move Financing for Famine Relief, Says Religious Development Group

As G7 leaders continue to meet in Taormina, Italy, relief groups like Oxfam International are intensifying calls for aid monies to address famine. Twenty million people are suffering the affects of famine and ‎the UN calls for $6.3 billion in aid. While the G7 discusses the crisis, a religious development group says debt relief and promoting transparency could be important aspects of dealing with the crisis in both the short and long term.

“We all have a moral responsibility to stop starvation, no one should die of hunger," said Eric LeCompte, Executive Director of the religious development group Jubilee USA. LeCompte's organization won debt relief for the three countries impacted by the Ebola crisis to provide financing for health care. “President Trump and the G7 must provide the moral leadership to stop people dying from hunger. They have a lot of tools at their disposal.”

The UN declared South Sudan, Nigeria, Somalia and Yemen as famine-affected countries. Somalia has debt from loans borrowed decades ago that has ballooned to a debt burden of over $5 billion. A large portion of that debt is held by G7 countries.

“The G7 should again turn to debt relief to provide monies to deal with hunger and malnutrition,” continued LeCompte, who advises UN groups, religious leaders, and government officials on resolving financial crises.‎ “Somalia is a country that benefits from debt relief."

Famine-affected countries are also losing substantial monies to tax evasion and corruption. Global Financial Integrity reports that Yemen is losing roughly $307mn and Nigeria is losing more than $17mn annually to these "illicit financial flows". 

“Tackling corruption and tax evasion is critical for poor countries to harness revenue to deal with crisis and find a path to growth,” expressed LeCompte.

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G7 Focuses on Inequality‎ and Environment

World leaders head to Taormina, Italy for the G7 Summit. ‎The May 26-27 gathering includes Heads of State from United States, Japan, Canada, Italy, United Kingdom, France and Germany. "Building the Foundations of Renewed Trust" is this year's theme. G7 observers wonder if agreement can be found in their annual joint communiqué.


"We have new G7 leaders and the question on everyone's mind is whether or not there will be agreement to continue to combat climate change," noted Eric LeCompte, Executive Director of the religious development coalition Jubilee USA. "European leaders and Pope Francis are encouraging President Trump to not turn away from commitments to protect our planet and people."

The G7 meets in Italy just after the United Nations Financing for Development Forum concludes in New York. During the UN development gathering the US ‎spokesperson noted the super power could be reevaluating it's position on the climate agreement reached in Paris.

‎The G7 agenda is set to discuss "economic, environmental and social sustainability and the reduction of inequalities." New leaders on the scene this year include's Britain's Theresa May, France's Emmanuel Macron, Italy's Paolo Gentiloni and U.S. President Donald Trump.

"‎Inequality and concerns about financial crisis continue to be important focuses for these meetings," stated LeCompte, who has monitored the meetings for most of the last decade. "We hope to see progress on anti-corruption and transparency efforts."

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Eric LeCompte Featured in Financial Express Bangledesh

Eric LeCompte, Executive Director of Jubilee USA was recently featured in Financial Express Bangledesh speaking on the United Nations Financing for Development Forum. Read excerpt below and follow link to full article.

UN Forum Focuses on Financing for Development Goals

By: Staff

"...'Two years ago, world leaders made promises through the Addis Ababa Action Agenda to build a more responsible global financial system,' notes Eric LeCompte who helped negotiate the outcomes and gave remarks during the closing sessions.

He leads the religious development group Jubilee USA. According to him, 'We must follow through on the commitments we made together in Addis Ababa.'"

Read more here.

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Jubilee USA Executive Director Releases Statement on Trump, Pope Meeting

President Trump and Pope Francis will meet in the Vatican's Papal Palace on Wednesday, May 24 at 8:30 AM Rome Time and 2:30 AM EST. This is the first time the US President and the leader of the global Catholic Church will meet.

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

"The only way we can understand this meeting is that we have two world leaders with very different world views. President Trump wants deregulation for economic growth in America and Pope Francis wants greater financial transparency to protect the poor and to protect jobs for working people all around the world.

"No matter what issues Pope Francis and President Trump discuss behind closed doors, they are focusing on economic issues and how those issues impact all of us. 

"One of the things that the Holy Father and President Trump have in common is that on almost any issue they each speak about, they frame it in terms of economic impacts.

"Pope Francis and President Trump held several positions in common when Trump was running for president. They were both critical of predatory hedge funds and of trade negotiations that left poor and working people behind.‎"

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UN Forum Focuses on Financing for Development Goals

United Nations Deputy Secretary-General Amina Mohammed and the IMF's Christine Lagarde join world leaders for the Financing for Development (FfD) Forum at UN Headquarters. The meetings come almost two years after the Addis Ababa FfD Summit to implement the global SDGs or Sustainable Development Goals

"Two years ago, world leaders made promises through the Addis Ababa Action Agenda to build a more responsible global financial system," notes Eric LeCompte who helped negotiate the outcomes and gave remarks during the closing sessions. LeCompte leads the religious development group Jubilee USA. "We must follow through on the commitments we made together in Addis Ababa."

The agreement in Addis Ababa two years ago expressed concern about predatory financial actors or so-called "vulture" funds. Commitments were made to promote responsible lending and borrowing and curb tax evasion and corruption.

"The developing world loses more than a trillion dollars a year due to irresponsible lending, tax evasion and corruption," said LeCompte, "The success of these efforts at the United Nations will be judged on what practical ways we can move an agenda forward that supports the developing world to harness these revenues."

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Eric LeCompte Featured in Telesur

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

Puerto Rico Begins Bankruptcy Process in Face of Massive Debt

By: Staff

“'The government of Puerto Rico complied with PROMESA and put in place a fiscal plan that cuts monies to the University of Puerto Rico, further cuts healthcare access to vital services, cuts pensions and freezes and reduces public sector salaries' LeCompte continued.

Although LeCompte acknowledged that 'the problem will get worse before it gets better,' he was optimistic that the Title III procedures will provide needed debt relief and lead to economic recovery.

'In the coming years, Puerto Rico will still have a lot of obstacles to overcome but if this process is done right, Puerto Rico will have a clear path for recovery and economic growth,' LeCompte added"

Read more here.

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