Eric LeCompte Featured in the Millennial Journal

Eric LeCompte, Executive Director of Jubilee USA was recently featured in the Millennial Journal speaking on Jubilee USA's work. Read excerpt below and follow link to full article.

Building an Economy that Serves and Uplifts the Vulnerable: An Interview with Eric LeCompte

By: Robert Christian

"What are some of the accomplishments that Jubilee USA has achieved?

'We’ve won more than $130 billion in debt relief for the world’s poorest economies. Because of the US and global agreements we’ve won, that $130 billion is invested in schools, hospitals, and other social infrastructure. In Sub Saharan Africa alone, 54 million kids have gone to‎ school who never would have seen the inside of a classroom. Recently, Jim Yong Kim, the World Bank President, cited Jubilee’s efforts as the reason for economic growth in parts of Africa.'"

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House Repeals Consumer Protection Arbitration Rule

The House voted to repeal the Consumer Financial Protection Bureau's rule that ‎made it easier for consumers to take joint legal action against banks and lenders.

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

"We need regulations that make our financial system more transparent and accountable, not less.

"It's unfortunate the House of Representatives moved to repeal consumer bank and credit card protections.‎"

 
 
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Congress Could Repeal Consumer Protection Bank and Credit Card Rule

As early as Tuesday, the House could vote to repeal regulations designed to help consumers take joint legal action against banks and lending companies. Last week, measures were ‎introduced in the House and Senate to repeal a new "arbitration" rule created by the Consumer Financial Protection Bureau.

Eric LeCompte, Executive Director of Jubilee USA, a religious coalition that advocates for banks and lending institutions to be more transparent, releases the following statement: 

‎"When we are wronged by financial institutions, we need to be able to hold them accountable. 

‎"Beyond the consumer protections the new rule delivers, the rule pushes banks and credit cards to be more transparent because these businesses don't want to be subject to consumer collective actions lawsuits."

"It's a mistake for Congress to repeal these consumer protections." 

 
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Consumer Bank and Credit Card Rule Under Threat

On Thursday, Members of Congress took aim at a new banking and lending rule from the Consumer Financial Protection Bureau. Senators and Representatives introduced companion measures to repeal the bureau's rule that makes it easier for consumers to take joint legal action against banks and lending companies.

‎"Congress should not repeal rules that make banks and lenders more transparent and accountable,"said Eric LeCompte, Executive Director of the religious debt watchdog group, Jubilee USA. "We cannot forget that it was a lack of accountability and transparency in the financial sector that helped create a global financial crisis."

Congress could vote to repeal the consumer rule as early as Tuesday.‎ Senators and Representatives are using the Congressional Review Act (CRA) to eliminate the regulation. Congress has used the CRA 14 times since the beginning of the year. 
 
"Unfortunately, Congress took similar actions earlier this year that weakened our protections against financial crises and voided transparency rules that protect poor countries," said LeCompte.
 
 
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Jubilee USA Statement on Final G20 Declaration

The annual G20 Summit concludes in Hamburg, Germany and leaders of the G20 release their final declaration.

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

“The G20 concluded with some progress on financial stability issues like debt, transparency and taxes. On climate we see the United States backtracking. On trade, the divisions will continue to grow until the G20 can look at trade policies that are more fair to workers and the poor.

"The G20 needs to look at how a global bankruptcy process can further promote economic stability.‎ While more needs to be done to stop the next financial crisis, the G20 moved efforts forward on debt policies to prevent predatory financial behavior and protect poor economies from crisis.

"With the adoption of the G20 Hamburg Action Plan and support for the Operational Guidelines for Sustainable Financing, G20 member countries are encouraged to pass stronger regulations on responsible lending and borrowing.

"The efforts on tackling corruption, tax evasion and avoidance continue to move forward at the G20. The developing world is losing at least a trillion dollars a year because of these issues. We need to solve this problem quickly because these revenues are vital to combating poverty and supporting economic growth." 

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Jubilee USA Director Issues Statement on NAFTA Negotiating Objectives

The White House released objectives for renegotiating the North American Free Trade Agreement or NAFTA.‎

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

Trade agreements can be powerful tools for reducing global poverty and the new negotiating objectives recognize the need for trade to promote global development.

"I'm encouraged that access to medicines and improving dispute settlement mechanisms are included in the new trade negotiating goals.

"While I applaud efforts to resolve trade disputes transparently, we need to be sure that disputes can be resolved in ways that don't violate the sovereignty of a country."

 
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¿El G20 impulsara nuevas medidas de política publica para abatir la desigualdad?

El G20 se reúne en Hamburg, Alemania en su encuentro anual.

Eric LeCompte, director ejecutivo de la organización de base religiosa Jubilee USA, hizo las siguientes declaraciones públicas:  

“Al mirar la manera en cómo el G20 está tratando de abatir la desigualdad y proteger al mundo de una crisis financiera, vemos progreso. No obstante, necesitamos ver más acción”.

“En aras de prevenir una crisis financiera, necesitamos reglas globales que pongan un paro a la corrupción y la evasión contributiva. Necesitamos un procedimiento de quiebras global que pueda evitar que ocurra una crisis financiera en el futuro”. 

“Un aspecto importante de este encuentro es que los líderes del G20 están impulsando nuevas medidas de política pública para prevenir una crisis de endeudamiento. Las nuevas Guías Operacionales para el Desarrollo Sustentable del G20 hacen un llamado a los países miembros del G20 para aprobar legislación que detenga la corrupción e implante un marco legal que promueva prácticas responsables para prestar y coger prestado”. 

“Cabe señalar que aun cuando los lineamientos nuevos del G20 se quedan cortos al determinar si es o no es sustentable la deuda de un país, estas guías representan un progreso para proteger a las poblaciones más vulnerables de una crisis económica”.  

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Will the G20 Support New Debt and Tax Policies‎ to Tackle Inequality?

The G20 meets in Hamburg, Germany for their annual meetings.

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

“When we look at how the G20 is trying to tackle inequality and protect the world from financial crisis, we see some progress and we need to see some more action. 

"To prevent financial crisis we need global rules that stop corruption and tax avoidance. We need a global bankruptcy process that can prevent the next financial crisis from happening.  

"‎An important aspect of this summit is that G20 leaders are supporting new policies to prevent debt crisis. The new G20 Operational Guidelines for Sustainable Development call on G20 member countries to pass stronger laws to stop corruption and enforce responsible lending and borrowing.

"While the new G20 guidelines fall short on determining whether or not a country's debt is sustainable, the guidelines are progress in protecting vulnerable people from economic crisis."

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Audit of Mozambique Debt Reveals Corruption

Ahead of President Trump's first G20 meeting in Germany this weekend, Mozambique released an audit exposing violations of the country's laws to secure now-defaulted loans. Nearly $2 billion in loans were secured by the government of Mozambique but hidden from the public and Parliament. Last week, Business Insider reviewed CIA data and ranked Mozambique as one of the most indebted countries in the world. The United Nations Development Programme ‎lists Mozambique as one of the least developed countries in the world at 181 out of 188 countries. 

“We know that the financial crisis in Mozambique was caused by corruption at the national and international level,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA. “It seems a group of Mozambique's leaders and creditors conspired to steal from some of the world's poorest people.”

The financial scandal and debt crisis facing Mozambique will be discussed in Hamburg by G20 leaders in the context of new responsible lending and borrowing guidelines during their annual two day meeting. Finance Ministers for the Group of 20 supported these "Operational Guidelines for Sustainable Financing" at their March meeting in Baden-Baden, Germany.

“The G20 is calling on its member countries to pass stronger laws to stop corruption and enforce responsible lending and borrowing,” said LeCompte who serves on United Nation debt expert groups. “While the new G20 guidelines fall short on determining whether or not a country's debt is sustainable, the guidelines are progress in protecting vulnerable people from economic crisis."

The Operational Guidelines for Sustainable Financing are available here

The Executive Summary of the audit of Mozambique is available here
 

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G20 Focuses on Debt, Taxes and Inequality

The G20 meets in Hamburg, Germany on Friday and Saturday for their annual meetings.

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

"The G20 is focusing on inequality and inclusive economic growth during their meetings in Hamburg. These issues impact all of us, let alone the poorest people in our world.

"Behind closed doors the G20 conversation on inequality will get specific on debt and tax issues.

"‎It's important that the G20 will likely support new global guidelines on responsible lending and borrowing during their meetings. It's critical that the G20 continues efforts to thwart tax evasion and corruption."

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