Axios quotes Eric LeCompte on the New York Taxpayer and International Debt Crises Protection Act (S4747, A2970). Read an excerpt below and click here for the full article.
Ambitious N.Y. bill takes aim at global debt woes
By Kate Marino
A bill quietly making its way through the New York state legislature could upend the world of sovereign debt investing.
Why it matters: There’s a debt crisis brewing among lower-income nations, and creditor gridlock is prolonging the pain for countries like Zambia and Sri Lanka that need to restructure their unsustainable debt loads.
Enter New York: About half of sovereign bonds are governed by New York law — so Albany (the capital of New York state) wields outsize influence on the global lending landscape.
- A group of state legislators has proposed a short bill with tall ambitions — but critics charge there’s a host of unintended consequences that'll make things worse for those the bill is meant to help.
Read here for more.