The principles of responsible lending and borrowing for international lending are core fiscal values that make good sense in the lending process. These principles would safeguard vulnerable communities from government corruption, keep countries from being pushed into distress from unsustainable loans, ensure that both lenders and borrowers are following international standards of loan contraction

The Jubilee Act, which has been introduced in previous sessions of Congress, would make the principles of responsible lending and borrowing part of U.S. law. The law would require common sense protections in borrowing agreements, including assessing the financial position of the borrowing country, complying with relevant national and international laws, and providing details of fees associated with loans. By enacting these changes, the transparency and accountability of the loan transactions will increase, making the process more fair and more effective.

The Jubilee Act would promote responsibility for both borrowing nations and lending nations, mitigating the accumulation of further unsustainable and unpayable debts, protecting investors and poor communities while maximizing the effectiveness of aid.