New York and US Taxpayers, Global Economy Benefit from Legislation

Religious and labor leaders explained that New York laws can provide debt relief for countries struggling from the pandemic and shocks from the Ukraine war. Speaking at a press conference in the New York State Capitol Building, they expressed support for legislation introduced by Assemblymember Patricia Fahy, Chair of the Banks Committee.

“New York is the world’s global financial hub — positioning us well to enact basic changes that will ensure debt relief for developing nations through investments in sustainable growth, infrastructure and more,” said Fahy. “Not only will this legislation protect U.S. taxpayers, it will spur new development and growth within the global economy, reduce stress on international supply chains, and establish clear strategies for growth in nations burdened by massive amounts of debt.”

The New York Taxpayer and International Debt Crises Protection Act (A. 10595) ensures private creditors participate in debt relief initiatives at the same level as the US government, other governments and other creditors. Over 50% of the world's debt held by private creditors is contracted under New York State law.

“The pandemic pushed many developing countries into debt and economic crises,” stated Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network. “Countries can get help resolving debt crises under New York law and the new legislation ensures countries get the relief they need. Because we trade with these countries, resolving debt crises helps resolve supply and economic shocks that we face at home.”

At 7:00 PM ET, Jubilee USA Network hosts a panel discussion featuring Fahy and LeCompte. Speakers include, Rabbi Matthew Cutler, Congregation Gates of Heaven Synagogue; Rev. Dustin Longmire, Messiah Lutheran Church of Schenectady, New York, and former President of the New York Council of Churches; Rev. Nicolle D. Jean-Simon, Pastor of Duryee Memorial African Methodist Episcopal Zion Church and NAACP President of Schenectady Branch #2175; Rev. Dr. Amaury Tanon-Santos, Executive Director of Schenectady Community Ministries and President of the Labor Religion Coalition of NY State; and Ron Deutsch, Executive Director of New Yorkers for Fiscal Fairness.

Watch livestream event “Funding Food, Vaccines and the Environment in Developing Nations,” at 7:00 PM ET.

Read NYS Assemblymember Patricia Fahy’s Office Press Release here.

View the NY Taxpayer and International Debt Crisis Protection Act and Bill Memo here.

Read a previous Jubilee USA press release on the bill here.