Albany, New York – The New York State Senate passed debt relief legislation, last night, that offers debt relief and stops predatory hedge funds from exploiting countries facing crisis. The Champerty Fix Act heads to the Assembly. With enough votes to pass the bill, Assembly Speaker Heastie can bring the debt legislation to the floor before session ends.
“Speaker Heastie can move this debt bill through the rules committee and bring the bill to be voted on by the Assembly," shared Eric LeCompte, who as Jubilee USA Network chief leads religious and labor efforts to pass the bill. “Since this legislation protects taxpayers, New York pensions and can help lower food and fuel prices, Heastie can support New Yorkers.”
Under the “Champerty Fix Act” (S.1477, A.643-A) predatory “vulture funds” cannot exploit countries in financial crisis. Some of the proponents of the bill argue the most important aspect of the legislation is lowering interest rates to a fair market rate when developing countries face debt crisis.
“Speaker Heastie can stand with the people of New York and Puerto Rico and oppose the behavior of vulture funds who hurt legitimate investors and poor people,” added LeCompte. "We urge Heastie to stand with his own constituents."
The Assembly Speaker can push the legislation through the rules committee and the lower house of New York would pass the legislation before it adjourns on June 4th.
Read text of the Champerty Fix Act.
Read the Jubilee USA memo of support.
Read the Puerto Rico's Archbishop and the Head of Puerto Rico's Bible Society memo of support.
Read Evangelical Lutheran Church in America Upstate New York Synod memo of support.
Read Sisters of Mercy memo of support.
Read Maryknoll Office for Global Concerns memo of support.
Read NYS Catholic Conference of Bishops memo of support.
Read Jubilee USA press release on Champerty Fix bill before NY Senate and Assembly