Since you live in New York, I write to ask for your help in passing the most significant debt relief measure in the last 25 years. Today is the 3rd day that religious leaders, unions and constituents from across New York are meeting with your New York Assemblymembers and Senators to pass the New York Taxpayer and International Debt Crises Protection Act (A2970, S4747).
Because New York is the world's financial capital, most of the world's private debt is governed by New York law. Our Jubilee legislation will win relief, help stop economic shocks and protect New York taxpayers, consumers and our pensions.
Please write your Senator and Assemblymember now and urge them to co-sponsor our Jubilee New York Taxpayer and International Debt Crises Protection Act (A2970, S4747). Tell your Senator and Assemblymember that all of New York's biggest unions and major religious groups, the United Nations and the world's most prominent development organizations want this legislation passed by June 1st. Tell your Senator and Assemblymember that the legislation will relieve the debts of countries dealing with the pandemic and food crises. Tell your Senator and Assemblymember the legislation immediately stops predatory vulture funds and that the legislation represents the most powerful and comprehensive solution to deal with global debt and the economic shocks that are faced in New York.
The bill, introduced by Senator Brad Hoylman-Sigal and Assemblymember Patricia Fahy, brings private creditors into debt relief deals at the same level as the US government, other governments and creditors. Because 60% of developing country debt is held by private creditors, this is crucial to lower the debt of developing countries. More than half of those private contracts are signed under New York law.
Those are countries the US trades with, so addressing debt crises quickly helps lower inflation. The bill also prevents the US contribution to debt relief deals, paid by taxpayers, from bailing out private creditors. As debt crises in developing countries shorten, the law supports pension investments that depend on their economies’ performance.
Today, advocates from all across the state gather in Albany for an Advocacy Day to ask their representatives to pass this critical legislation now. Call and add your voice to theirs.
Major unions, churches, development and environmental advocacy organizations, as well as global debt partners, support this legislation. Join them and help us move your representative in the New York State Assembly and Senate to get this legislation across the finish line by June 1st.
The United Nations Expert on Foreign Debt and Human Rights issued a letter to the entire New York State Legislature, underscoring how important the New York Taxpayer and International Debt Crises Protection Act is to the protection of human rights worldwide.
With your support, we can deliver on the Jubilee promise.
Jubilee USA Network
110 Maryland Ave. NE, Ste. 210 - Washington, DC 20002
(202) 783-3566 - [email protected]