The Sovereign Debt Stability Act

The Sovereign Debt Stability Act (A2970A / S5542A) is merged legislation of two previous bills focusing on debt relief: the New York Taxpayer and International Debt Crises Protection Act and the Model Law introduced by Assemblymember Patricia Fahy and Senator Gustavo Rivera. This legislation seeks to ensure that countries have a greater ability to curtail holdout creditors who prevent debt relief. The legislation can reduce shocks that disrupt supply chains and trade partnerships on which New York and the US economy rely. Thus, the legislation can help reduce food and fuel prices.

The New York legislature should pass the Sovereign Debt Stability Act so indebted nations can restructure their debts fairly and to put an end to predatory lending practices that harm New York taxpayers and people around the world.

The New York Taxpayer and International Debt Crises Protection Act 

The New York AFL-CIO, the New York State Catholic Conference, the New York Council of Churches, New York AFSCME, Oxfam America, Bread for the World, Puerto Rico's religious leaders, Jubilee USA Network and African, Asian and Latin American Development Organizations are among hundreds of organizations supporting The New York Taxpayer and International Debt Crises Protection Act (S4747, A2970). Unions, religious bodies, diaspora groups and development organizations are leading the New York debt relief campaign in support of A2970 and S4747. They support this legislation to address inflation, high US food costs and the reality that developing countries need debt relief as quickly as possible. 
Private creditors are not participating in debt relief for developing countries, even though the US government and other public counterparts participate. 52 percent of the world's private debt is governed under New York law. New York and US taxpayer money bails out private creditors when private creditors refuse to offer the same level of debt relief that the US government offers. 
Because developing countries, our primary trading partners, are affected by debt crises heightened by the pandemic - the United States experience high inflation, supply shocks and rising food costs. The US and all countries are seeing the prices of eggs, flour and coffee rise. When developing economies suffer, the US and European economies suffer. The bill will address inflation, supply shocks and help reduce the costs of goods and food.
The New York Taxpayer and International Debt Crises Protection Act (S4747, A2970) introduced by Assemblymember Patricia Fahy and Senator Brad Hoylman-Sigal, would require private creditors with debt contracts in New York to participate in debt relief at the same level as governments and other public creditors. This act quickly cuts and reduces unsustainable and unpayable debt. Thus, long-term investment, our pensions and poor communities are protected. The effectiveness of development aid is protected. Debt relief for developing countries means economic relief for all. 

Support NYTIDA because it is one of those rare pieces of legislation that hits all the marks: The New York Taxpayer and International Debt Crises Protection Act is pro-people, pro-business, pro-labor, pro- United States, pro-investment and pro-planet.