Previously 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 S4747 and A2970. 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.
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.
Please write New York Governor Kathy Hochul to pass and sign the New York Taxpayer and International Debt Crises Protection Act (A2970, S4747).
If you live in New York, please write your Senator and Assemblymember and urge them to co-sponsor the New York Taxpayer and International Debt Crises Protection Act (A2970, S4747).
Resources:
If you live in New York, please write your Senator and Assemblymember and urge them to co-sponsor the New York Taxpayer and International Debt Crises Protection Act (A2970, S4747).
Resources:
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The New York Taxpayer and International Debt Crises Protection Act bill and bill memo in English and Español
- Read update and statement on status (06/11/23)
- Talking points and action items in English and Español
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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 and other Memos/Letters of Support for the New York Taxpayer and International Debt Crises Protection Act
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Updated and In-depth Frequently Asked Questions on legislation
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Media Coverage on the legislation
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Eric LeCompte's High-Level Speech (March 8th, 2023) at the UN Leaders Summit of the Least Developed Countries on the New York Taxpayer and International Debt Crises Protection Act
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Watch the Interview with Eric LeCompte on how the legislation works
- Read the Statement by 23 African Catholic Bishops and Oped by Nigerian Archbishop Alfred Adewale Martins Expressing Support for the New York Taxpayer and International Debt Crises Protection Act
- The New York Taxpayer and International Debt Crises Protection Act and the Caribbean talking points
- Watch NY religious, labor and diaspora leaders panel discussion on the New York Taxpayer and International Debt Crises Protection Act
- Two-Pager and Additional Action Items on the bill
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Congregation/Organization Sign-on Letter to New York State Legislators
- Press releases on the bill