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NY Assembly Decides, G20 and You
Dear Friend,
Thanks to you and the thousands of phone calls you generated, our Jubilee debt "Champerty" bill passed the Senate. The New York Assembly has extended their through tonight and your pressure and our Jubilee team on the ground here in Albany is pushing Assembly Speaker Heastie to move our bill to the floor.
Today, the average developing country spends more on debt than health, education and all social issues combined. Debt crises endanger US retirement and pensions. When our trading partners are in crisis - it impacts what we pay at the gas pump and what we buy at the store.
Because of you, Republicans and Democrats continue to champion our work. As the US Government is hosting the G20 this year, we won support from US Treasury to expand our debt relief and development efforts.
Your actions were how we stopped predatory "vulture" funds in New York in 2012 and 2014. Your support means that we've won more than $800 billion in aid and relief for developing countries. Because of you, every G20 meeting has made a global economy that is more transparent and that works better for all of us.
Gratefully,
Eric LeCompte
Executive Director
Jubilee USA Network
[email protected]
Twitter: @Eric_LeCompte
www.jubileeusa.org/support-us
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Owen Koenen published NY Senate Passes "Champerty" Debt Relief and Anti-Vulture Fund Bill in Press 2026-06-03 17:52:40 -0400
NY Senate Passes "Champerty" Debt Relief and Anti-Vulture Fund Bill
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
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Owen Koenen published Devex Highlights the Words of Eric LeCompte in Recent Article in Press 2026-06-02 18:57:10 -0400
Devex Highlights the Words of Eric LeCompte in Recent Article
Eric LeCompte, the Executive Director of Jubilee USA Network, was recently featured in Devex, revealing optimism towards what the G20 can accomplish in 2026.
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Owen Koenen published NY Senate Debt Bill to Pass, Champerty Heads to Assembly in Press 2026-06-01 16:28:56 -0400
NY Senate Debt Bill to Pass, Champerty Heads to Assembly
Albany, New York – The New York State Senate is poised this week to pass debt relief legislation, or the Champerty Fix Act. The bill must be taken up by the lower house, the New York State Assembly, this week to move the legislation for the Governor's signature.
"This legislation is critical for stopping behavior that exploits countries in crisis," noted Eric LeCompte who heads the religious development coalition, Jubilee USA Network. "One of the great aspects of this bill is that it lowers punitive interest rates when countries are in a debt crisis."
New York law governs more than 50 percent of privately held sovereign debt contracts. The “Champerty Fix Act” (S.1477, A.643-A) prevents predatory “vulture funds” from purchasing cheap debt with the purpose of litigating to collect in full.
"Lawsuits from certain hedge funds, who are not making a legitimate investment in a country, delay the resolution of debt crises," noted LeCompte. "These predatory firms not only impact social programs in developing countries, they also take advantage of taxpayers and legitimate Wall Street investors."
Religious, labor, anti-poverty, development, diaspora and environmental groups support the bill.
“The bill can help stabilize rising food and fuel prices as the legislation helps our trading partners,” said LeCompte. "It can also protect our pensions which have legitimate investments in countries and keep our taxpayer dollars from bailing out these funds."
In addition to curbing predatory behavior, the bill cuts the interest rate that debtor countries incur while lawsuits move through the courts, which incentivizes long litigation in New York courts.
The current session of the New York State legislature adjourns on June 4.
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.
Jubilee USA Network is an alliance of more than 75 US organizations and 750 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org###
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Rabbi Matt Cutler Featured in Times Union
The Co-Chair of the Jubilee USA Network Board, Rabbi Matt Cutler and Executive Director of New York State Council of Churches, Rashida Tyler, provided insights on how the Champerty Fix Act (S1477/A643A) aligns with Jewish and Christian Faith in a recent Times Union opinion article.
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Owen Koenen published Call the New York State Assembly switchboard at 1 - 518 – 455 – 4100. in Press 2026-06-01 08:58:41 -0400
Call the New York State Assembly switchboard at 1 - 518 – 455 – 4100.
1.) Ask to be transferred to New York State Assembly Speaker Carl Heastie
2.) Tell Assembly Speaker Heastie (or leave a message):
“Please cosponsor and bring the Champerty Fix Act (A643-A) to the floor for a vote. The bill protects countries in debt crisis from the predatory action of “vulture” funds and protects pensions, taxpayers and New York as a primary financial hub. Champerty can help bring down the prices of food and fuel. It also reduces too high interest rates on countries struggling in debt crisis.
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Owen Koenen published Urge Assembly Speaker Heastie: Cosponsor and Bring A643-A to the Floor! in Press 2026-06-01 08:58:22 -0400
Urge NY Speaker Heastie to Bring Debt Bill to Assembly Floor
Urge NY Speaker Heastie to Bring Debt Bill to Assembly Floor
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