Presbyterian Mission features Aldo Caliari on the International Debt Crisis, private creditors, and the New York Taxpayer and International Debt Crises Protection Act. Below is a brief excerpt, and click here to read the full article.

Call to New York Presbyterians: Take Action on International Debt Crisis

By Aldo Caliari

In May, New York State Assembly member Patricia Fahy, Chair of the Banks Committee, introduced legislation that would ensure private creditors participate in debt relief initiatives at the same level as the US government, other governments and other creditors. Under the New York Taxpayer and International Debt Crises Protection Act, a debtor country cleared to have debt cuts in an international initiative would be protected from private creditor litigation. Should a private creditor sue, the legislation requires that the judge reduces their claim by the same proportion agreed in the applicable global debt initiative. Of course, with such ruling expected, the hope is that most creditors will likely not choose to go to court at all. Debtor countries can manage crises more efficiently, finding a quicker exit and lowering the economic and social costs to their people, especially the most vulnerable.

Read more here.

US Catholic quotes Eric LeCompte on the use of rising interest rates to combat inflation, and its implications for debt-ridden countries. Read an excerpt below, and click here for the full article.

We can’t fight inflation at the expense of the poor

By Kevin Clarke

In this time of converging crises, rising interest rates “mean developing countries have higher debt payments just when they need to invest more to protect their people,” Eric LeCompte, director of Jubilee USA Network, reminded policymakers as G20 finance ministers convened in Bali, Indonesia in July. “Countries need debt relief, not more debt.”

Raising interest rates to combat inflation can only be one aspect of a comprehensive approach to stabilizing the global economic order. A human factor, the church’s preferential option for the poor, must be part of the calculus among economists in Washington, Geneva, Brussels, and New York.

Read more here.

Axios quotes Eric LeCompte in an article detailing the numerous political and economic crises Puerto Rico faces. Read an excerpt below, and click here for the full article.

Puerto Rico's intersecting crises

By Nathan Bomey

Driving the news: Puerto Rico's entire power grid — which has been in bankruptcy for the last half decade — went down after Hurricane Fiona ripped through on Sunday. It's another humanitarian crisis for an island that was supposed to be keeping the lights on by now.

• Only about 32% of Puerto Rico residents had power restored as of Thursday, while about 3 in 4 were still without clean water, according to Jubilee USA Network, an organization that has advocated for debt relief for Puerto Rico.
• "Even relatively minor storms can shut down the power grid on the island," Jubilee executive director Eric LeCompte tells Axios. And "the water supply is dependent in many parts of the island on the electrical grid."

Read more here.

Crux quotes Eric LeCompte on Puerto Rico's need for disaster recovery aid after being hit by Hurricane Fiona. Read an excerpt below, and click here for the full article.

Puerto Rico devastated after Hurricane Fiona hits

By John Lavenburg

Eric LeCompte, the executive director of Jubilee USA Network, told Crux in August that Puerto Rico needed an additional $50 billion in disaster recovery aid, and an acceleration of the disbursement of the $55 billion in disaster recovery aid that Congress has already allocated for recovery efforts related to Hurricanes Maria and Irma, cautioning how bad things could get if it experienced another disaster.

He renewed that call Sept. 20, saying in a statement that “Puerto Rico will need more aid to address the damages from Hurricane Fiona, the island’s child poverty crisis and recovery from previous disasters.”

Read more here.

WAMC quotes Eric LeCompte on an article detailing Assemblywoman Pat Fahy and the New York Taxpayer and International Debt Crisis Protection Act. Below is a brief excerpt, and click here for the full article.

Fahy introduces bill to help developing nations recover from pandemic

By Ashley Hupfl

At the state Capitol Wednesday, Assemblywoman Fahy said the New York Taxpayer and International Debt Crises Protection Act would close that gap by ensuring private creditors participate alongside public creditors on comparable terms. The DSSI is set to expire at the end of the year if it is not once again extended, but the Common Framework does not.

Eric LeCompte is executive director of the Jubilee USA Network, a coalition of religious institutions and labor groups. He argues the bill would also help the United States, because the IMF says inequality is being driven by global debt.

“The problems that developing countries are facing, that emerging markets, middle-income countries are facing are also a part of the problems we're facing in the United States in terms of economic shocks and supply shocks. The reality in terms of the Trump administration and Biden administration continuing the bi- partisan calls for debt relief…it's more than just helping the most vulnerable people on Earth that we as the religious community deeply care about. It's also about protecting our investments.”

Read more here.

New York and US Taxpayers, Global Economy Benefit from Legislation

Religious and labor leaders explained that New York laws can provide debt relief for countries struggling from the pandemic and shocks from the Ukraine war. Speaking at a press conference in the New York State Capitol Building, they expressed support for legislation introduced by Assemblymember Patricia Fahy, Chair of the Banks Committee.

“New York is the world’s global financial hub — positioning us well to enact basic changes that will ensure debt relief for developing nations through investments in sustainable growth, infrastructure and more,” said Fahy. “Not only will this legislation protect U.S. taxpayers, it will spur new development and growth within the global economy, reduce stress on international supply chains, and establish clear strategies for growth in nations burdened by massive amounts of debt.”

The New York Taxpayer and International Debt Crises Protection Act (A. 10595) ensures private creditors participate in debt relief initiatives at the same level as the US government, other governments and other creditors. Over 50% of the world's debt held by private creditors is contracted under New York State law.

“The pandemic pushed many developing countries into debt and economic crises,” stated Eric LeCompte, Executive Director of the religious development organization Jubilee USA Network. “Countries can get help resolving debt crises under New York law and the new legislation ensures countries get the relief they need. Because we trade with these countries, resolving debt crises helps resolve supply and economic shocks that we face at home.”

At 7:00 PM ET, Jubilee USA Network hosts a panel discussion featuring Fahy and LeCompte. Speakers include, Rabbi Matthew Cutler, Congregation Gates of Heaven Synagogue; Rev. Dustin Longmire, Messiah Lutheran Church of Schenectady, New York, and former President of the New York Council of Churches; Rev. Nicolle D. Jean-Simon, Pastor of Duryee Memorial African Methodist Episcopal Zion Church and NAACP President of Schenectady Branch #2175; Rev. Dr. Amaury Tanon-Santos, Executive Director of Schenectady Community Ministries and President of the Labor Religion Coalition of NY State; and Ron Deutsch, Executive Director of New Yorkers for Fiscal Fairness.

Watch livestream event “Funding Food, Vaccines and the Environment in Developing Nations,” at 7:00 PM ET.

Read NYS Assemblymember Patricia Fahy’s Office Press Release here.

View the NY Taxpayer and International Debt Crisis Protection Act and Bill Memo here.

Read a previous Jubilee USA press release on the bill here.

Spectrum News 1 Discusses Jubilee USA's New York bill to fight developing countries' debt crises and address supply shocks. Below is a brief excerpt. Click here for the full article.

NY lawmakers, advocates want pressure for developing nations' creditors

By Nick Reisman

For the Rev. Nicolle Jean-Simone, helping her husband's native Haiti often comes from personal pleas. 

"We receive calls from family members, friends, missionaries telling us the needs of what's going on in the country and we do our very best to support them," she said. "But what if we could do it also through legislation."

Jean-Simone was among the advocates on Wednesday at the state Capitol calling for a measure that would require the New York-based creditors of developing nations facing a mountain of debt to help with relief and restructuring efforts. 

The goal is to make it easier for those countries to pay the debt back and in turn help the residents of those countries who have struggled with ongoing crises. 

Read more here.

CBS Albany Discusses Jubilee USA's New York debt bill to tackle developing countries' debt crises and address supply shocks. Read an excerpt below and click here for the full story.

Assemblymember Fahy introduces NY taxpayer and international debt crises protection act

By WRGB Staff

Albany, NY (WRGB) — Assemblymember Fahy is introducing the New York taxpayer and international debt crises protection act

It requires private creditors to join debt relief initiatives for developing nations, which are struggling with debt crises, the pandemic and economic shock from the war in Ukraine.

The bill prevents tax money that funds u-s contributions to debt relief initiatives from being used to bail out private creditors and enables countries that are in debt to support spending on health, education and other services for their most vulnerable.

See the article here.

Eric speaks with WORT 89.9 a Madison, WI public radio on student debt cancellation. Hear the full interview here. 

LeCompte: How Student Debt Cancellation Affects Communities

AUGUST 31, 2022 BY 8 O'CLOCK BUZZ

The Jubilee USA Network works on the debt, tax, transparency and trade policies that impact our lives, communities and world. Jubilee’s Executive Director, Eric LeCompte, talks with Jan Miyasaki about the broad community-wide effects of Biden’s student debt cancellation.

WORT 89.9 FM features Eric LeCompte on a brief podcast detailing the effects Biden's student debt cancellation plan has on various communities. 

Lecompte: How Student Debt Cancellation Affects Communities

Click here for the full audio transcript (accessible through SoundCloud).