Bloomberg Quotes Eric LeCompte on Meeting with Treasury Secretary Janet Yellen

Bloomberg quotes Eric LeCompte on Jubilee USA's meeting with the Treasury Secretary and major faith leaders. Read an excerpt below, and click here for the full story.

IMF Mulls Creating $650 Billion in Reserves After Yellen Nod

By Eric Martin and Saleha Mohsin

More than 200 groups including the Jubilee USA Network, a non-profit organization that advocates for debt relief for developing countries, had called on the G-20 to support the creation of $3 trillion in SDRs. They say the funds are needed to help free up resources for health care and social spending. Some Democrats in Congress had pledged support for a similar-sized move.

But an SDR issuance of roughly $650 billion would be about the maximum that the U.S. Treasury can support without needing to getapproval from Congress, depending on the exchange rate.

“This announcement is incredible progress,” said Eric LeCompte, the executive director of Jubilee USA Network. “Developing countries need these resources to confront the crisis as soon as possible."

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Reuters, Fox and New York Times, Feature Eric LeCompte on IMF Special Drawing Rights Announcement

Reuters, Fox and The New York Times feature Eric LeCompte on the IMF's announcement that it recommends allocating $650 billion in Special Drawing Rights to combat the global economic crisis. Read and excerpt below and click here for the full story

IMF staff recommends new allocation of $650 billion in emergency reserves: sources 

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Devex Quotes Eric LeCompte on G7 Support for Special Drawing Rights

Devex quotes Eric LeCompte on the G7's support to issue special drawing rights for developing nations. Read an excerpt below, and click here for the full story.

G-7 leaders support 'sizeable' Special Drawing Rights allocation

By Adva Saldinger

While the G-7 finance ministers described the new issuance as “sizeable,” they stopped short of stating an amount. They did say the new allocation will be “subject to the IMF’s analysis of global reserve needs,” which will be presented before any formal agreement. That assessment is highly anticipated.

"We are waiting on the IMF to formally assess the needs of poor countries to decide on the size of a SDR issuance,” said Eric LeCompte, executive director at Jubilee USA Network, in a statement. “There is no doubt that developing countries have needs north of a trillion dollars.”

Another outcome of the meeting was an agreement between the G-7 and IMF to enhance transparency and accountability around SDR usage and to determine how countries could voluntarily use their SDRs to support low-income countries. The G-7 said IMF should determine some options for how that could be done, but it should not delay an agreement to a new general allocation, the statement said.

 

 

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The Record, Catholic Spirit and Catholic News Service Cover Jubilee USA's Meeting with Secretary Yellen and Faith Leaders

The Catholic Spirit covers Jubilee USA's high-level meeting with Treasury Secretary Janet Yellen and faith leaders. Read an excerpt below, and click here for the full story.

Religious, labor leaders optimistic after meeting with treasury secretary

By Dennis Sadowski

The discussion focused on accessing emergency reserve funds, known as Special Drawing Rights, or SDRs, debt policies, humanitarian aid, climate change, bankruptcy, financial transparency and tax proposals to prevent future economic crises.

In addition, a presentation by Archbishop Roberto Gonzalez Nieves of San Juan, Puerto Rico, specifically addressed concerns related to the island territory’s debt.

It is the first such meeting involving a Treasury Department secretary and faith leaders in at least three decades, said Eric LeCompte, executive director of Jubilee USA, an alliance of faith-based development and debt relief advocacy organizations, who organized the meeting.

In addition to Catholic representatives, also attending were leaders of the Lutheran, United Methodist, Presbyterian and United Church of Christ churches, the Union for Reform Judaism and the Puerto Rico Evangelical General Bible Society. They were joined by the AFL-CIO and the International Trade Union Confederation.

 

 

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G7 Supports Emergency Funds for Developing Country COVID Relief

Washington DC - G7 finance ministers agreed to create emergency reserve funds for developing countries wrestling with coronavirus economic impacts. The funds are likened to a type of currency the International Monetary Fund creates, called Special Drawing Rights (SDRs).

"This is the strongest public statement to date from G7 countries on the need for SDRs to confront the COVID economic crisis that is ravaging developing countries," stated Eric LeCompte, the executive director of Jubilee USA Network. LeCompte's development group advocated the use of these emergency reserve funds for more than a year. "We are waiting on the IMF to formally assess the needs of poor countries to decide on the size of a SDR issuance. There is no doubt that developing countries have needs north of a trillion dollars."

SDRs were last created following the 2008 financial crisis. On Tuesday, Jubilee USA Network organized a roundtable with high ranking religious leaders and Treasury Secretary Janet Yellen that focused on SDRs.

"Treasury is a strong proponent of moving forward development aid and debt relief," noted LeCompte. "As countries are struggling from the crisis, we need to be sure the aid is enough and that all developing countries can get the support they need."

In February, the US Conference of Catholic Bishops and Jubilee USA sent a letter on SDRs to President Biden and Yellen. Jubilee USA Network with Latindadd, a Latin American development group, organized a letter with more than 200 organizations calling on the G20 to support a SDR issuance.

Read about the March 16th Secretary Yellen Jubilee USA Network Meeting here.

Read the letter on SDRs, aid and debt relief from the US Conference of Catholic Bishops and Jubilee USA Network here.

Read the letter organized by Jubilee USA with 200 plus signers urging the G20 to support SDRs here.
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Crux Features Jubilee USA's Meeting with Secretary Yellen and Religious Leaders

Crux covers Jubilee USA Network's historic meeting with Treasury Secretary Janet Yellen on responses to the COVID pandemic. Read an excerpt below, and click here for the full story.

Catholic bishops meet with U.S. Treasury head to discuss COVID economic crisis

By John Lavenburg

The religious leaders met with U.S. Treasury Secretary Janet Yellen to discuss the global economic response to the COVID-19 pandemic, Puerto Rico’s debt and climate change. It was organized by Jubilee USA Network; a coalition of religious, development and advocacy groups that focuses on policies that help end poverty.

Economic relief for the poorest countries in the world through debt payment suspension was another focus of the meeting. According to LeCompte, the 73 poorest countries in the world have qualified for the Debt Service Suspension Initiative – 40 of which have taken advantage of it for about $12 billion in relief.

A readout from the U.S. Department of Treasury after the meeting said Yellen supports “the implementation of the Debt Service Suspension Initiative (DDSI).” And she views potential SDR allocation “as part of a broader package of assistance to low-income countries.” The readout closed that the Biden administration is “committed to using the full power of the U.S. federal government to address climate change as part of the Build Back Better plan.”

 

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Historic Yellen, Jubilee USA Meet - Breaking: G7 Supports Our Proposals

Friends,

On Tuesday, we organized high-ranking religious and labor leaders for a historic small meeting with Treasury Secretary Yellen. The Secretary Yellen Jubilee USA Network Roundtable focused on global COVID response, climate, Puerto Rico, inequality, development aid, debt relief, emergency reserve funds (Special Drawing Rights or SDRs) and tax, transparency and bankruptcy policies to prevent future crises.

This morning at the G7 finance ministers meeting that Yellen attended, the G7 made their first public announcement in support of one of Jubilee USA's proposals that we've advocated for more than a year: Issuing emergency reserve currency (SDRs) for developing countries as they cope with COVID health and economic crisis.

In the coming weeks, as world leaders at G20 and IMF Meetings make their next round of decisions on global coronavirus response, we need you to take action now:

  • Over the last year we organized tens of thousands of petitions and actions to the G20, IMF, White House and Congress. In the Fall, faith communities across the US and partners around the world circulated our petition calling US and world leaders to take action to protect the vulnerable and our planet, address inequality, solve the current crisis and prevent future crises. Please sign the coronavirus relief petition now before we deliver it to world leaders in April.

  • Ask your organization, community or religious institution to join 220 groups and sign our letter to the White House, G20 and IMF on coronavirus crisis response. The letter is signed by the largest Unions, religious institutions and human rights, environmental and development groups. More than 150 Jewish, Muslim and Christian congregations and faith groups signed on to support our global coronavirus response policies to lift the vulnerable. Please make sure your group signs on before we deliver the letter in April to the White House, IMF and G20.

Thousands of global newspapers and media outlets covered our meeting with Yellen and leaders from the largest faith traditions. Since the beginning of the pandemic, religious institutions, under the banner of Jubilee USA, called for responses to the COVID crisis that protect the vulnerable and address inequality.

Leaders of the Catholic, Methodist, Lutheran, Presbyterian and United Church of Christ Churches, the Union for Reform Judaism, the Religious Action Center of Reform Judaism, Puerto Rico's Catholic Church and the Puerto Rico Evangelical General Bible Society attended the meeting. Jubilee USA Network was also joined by the AFL-CIO and International Trade Union Confederation.

The religious community is concerned that too many developing countries are left out of crisis response. The discussion with Yellen was critical on climate change because many of the most significant climate decisions will be made by Treasury, the IMF and G20.

Climate policies are a growing focus of the G7 and G20. In a recent letter to the G20, Yellen called for cooperation to address climate and support low-income countries to meet climate goals. President Biden’s climate executive order instructs Treasury to promote policies that protect the environment and address climate change.

Treasury Secretary Yellen during the Jubilee USA high-level meeting made her strongest and most expansive statements to date on using all of Treasury's power to combat climate change and protect the vulnerable. She made powerful statements on expanding debt relief to ALL developing countries, getting more aid to developing countries and using the Special Drawing Rights.

We have much more work to urgently do in the coming months. Now we need you to sign the petition and ask your organization or faith community to sign the letter.

Organized by Jubilee USA, 220 religious, labor and human rights groups signed a letter to Biden calling for aid, debt relief and new development processes to confront the pandemic. In February, the US Conference of Catholic Bishops and Jubilee USA Network sent a letter to Biden urging short-term solutions to confront the current crisis and long-term solutions to prevent future crises. Jubilee USA Network with Latindadd, our Latin American development partner, organized a letter with more than 200 organizations calling on the G20 to support a SDR issuance.

We are so grateful for your partnership and your support as we work on the most important efforts in Jubilee USA's history. The success of our coronavirus efforts mean the survival of tens of millions, stopping lost decades of development, protecting the livelihoods of hundreds of millions and emerging from this crisis with resilience for our people and our planet.

Gratefully,

Eric

Eric LeCompte
Executive Director

Twitter: @Eric_LeCompte
www.jubileeusa.org/support-us

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National Catholic Reporter Quotes Eric LeCompte on Meeting with Secretary Yellen and Faith Leaders

National Catholic Reporter quotes Eric LeCompte on Jubilee USA's meeting with Treasury Secretary Yellen along with major faith and labor leaders. Read an excerpt below, and click here for the full story.

Papal priorities reflected in Yellen meeting, Catholic participants say

A typical day for Treasury Secretary Janet Yellen includes nonstop meetings with presidents, finance ministers and heads of Fortune 500 companies. On March 16, she added faith leaders to her schedule in what is believed to be the first time the head of the Treasury Department sat down with a full delegation of high-ranking religious leaders. Catholic participants described the meeting as one that reflected many of the priorities of Pope Francis.

LeCompte said the timing of the meeting was essential, as it needed to take place ahead of next month's decisions by the G-20 and the International Monetary Fund, which will decide many of the issues that the Jubilee USA Network delegation presented."These are the civil leaders who are actually dealing with much of the domestic as well as global response to the crisis," said LeCompte, who praised Treasury officials for prioritizing the meeting and recognizing the contribution of faith leaders.

An official readout from the Treasury Department noted their commitment to tackling global inequality, which includes general support for suspending debt in order for low-income countries to address the effects of COVID-19 and to achieve economic stability.The statement also signaled support for the delegation's push for access to emergency funds, noting that they are part of the "broader package of assistance to low-income countries."

 

 

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The Presbyterian Outlook Covers Jubilee USA's Meeting with Secretary Yellen and Religious Leaders

The Presbyterian Outlook covers Jubilee USA Network's historic meeting with Treasury Secretary Janet Yellen on international debt and COVID response. Read an excerpt below, and click here for the full story.

Nelson joins faith leaders in virtual roundtable discussion with US Treasury secretary

The virtual roundtable discussion was moderated by Jubilee USA Network, a nonprofit financial reform organization based in Washington, D.C., that advocates for debt relief for developing countries. Tuesday’s conversation centered on the global coronavirus response and anti-poverty efforts.

During Tuesday’s call, invited guests were given an opportunity to address Yellen and her senior staff. In his statement, the Stated Clerk of the General Assembly of the PC(USA) said the yearlong pandemic has deeply hurt the most vulnerable and deepened inequality in the U.S. and abroad. Jubilee officials estimate that developing countries lose $1 trillion a year due to illegal practices such as corruption and tax evasion. The group also says that “shell corporations” hide the identities of their owners for tax evasion purposes as well as participate in human trafficking and the exploitation of poor communities.

“Global inequality is a large and growing problem. Low-income countries are facing poverty and an increased debt burden. Many governments lack the resources to pay for vaccines and support those hit by this economic crisis,” said Yellen. “We are committed to addressing global inequality and work with our partners to tackle this crisis.” Yellen says the current administration has already started to provide support for low-income countries through such initiatives as debt service suspension and a multilateral framework for debt treatment.

 

 

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United Church of Christ Features Jubilee USA's High Level Meeting with Secretary Yellen and Faith Leaders

The United Church of Christ features Jubilee USA Network's historic meeting with Treasury Secretary Janet Yellen on international debt and COVID response. Read an excerpt below, and click here for the full story.

UCC president, other faith leaders meet with Treasury Secretary Yellen on global pandemic response

by Connie Larkman

The meeting, organized by Jubilee USA, a nonprofit group that advocates for debt relief for developing countries, brought together leaders from the Catholic, Methodist, Lutheran and UCC traditions, as well as the Union for Reform Judaism, Puerto Rico’s Catholic Church and the Puerto Rico Evangelical Bible Society. The Rev. John Dorhauer represented the UCC, with the Revs. Sekinah Hamlin and Michael Neuroth joining the discussion as observers.

Concerned about developing countries being left out of crisis response, the group conversation focused on ways to increase resources to help those nations contain the COVID-19 pandemic. Permanent debt restructuring and climate decisions were also discussed.

What’s unique about the historic meeting, said Jubilee Executive Director Eric LeCompte, is “the major religious institutions are coming together to solve the current pandemic crisis and prevent future crises.” The World Bank estimates the pandemic will push as many as 150 million people into extreme poverty. LeCompte said the meeting reflected Yellen’s focus on the global nature of the pandemic, and her willingness to engage with a range of U.S. leaders find solutions. 

 

 

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Devex Features Jubilee USA Network's High-Level Meeting with Treasury Secretary Yellen

Devex features Jubilee USA Network's historic meeting with Treasury Secretary Janet Yellen on the global economic response to the pandemic and international debt. Read an excerpt below, and click here for the full story.

US Treasury secretary meets with faith leaders about debt, COVID-19

By Adva Saldinger

U.S. Treasury Secretary Janet Yellen met with U.S. faith leaders Tuesday to discuss the global economic response to the pandemic, debt relief, and financing efforts to address climate change.

It was a “historic meeting,” said Eric LeCompte, executive director at Jubilee USA, who spoke at and helped organize the meeting. “I don’t know of a time a treasury secretary sat down with some of the highest religious leaders in the U.S.”

Yellen “made clear the Biden Administration’s commitment to reducing global poverty,” and said low-income countries will need continued support to respond to the pandemic, according to a readout of the meeting from the Treasury Department. The Treasury Department is committed to working with international partners to address the crisis, including the implementation of existing debt relief efforts including the G-20 Debt Service Suspension Initiative and Common Framework for debt treatments, according to the readout.

 

 

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Reuters Quotes Eric LeCompte on Meeting with Secretary Yellen and Faith Leaders

Reuters quotes Eric LeCompte on Jubilee USA's meeting with Treasury Secretary Yellen along with many religious faith leaders. Read an except below, and click here for the full story.

Yellen vows to use 'full power' of U.S. government to tackle climate change

By Andrea Shalal

Yellen also said she saw a potential new allocation of the International Monetary Fund’s emergency reserves, or Special Drawing Rights, as part of a broader package of assistance to low-income countries, but gave no details.

Yellen’s support, first announced last month, reversed the opposition of the Trump administration, paving the way for a likely SDR allocation this year. U.S. support is critical because it is the IMF’s largest shareholder.

Eric LeCompte, executive director of Jubilee USA Network, said the discussion made clear that climate policies were a growing focus of the G7 and G20 major economies.

“Treasury is looking at climate issues in very deep ways,” he said.

 

 

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