Agence France-Presse cites Eric LeCompte on the Corporate Transparency Act 2019 after it passed through the House this week. Read an excerpt below, and click here for the full story.
Washington DC - The House of Representatives passed the Corporate Transparency Act of 2019 (H.R. 2513) by a 249 to 173 vote. The bill reveals the true owners of "anonymous" shell companies to law enforcement.
"This legislation stops human traffickers, corrupt government officials and revenue loss in the developing world,” noted Eric LeCompte, a United Nations finance expert and the Executive Director of the religious development group Jubilee USA. “The Senate must now pass this vital legislation."
The bill now heads to the Senate, where Senators could likely move this bill or similar legislation. The White House and US Treasury pledge support for this type of legislation.
Washington DC - The House of Representatives scheduled a vote for 5:15 PM EST on the Corporate Transparency Act of 2019 (H.R. 2513). The bill reveals the true owners of "anonymous" shell companies to law enforcement.
"This legislation helps us stop human traffickers and corrupt public officials and protects development aid,” said Eric LeCompte, a United Nations finance expert and the Executive Director of the religious development group Jubilee USA. LeCompte's organization generated thousands of messages to Congress in support of the bill. “Shell companies contribute to a trillion dollar loss to the developing world every single year."
The bill, sponsored by Representatives, Peter King (R-NY), Carolyn B. Maloney (D-NY) and Tom Malinowski (D-NJ) would prevent types of Medicare fraud and stop a number of criminal activities.
Read Jubilee USA's Action Alert on the Corporate Transparency Act
Friends,
Thanks to your work, Congress votes today on Jubilee legislation to stop corruption, prevent human trafficking and protect debt relief and development aid.
The House of Representatives could vote as early as 5:00 PM today on our Corporate Transparency Act. Your call is needed now. Please take two minutes and tell your Representative to vote for the bipartisan Corporate Transparency Act.
Your actions over the last few weeks, months and years have finally gotten us to this point. In recent weeks, we've generated thousands of phone calls to Congress urging support for the Corporate Transparency Act. Over the weekend, Congregations across the United States ran petition drives and postcard rallies in support of the Corporate Transparency Act.
Tens of thousands of Jews, Christians, Muslims and people of good will - prayed and acted for Jubilee this past weekend.
Today, the United Church of Christ, Catholic religious orders, interfaith organizations and congregations from coast to coast are joining Jubilee USA and sending companion action alerts to even generate more phone calls to Congress.
Today - if we can generate enough calls on our Republican and Democratic led legislation, we can finally win a vote we've been working towards for 10 years.
With a vote about to take place on the Corporate Transparency Act, your call to your Representative can make the difference. Tell your Rep to end financial secrecy, protect vulnerable communities, prevent the profiting of human trafficking, protect aid and debt relief and ensure that poor people aren't exploited.
This vital Jubilee legislation reveals the true owners of "anonymous" shell companies to government authorities. These shell companies hide those who profit from human trafficking, dictators use them to steal development aid and debt relief - these shell companies contribute to a loss of nearly a trillion dollars a year from the developing world.
Your consistent actions on this campaign for the last 10 years made a difference. Your thousands of postcards, phone calls and e-mails in recent weeks have gotten us here today. Now - please make one more phone call so we can move this legislation in the House and then move our campaign to the Senate.
Gratefully,
Kate Zeller
The Associated Press quotes Eric LeCompte on the global economic slowdown reported at the International Monetary Fund Annual Meetings in Washington, DC. Read an excerpt below, and click here for the full story.
Jubilee USA, a religious organization fighting global poverty, said in a statement that while the IMF outlined a number of serious threats, the recommendations for dealing with them fell short.
"Risky investing, trade tensions and developing countries borrowing too much are serious concerns for financial stability," said Eric LeCompte, the group's executive director.
Read more here.
Washington DC - World leaders, Finance Ministers, heads of corporations and development groups are meeting at the World Bank and IMF Annual Meetings.
"The International Monetary Fund released a series of frightening reports this week and expressed great concern for the global economy.
"The Fund warns of corporate debts that are so high, they can be a recipe for global financial crisis. Risky investing, trade tensions and developing countries borrowing too much are serious concerns for financial stability.
"Because of the serious concerns that the IMF is raising, their crisis prevention recommendations fall short of what we need to stop the next financial crisis. We must urgently move forward with both crisis prevention and resolution processes such as a global bankruptcy mechanism.
"While the IMF bolsters lending resources, it seems this is happening at the loss of quota reform. There is a critical democratic need for voting power to be more equally distributed among IMF members."
Read the Jubilee USA release on debt, Argentina, Ecuador and Somalia
Read the Jubilee USA release on the World Economic Outlook Report
Read Jubilee USA's release on the Global Financial Stability Report
Washington DC - The International Monetary Fund raises fresh global financial crisis fears as Presidents, Finance Ministers, development groups and business leaders gather for the Annual IMF and World Bank Meetings.
"We are seeing strong warnings of a global financial crisis," shared United Nations finance expert and Jubilee USA Director, Eric LeCompte. Since 2010, LeCompte monitored IMF reports and meetings. "The Fund recommends more transparency around risky investments and corporate and country debts. But these recommendations might be too little and too late."
On Tuesday, the IMF downgraded global economic forecasts, calling the future of the economy, "precarious" and "uncertain," with the release of the 2019 World Economic Outlook Report. On Wednesday, the IMF Global Financial Stability Report issued concerns over high debts and risky investing. The reports raised fears over trade tensions, revenue loss and that developing countries are borrowing too much.
Behind closed doors, IMF leadership debates the failed economic plans of Argentina and Ecuador.
"The IMF got Argentina's debt sustainability wrong and they failed to prevent most of their financing being lost to capital flight," said LeCompte. "In Ecuador there seems to be a disconnect between IMF leadership preaching corporate transparency and IMF technicians advancing austerity and corporate tax cuts."
Beyond the debates, consensus seems to be growing for Somalia debt relief.
"We are optimistic about debt relief for Somalia which is one of world's poorest countries," stated LeCompte who is moderating a High-Level Somalia Annual Meeting Panel. "There seems to be strong support among all stakeholders to alleviate poverty and build a brighter future for Somalia."
Read about the World Economic Outlook Report
Read about the IMF Global Financial Stability Report
Read about the Somalia NGO Consortium and Jubilee USA's Friday High-Level IMF/World Bank event with His Excellency Dr. Abdirahman D. Beileh, Minister of Finance for Somalia, on resolving Somalia's debt and economic crisis here
Washington DC - The International Monetary Fund warns of growing financial instability as a result of high debts and risky investing in the release of the IMF 2019 Global Financial Stability Report. The report raised fears that developing countries are borrowing too much.
"The Fund is recommending more transparency and greater surveillance of corporate and country debt," shared United Nations debt expert and Jubilee USA Director, Eric LeCompte. "While these recommendations are good, they fall short of the policies we need to prevent the next financial crisis. We need a global bankruptcy process. We need global laws on responsible lending and borrowing."
Yesterday, the IMF downgraded global economic forecasts, calling the future of the economy, "precarious" and "uncertain," with the release of the 2019 World Economic Outlook Report.
"We all wish the latest reports from the IMF were about sunshine and rainbows. Unfortunately, this is the most bleak economic outlook report that I've seen from the Fund," noted LeCompte who monitored IMF reports since 2010.
Read about the World Economic Outlook Report
Read the IMF Global Financial Stability Report
Read about Jubilee USA's Friday High-Level IMF/World Bank event with His Excellency Dr. Abdirahman D. Beileh, Minister of Finance for Somalia, on resolving Somalia's debt and economic crisis here
Business Report cites Eric LeCompte on the IMF World Economic Outlook report. Read an excerpt below, and click here for the full story.
Eric LeCompte, the director of Jubilee USA, a non-profit financial reform organisation, said this was the bleakest economic outlook report that he had seen from the fund.
“World leaders should be very concerned. Inequality is on the rise, even in some of the richest societies,” LeCompte said.
Read more here.
Washington DC - The International Monetary Fund downgrades global economic forecasts, calling the future of the economy, "precarious" and "uncertain," with the release of the 2019 World Economic Outlook Report.
"This is the most bleak economic outlook report that I've seen from the Fund," noted Jubilee USA Director Eric LeCompte who monitored IMF reports since 2010. "World leaders should be very concerned."
As a result of global economic risks, rising debt levels and trade tensions, the IMF's flagship report down graded economic growth projections to 3 percent. The report also cited growing disparity in wealthy and "advanced" economies and regions.
"Inequality is on the rise even in some of the richest societies," stated LeCompte who serves on United Nations finance expert groups. "The same disparity we see between developed and developing economies, is also on the rise at regional levels and within wealthy countries themselves."
Read the IMF World Economic Outlook Report
Read about Jubilee USA's Panel Are We Sitting on a New Debt Time Bomb? Tackling the Debt Emergency
Sponsored by Eurodad, Latindadd, Afrodad, Jubilee USA Network, Jubilee Germany, Norwegian Church Aid, Debt Justice Norway
WHAT: IMF/World Bank Annual Meetings panel on rising debt levels.
This session discusses how a new debt emergency is here. Ever more countries worldwide are being forced to jeopardize human rights, development and climate goals to service rising debt costs. Are current approaches to sovereign debt resolution adequate? What does a bold reform agenda look like, and how can it gain political momentum?
WHO: Fanwell Bokosi, Executive Director, AFRODAD; Mark Flanagan, International Monetary Fund Debt Division; Eric LeCompte, Executive Director, Jubilee Network, USA; Patricia Miranda, Coordinator of Finance for Development, Latindadd; Myriam Vander Stichelle, Senior Researcher, SOMO
WHEN: 9: 00 AM – 10:30 AM EST Wednesday, October 16
WHERE: IMF Headquarters 2 - 038 838B
To RSVP, please contact Kate Zeller at [email protected] or (202) 783-3566 x105
Only registered participants in the 2019 IMF/World Bank Annual Meetings can access this event
IMF/World Bank Annual Meetings
Friday, October 18
1: 30 PM – 3:00 PM EST
Building I Room 2-210
Moderator:
Eric LeCompte, Jubilee USA Network
Panelists:
H.E. Dr. Abdirahman D. Beileh, Minister of Finance, Federal Republic of Somalia
H.E Amara Konneh, Former Minister of Planning and Economic Affairs, Liberia,
H.E Ali Sharif Ahmed, Ambassador of Somalia to the U.S,
Ms. Allison Holland, Country Director, IMF in Somalia,
Dr. Zachary Carmichael, Task Team Leader for the Famine Action Mechanism (FAM), World Bank,
Simon Nyabwengi, National Director, World Vision International - Somalia Programme,
Fouzia Abdi, Program Director - Gargaar Relief Development Organization,
Nasra Ismail, Director of Somali NGO Consortium, Executive Director, Somalia NGO Consortium
Sponsored by Jubilee USA Network and the Somalia NGO Consortium
H.E. Dr. Abdirahman D. Beileh, Minister of Finance, will highlight the impact of Somalia’s debt in social-economic recovery as one of the panelist. H.E Amara Konneh, Former Minister of Planning
and Economic Affairs, Liberia will share their experiences in achieving debt relief and what difference it has made to Liberia’s recovery.
To RSVP, please contact Kate Zeller at [email protected] or (202) 783-3566 x105
Only registered participants in the 2019 IMF/World Bank Annual Meetings can access this event