Puerto Rico's oversight board is holding its eighth public meeting in San Juan at the Sheraton Hotel Convention Center. In executive session on Tuesday, the board rejected a debt restructuring deal between bond holders and‎ Puerto Rico's power company known as PREPA.

“The PREPA deal was a bad deal and the board was right to reject it,” noted Eric LeCompte, Executive Director of Jubilee USA. LeCompte testified to Congress and the oversight board on the ‎island's debt crisis. "Puerto Rico needs significant debt relief and the PREPA deal fell short of a serious debt haircut."

The PREPA restructuring now likely moves to the Title III bankruptcy process. The process was created by Puerto Rico debt crisis legislation.

“The Title III bankruptcy process is important because it can deal with all of Puerto Rico's debt. All of the island's debt should be restructured in this one comprehensive process that can deeply cut the debt,”‎ said LeCompte.

This week, Judge Laura Taylor Swain continued the Title III bankruptcy proceedings and earlier this month appointed a team of federal judges to act as mediators in the bankruptcy process. The team will meet with representatives of Puerto Rico and its creditors for the first time on July 12.

“Puerto Rico's debt has a human cost. Nearly 60% of kids on the island live in poverty,”‎ noted LeCompte who serves on United Nations debt expert groups. "Congress made a promise to reduce child poverty on the island and the debt needs to be restructured in ways that will lift kids out of poverty."

The oversight board meets on the one year anniversary of President Obama signing a law that created the board and established a Congressional task force to make recommendations to reduce child poverty. The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) established the Title III bankruptcy process and protections for Puerto Rico from debt lawsuits.

Representatives Carolyn Maloney (D-NY) and Peter King (R-NY) heralded the House introduction of the Corporate Transparency Act at press conference at the House Triangle. The bill aims to prevent shell companies from hiding corrupt and criminal activity. ‎

“Dictators use financial secrecy to steal money from their people and human traffickers use shell companies," said Eric LeCompte Executive Director of the religious development group Jubilee USA. "We need Congressional action that protects vulnerable communities from being exploited through financial secrecy."

The legislation requires US corporations to disclose in a private registry that is available to law enforcement, the names of the owners who benefit from a business.

"The leadership of Representatives Maloney and King is critical as we work to promote a more transparent financial system,”‎ noted LeCompte.

Eric LeCompte, Executive Director of Jubilee USA was recently featured in The Financial Express speaking on trade. Read excerpt below and follow link to full article.

Jubilee USA Director Hails Inclusion of Dispute Settlement Mechanisms

By: Staff

"Eric LeCompte, Executive Director of the religious development group Jubilee USA, in a statement hailed the inclusion of dispute settlement mechanisms in the new trade negotiation goals.

'Trade agreements can be powerful tools for reducing global poverty and the new negotiating objectives recognise the need for trade to promote global development,' the statement said."

Read more here.

European Union Finance Ministers, the International Monetary Fund and Greek officials agreed on short-term debt plans for Greece but did not reach an agreement on long-term debt solutions.

Eric LeCompte, Executive Director of the religious development group Jubilee USA, releases the following statement:

"Greece needs significant debt relief as soon as possible. ‎There can be no sustainable economic growth without cutting the debt.

"The longer we wait to restructure the debt, the harder it becomes to resolve Greece's problems."

Eric LeCompte, Executive Director of Jubilee USA was recently featured in Agenzia Fides speaking on NAFTA. Read excerpt below and follow link to full article.

AMERICA/ UNITED STATES - “Promote Development and Protect Vulnerable Citizens” NAFTA Agreement for Revision

By: Staff

"Eric LeCompte, of the Jubilee USA Network, and Jennifer Hojaiban, sent a letter to Lighthizer stressing the need in these trade negotiations to promote development, to discuss problems and protect vulnerable citizens."

Read more here.

The International Monetary Fund, Eurozone Finance Ministers and Greek officials meet Thursday in Luxembourg to negotiate financing and further debt restructuring for Greece. 

The House passed the Financial Choice Act repealing multiple‎ measures enacted by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. 

“This legislation erodes protections that are meant to prevent future financial crisis. It also encourages high-risk speculative investment, a cause of financial crisis,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA. “This act removes oversight of payday lending and too big to fail banks."

‎The legislation that passed the House weakens the regulatory power of the Consumer Financial Protection Bureau (CFPB) over big banks and payday lending.

Another section of Dodd-Frank repealed by the legislation is Section 1504 or the "Cardin-Lugar" measure. Section 1504 requires reporting by oil, gas and mining companies of payments they make to governments in countries where they operate. Earlier in the year, Congress voted to delay implementation of Section 1504.‎

“I'm deeply concerned by attacks on transparency measures that protect vulnerable populations both at home and abroad,” noted LeCompte who serves on United Nations expert groups that focus on responsible finance. “While it's unlikely this legislation will pass the Senate, the Senate must reject any measure that fuels predatory lending, corruption and speculative risky investment.‎"

The House of Representatives passed the Financial Choice Act and repealed ‎several measures enacted by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. In passing the Financial Choice Act, the House rolled back requirements for oil, gas and mining companies to disclose information on payments they make to government where they operate. 

Eric LeCompte, Executive Director of the religious development group Jubilee USA, releases the following statement: 

“This legislation attacks protections for poor people around the world and consumers in the United States.

"‎I'm concerned about the rollback of transparency measures in the Financial Choice Act. This legislation weakens protections for those who take out pay day loans. This legislation prevents people in the developing world from knowing if someone is bribing their government."

Eric LeCompte, Executive Director of Jubilee USA was recently featured in Public Finance Internation speaking on tax avoidance. Read excerpt below and follow link to full article.

Over 70 Nations Join Landmark Anti-Tax Avoidance Pact

By: Emma Rumney

"Eric LeCompte, executive director of Jubilee USA, which campaigns for a fairer financial system for the world’s poorest countries, said the agreement signed yesterday is also a 'critical step forward' for transparency and tackling corporate tax avoidance.

'The tax pact acknowledges that we are dealing with a problem that transcends borders and we need solutions that can cross borders,' he noted."

Read more here.

76 countries and jurisdictions committed to closing corporate tax loopholes at the Organization for Economic Cooperation and Development (OECD) in Paris. The agreement builds on efforts from the OECD-G20 Base Erosion and Profit Shifting (BEPS) action plan.

Eric LeCompte, Executive Director of the religious development group Jubilee USA, releases the following statement:

“The agreement is a critical step forward for transparency and tackling corporate tax avoidance.

“The tax pact acknowledges that we are dealing with a problem that transcends borders and we need solutions that can cross borders.
‎
"Early on, the United States was a leader in moving forward this process to tackle tax avoidance. Unfortunately the US didn't sign the agreement. We encourage the United States to rejoin this agreement and support other efforts that promote financial transparency." 

As G7 leaders continue to meet in Taormina, Italy, relief groups like Oxfam International are intensifying calls for aid monies to address famine. Twenty million people are suffering the affects of famine and ‎the UN calls for $6.3 billion in aid. While the G7 discusses the crisis, a religious development group says debt relief and promoting transparency could be important aspects of dealing with the crisis in both the short and long term.

“We all have a moral responsibility to stop starvation, no one should die of hunger," said Eric LeCompte, Executive Director of the religious development group Jubilee USA. LeCompte's organization won debt relief for the three countries impacted by the Ebola crisis to provide financing for health care. “President Trump and the G7 must provide the moral leadership to stop people dying from hunger. They have a lot of tools at their disposal.”

The UN declared South Sudan, Nigeria, Somalia and Yemen as famine-affected countries. Somalia has debt from loans borrowed decades ago that has ballooned to a debt burden of over $5 billion. A large portion of that debt is held by G7 countries.

“The G7 should again turn to debt relief to provide monies to deal with hunger and malnutrition,” continued LeCompte, who advises UN groups, religious leaders, and government officials on resolving financial crises.‎ “Somalia is a country that benefits from debt relief."

Famine-affected countries are also losing substantial monies to tax evasion and corruption. Global Financial Integrity reports that Yemen is losing roughly $307mn and Nigeria is losing more than $17mn annually to these "illicit financial flows". 

“Tackling corruption and tax evasion is critical for poor countries to harness revenue to deal with crisis and find a path to growth,” expressed LeCompte.