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Another section of Dodd-Frank repealed by the legislation is Section 1504 or the "Cardin-Lugar" measure.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.

World leaders head to Taormina, Italy for the G7 Summit. ‎The May 26-27 gathering includes Heads of State from United States, Japan, Canada, Italy, United Kingdom, France and Germany. "Building the Foundations of Renewed Trust" is this year's theme. G7 observers wonder if agreement can be found in their annual joint communiqué.

"We have new G7 leaders and the question on everyone's mind is whether or not there will be agreement to continue to combat climate change," noted Eric LeCompte, Executive Director of the religious development coalition Jubilee USA. "European leaders and Pope Francis are encouraging President Trump to not turn away from commitments to protect our planet and people."

The G7 meets in Italy just after the United Nations Financing for Development Forum concludes in New York. During the UN development gathering the US ‎spokesperson noted the super power could be reevaluating its position on the climate agreement reached in Paris.

‎The G7 agenda is set to discuss "economic, environmental and social sustainability and the reduction of inequalities." New leaders on the scene this year include's Britain's Theresa May, France's Emmanuel Macron, Italy's Paolo Gentiloni and U.S. President Donald Trump.

"‎Inequality and concerns about financial crisis continue to be important focuses for these meetings," stated LeCompte, who has monitored the meetings for most of the last decade. "We hope to see progress on anti-corruption and transparency efforts."

Eric LeCompte, Executive Director of Jubilee USA was recently featured in Financial Express Bangledesh speaking on the United Nations Financing for Development Forum. Read excerpt below and follow link to full article.

UN Forum Focuses on Financing for Development Goals

By: Staff

"...'Two years ago, world leaders made promises through the Addis Ababa Action Agenda to build a more responsible global financial system,' notes Eric LeCompte who helped negotiate the outcomes and gave remarks during the closing sessions.

He leads the religious development group Jubilee USA. According to him, 'We must follow through on the commitments we made together in Addis Ababa.'"

Read more here.

President Trump and Pope Francis will meet in the Vatican's Papal Palace on Wednesday, May 24 at 8:30 AM Rome Time and 2:30 AM EST. This is the first time the US President and the leader of the global Catholic Church will meet.

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

"The only way we can understand this meeting is that we have two world leaders with very different world views. President Trump wants deregulation for economic growth in America and Pope Francis wants greater financial transparency to protect the poor and to protect jobs for working people all around the world.

"No matter what issues Pope Francis and President Trump discuss behind closed doors, they are focusing on economic issues and how those issues impact all of us. 

"One of the things that the Holy Father and President Trump have in common is that on almost any issue they each speak about, they frame it in terms of economic impacts.

"Pope Francis and President Trump held several positions in common when Trump was running for president. They were both critical of predatory hedge funds and of trade negotiations that left poor and working people behind.‎"