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.