[stop-imf] Jubilee Act passes U.S. House

[robert weissman]

    [link to Jubilee Act text: <http://www.jubileeusa.org/jubilee-act.html>=
]



    Churches, Development Advocates Praise Congress=92 Passage of
    Legislation for Expanded International Debt Cancellation


      Jubilee Act for Responsible Lending and Expanded Debt Cancellation
      Passes House of Representatives with Bi-Partisan Support; Senate
      Panel to Consider Issue April 24

Jubilee USA Network
www.jubileeusa.org <http://www.jubileeusa.org>

FOR IMMEDIATE RELEASE
Wednesday, April 16, 2008

Contact: Eleiza Braun, Massey Media, 415-420-4059
Neil Watkins, Jubilee USA, 202-783-0129, 202-421-1023 (c)

**WASHINGTON =96 Leaders of churches, development agencies, civil rights,
labor, and human rights groups today praised the passage by the US House
of Representatives by a vote of 285-132 of the Jubilee Act (HR 2634).
The legislation calls the US Treasury Department to negotiate a
multilateral agreement for debt cancellation for up to 24 additional
poor countries that need cancellation to meet the Millennium Development
Goals (MDGs).

Jubilee USA Network is an alliance of 80 organizations that has been
leading the advocacy for the legislation. =93We commend the US Congress
for its bold step in passing the Jubilee Act and listening to the people
of the impoverished nations who have borne the burden of unjust debt for
far too long,=94 said Patricia Rumer, co-chair of the Board of Jubilee USA
Network*.* =93We hope that House passage will inspire the US Senate to
move quickly to also pass the Jubilee Act and send it to the President
for immediate action.=94

=93As Pope Benedict XVI makes his first Apostolic Visit to the United
States, it is fitting that Congress show support for this important
initiative that would help alleviate the debt burden of some of our
poorest brothers and sisters around the world,=94 wrote Reverend Thomas G.
Wenski, Bishop of Orlando and Chairman of the Committee on International
Justice and Peace of the United States Catholic Conference of Bishops in
a letter to Congress.

The legislation was introduced by Rep. Maxine Waters (D-CA) and Spencer
Bachus (R-AL) in June 2007 and enjoyed the support of House Speaker
Nancy Pelosi. A letter from leading Congressional supporters of the bill
was circulated in Congress on Monday by Waters, Bachus, Financial
Services Committee Chairman Rep. Barney Frank (D-MA), Foreign Affairs
Committee Ranking Member Rep. Ileana Ros-Lehtinen (R-FL), Rep. Carolyn
Maloney (D-NY) and Rep. Judy Biggert (R-IL). Jubilee USA is looking into
the impact of an amendment that was attached to the bill in the final
minutes of the floor debate which prohibits eligibility for countries
with business interests in Iran.*
*

In addition to authorizing broader debt cancellation, the bill seeks to
reform current IMF/World Bank policies and other global lending
practices by:

    * Urging that more resources be devoted to grants for the world=92s
      poorest countries;
    * Requiring greater transparency at the IFIs, including a policy of
      maximum disclosure in project and loan documents;
    * Urging the development of a binding framework for more responsible
      lending practices in the future;
    * Limiting the conditions that may be required of countries going
      through the debt relief process to those ensuring that money
      released by debt relief is used transparently and accountably to
      address poverty; and
    * Directing the Government Accountability Office (GAO) to undertake
      an audit of =93odious, onerous, or illegal=94 lending by the World
      Bank, IMF, and US government in specific countries.

Companion legislation has been introduced in the Senate (S. 2166), where
the bill enjoys strong bi-partisan support and 26 co-sponsors. A hearing
on the Senate companion to the Jubilee Act will be held in the Senate
Foreign Relations Committee on Thursday, April 24 at 2 p.m. in Dirksen
Senate Office Building Rm. 419. More information on debt and the
legislation is available at www.jubileeusa.org
<http://www.jubileeusa.org/>.

*Statements from Faith, Development, Civil Rights, Worker Rights, and
Human Rights Leaders Following Passage of the Jubilee Act:*

=93We applaud the House of Representatives for its bi-partisan commitment
to God=92s children suffering from overwhelming debt burdens and extreme
poverty by passing the Jubilee Act.=94 *said Rev. Peter Rogness, Bishop of
St. Paul, Minnesota and chair of the International Policy Committee of
the Conference of Bishops of the Evangelical Lutheran Church in
America.* =93Too many suffer under crushing burdens of debt that bury them
in poverty. The Biblical vision of Jubilee is one that brings hope for
the future for all of God=92s children. This legislation will help achieve
that vision.=94

"We congratulate the House of Representatives for passing this important
bill today, and urge the Senate to follow suit. Debt relief for the
world's poorest countries is an essential building block for
sustainable, equitable, and democratic development -- and also for a
global economy that works for working families, here and around the
world," *said John J. Sweeney, President of the AFL-CIO.*

=93The passage of the Jubilee Act by the House of Representatives is an
important step towards building a world in which deadly poverty no
longer stands in the way of the full flourishing of all God=92s people,=94
said Rev. Dr. *Clifton Kirkpatrick, **Stated Clerk of the General
Assembly of the Presbyterian Church, (U.S.A.)***

"The NAACP was pleased and encouraged to see the Jubilee Act pass the
House of Representatives with such strong bi-partisan support," said
*Hilary O. Shelton, the Director of the NAACP Washington Bureau*. "The
United States must work to help the poorest countries throughout the
world eliminate debilitating debt which undermines their ability to
provide basic human needs such food, housing, education, health care and
infrastructure development for their people now more than ever. We must
now work hard to see the Senate act as quickly and as positively as the
House so that this legislation can soon become the law of the land."

"American Jewish World Service applauds the House for passing the
Jubilee Act,=94 said *Ruth Messinger, President of American Jewish World
Service. *=93Funds going from poor countries to well-heeled financial
institutions to service debt should instead be used to improve
education, provide better healthcare for all people, and increase food
security for the poorest. The House has spoken and the Senate must now
take action to ensure that our prosperity is not a reward for exploiting
developing nations."

=93We have been hoping and praying that the Jubilee Act is passed by
Congress,=94 said *Jim Winkler, top executive of the United Methodist
Church Board of Church and Society*. =93We=92re excited they=92ve recognize=
d
that we must to do more to relieve the unbelievable burden that is
preventing struggling countries from advancing. It is a justice issue,
pure and simple.=94

=93The passage of the Jubilee Act in the House of Representatives
represents a major milestone in the movement for debt cancellation,=94
said *Adam Taylor, Senior Political Director of /Sojourners/.* =93Thanks
to the Jubilee campaign, debt cancellation has become a bipartisan cause
and a moral imperative. Sojourners now calls on the Senate to provide
the bold and immediate leadership necessary to pass the Jubilee Act so
that we can move a major step closer to restoring right relationships
and achieving the Millennium Development Goals.=94

=93The passage of the Jubilee Act is another great milestone in the effort
to remove the burden of unpayable debt that=92s slowing the pace of
development in the world=92s poorest countries. The Jubilee coalition
continues to be an effective voice for poor people around the world,=94
said *Rev. David Beckmann, President of Bread for the World.*

=93Passing the Jubilee Act is a leap forward for the U.S. in living up to
its promises to fight global poverty,=94 said *Gerald LeMelle, Executive
Director of Africa Action.* =93For years, the chains of illegitimate debt
have crippled the ability of African countries to provide healthcare and
education for their citizens. I applaud the House of Representatives for
passing this bill, and urge the Senate to demonstrate a similar
commitment to smart, people-driven development policy.=94

=93Passage of the Jubilee Act in the U.S. House of Representatives is
welcome news to the people of Haiti. Meanwhile, Haitians are drinking
dangerous water, eating mud cakes and dying of easily treatable diseases
as the Haitian government weekly sends more than $1 million to
development banks, repaying loans made to corrupt regimes like the
decades-long Duvalier dictatorship,=94 said *Brian Concannon, director of
the Institute for Justice and Democracy in Haiti.* =93The $71.7 million
Haiti will send to the World Bank and the Inter-American Bank this year
alone could be better spent feeding Haitian citizens and stimulating
Haiti=92s economy. IJDH strongly urges the Senate to pass the Jubilee Act
and give Haiti=92s troubled democracy a chance to work.=94

=93It is incumbent upon the Senate to pass the Jubilee Act if there is to
be any chance of fulfilling the promises made in the Millennium
Development Goals. Wipe out debt, wipe out poverty!=94 said *Kim Nichols,
co-Executive Director of New York-based African Services Committee.*

=93The Jubilee Act is essential to pave the path to debt cancellation for
those poor countries that have not gotten debt relief and to help
prevent countries that have already benefited from sliding back into
further indebtedness and from being subjected to harmful
conditionalities from the International Financial institutions,=94 said
*Katherine Hoyt, National Co-Coordinator, Nicaragua Network.*