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Pope Francis and World Leaders Call for Inclusive Economy February 5th, 2020
Pope Francis addressed a small group of Finance Ministers, the head of the IMF and noted economists urging the creation of new global debt and tax policies that can reduce inequality and end poverty.
“Pope Francis asserts that to live in a world with so much wealth, when there is so much poverty, is sinful,” stated OMI JPIC partner Eric LeCompte who leads the religious development group Jubilee USA. LeCompte serves on United Nations finance expert groups. “Inequality and extreme poverty are the results of current debt and tax policies that concentrate wealth in too few hands.”
The high-level seminar, New Forms of Solidarity Towards fraternal Inclusion, Integration and Innovation Seminar, was organized by the Papal Academy of Social Sciences and held in the historic Casina Pio IV.
During the event, Kristalina Georgieva who heads the IMF, encouraged curbing tax avoidance and evasion. Nobel Laureate, Joseph Stiglitz and Argentine Minister of Economy, Martin Guzman related the deep need for a global bankruptcy process to prevent financial and debt crises. Read more about the meeting on Jubilee USA’s website.
Jubilee USA Network Hosts 2018 Council Meeting November 13th, 2018
On November 7 and 8 Jubilee USA held its Annual National Council Meeting to inform constituents about the crisis in Puerto Rico, responsible lending and borrowing practices in the developing world, especially in Somalia, and Africa’s new debt crisis.
Jubilee USA is a coalition of diverse organizations and international partners including faith communities who advocate for debt cancellation for the world’s most impoverished countries. They also promote fiscal responsible economic policies. Missionary Oblates of Mary Immaculate JPIC has long been a participating member of Jubilee USA. Staff recently attended the 2018 council meeting held at the Methodist building on Capitol Hill in Washington DC.
The annual meeting events included a congressional briefing on November 7 focused on the theme; Lifting Vulnerable Communities: Ensuring Access to Medicines in Trade and Agreements and US Policy. Presenters at the Jubilee USA council meeting were representatives from American Friends Service Committee (AFSC), Puerto Rico Coalition on the Debt and American Federation of Labor and Congress of Industrial Organizations (AFL-CIO). Panelists reminded attendees of the urgency of the Puerto Rico debt crisis and their recovery efforts, and the growing debt crisis in Somalia and other nations in Africa.
Engage with Jubilee USA by participating in Jubilee Weekend 2018. Join other Religious groups and partners in a weekend of reflection, prayers and actions to end extreme poverty and transform our global economic system.
- Sign up here and find resource for actions and prayers for Jubilee Weekend November 16 – 18, 2018: https://www.jubileeusa.org/jubilee_weekend
Religious Coalition Organizes National “Call Congress” Day on Puerto Rico Legislation April 27th, 2016
Religious Coalition Organizes National “Call Congress” Day on Puerto Rico Legislation
Washington DC – A religious development group is organizing thousands of calls to Congress on Wednesday, April 27 to urge action on Puerto Rico’s debt crisis. Jubilee USA, which is organizing the “Call Congress” day, says constituents are asking for legislation that brings the debt to payable levels, reduces child poverty and respects local democracy. HR 4900, the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), was introduced by Representative Sean Duffy (R-WI) on April 14 and Jubilee advocates that legislation should pass with several improvements.
“Congress should strengthen and then pass Representative Duffy’s legislation,” said Eric LeCompte, Jubilee USA’s executive director. “Puerto Rico’s people cannot wait any longer for Congress to act.”
The call-in campaign will urge Congress to include comprehensive debt restructuring tools in its legislation. Groups running anti-PROMESA ad campaigns oppose those tools as “a bailout” though they do not involve taxpayer money. Puerto Rico owes $72 billion in debt but cannot access Chapter 9 bankruptcy protection and cannot restructure its debt through its own court system unless the US Supreme Court overturns an existing ruling this June.
“There are no budget cuts or tax hikes that can solve this crisis,” shared LeCompte, who wrote a letter to Congress? urging six changes to PROMESA before passage. “Debt restructuring is a necessity before we can see any economic growth.”
The campaign will call for PROMESA to include language setting clear targets for reducing Puerto Rico’s nearly 60% child poverty rate. Four out of every five children living in Puerto Rico live in “high-poverty” areas. The campaign further asks that PROMESA respect democracy in Puerto Rico.
“Puerto Rico’s people must be part of the solution,” stated LeCompte. “We pray Puerto Rico’s children are front and center on lawmakers’ minds as they debate this legislation.”
See Jubilee USA’s National Puerto Rico Call-In Day campaign page
Jubilee USA Network is an alliance of more than 75 US organizations and 550 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world’s poorest people. www.jubileeusa.org
International Monetary Fund Releases Plans to Stop Predatory Hedge Funds October 6th, 2014
The International Monetary Fund (IMF) released new proposals for preventing predatory hedge funds and hold-out investors from blocking debt restructurings. The paper proposes a series of reforms to debt contracts, including strengthened collective action clauses and a modification of the pari passu clause that hold-out hedge funds used to sue Argentina.
“In the wake of debt restructurings in Argentina and Greece, the IMF is incredibly concerned about vulture funds,” stated Eric LeCompte, the Executive Director of the religious anti-poverty coalition, Jubilee USA Network. “The IMF is advocating a market approach, but we also need a statutory approach. We need to change both the contracts and the laws.”
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Victory at the UN! September 9th, 2014
Despite a disappointing no vote from the United States, the UN General Assembly earlier today voted 124 – 11 to begin negotiations for an international bankruptcy process to end global inequality. The process can potentially stop vulture funds from preying on vulnerable countries and create a global economy that serves all of us.
Unfortunately, the United States government was one of only 11 countries to vote against this treaty process. While the US government is against predatory behavior, they are against this approach. We have much work left to do because today’s UN vote will not outlaw global predatory activity in the United States, one of the most important financial jurisdictions.
Read Jubilee USA’s press release and analysis of the vote here.
Yesterday, we asked you to contact United States UN Ambassador Power and urge her to support the resolution, and we thank everyone who spoke out on this issue. Thousands of faxes, calls and emails were sent to Ambassador Power in response to this request from Jubilee USA and Network members. Churches, synagogues, the AFL-CIO and dozens of Catholic religious orders joined you and amplified our message.
We will continue to update our network on this important issue. For information and analysis on the international debt, please visit Jubilee USA
Please Support UN Resolution for an International Bankruptcy Process September 5th, 2014We would like to share this prayer and action request from our colleagues at Jubilee USA. JPIC Director, Fr. Seamus Finn, OMI co-signed the recent Jubilee letter on this issue to Ambassador Power:
On Tuesday, the United Nations General Assembly could vote on a resolution to not only stop vulture funds, but to actually prevent the world’s poorest economies from defaulting. A majority of countries support it – thanks to the work we have done together, the world is largely united against predatory behavior.
Yesterday, Jubilee’s executive board officers sent a letter to the United States UN Ambassador Samantha Power urging her to support this resolution.
Please pray for Ambassador Power as she weighs her vote, and we hope your entire faith community will pray for the UN process this weekend. We would be honored if you would share your prayers with us by replying to this email.
This resolution is an opportunity to win a financial reform Jubilee USA has championed since our inception: an international bankruptcy process for countries. As the Argentina case highlights so clearly, we need a bankruptcy system to stop predators and end the specter of default. Winning this resolution moves us closer to building an economy that serves, protects and promotes participation of the most vulnerable.
Thank you for your prayers and support.