New Jubilee Debt Bill coming to house! - U2 Feedback

Go Back   U2 Feedback > Lypton Village > Free Your Mind > Free Your Mind Archive
Thread Tools Search this Thread Display Modes
Old 06-07-2004, 12:08 PM   #1
oktobergirl's Avatar
Join Date: Jun 2001
Location: the middle
Posts: 1,872
Local Time: 03:39 PM
New Jubilee Debt Bill coming to house!

Check it out... Good news. thanks to House Rep. Maxine Waters!

Date: Fri, 4 Jun 2004 09:39:02 -0400
Subject: [GAA] Rep. Waters Introduces Bipartisan JUBILEE Act


For Immediate Release Contact: Betty Edwards
June 3, 2004 (202) 225-2201




Washington, D.C. -- Today, at a press conference on Capitol Hill, Rep. Maxine Waters (D-CA) announced the introduction of the JUBILEE Act in the House of Representatives. The JUBILEE Act is a bipartisan bill that will completely cancel the debts that the world's poorest countries owe to the International Monetary Fund (IMF).

Joining the Congresswoman as original cosponsors of the JUBILEE Act are Congressman Jim Leach (R-IA), the former Chairman of the House Banking Committee; Congressman Barney Frank (D-MA), the Ranking Member of the Financial Services Committee; Congressman Spencer Bachus (R-AL); and Congresswoman Barbara Lee (D-CA). Congresswoman Waters made the following statement:

"We come together today to introduce a new, bipartisan initiative to cancel poor country debts. Our initiative, the "Justice and Understanding By IMF Loan Elimination and Equity Act" or the "JUBILEE Act," will bring the Biblical concept of debt forgiveness to the International Monetary Fund (IMF).

"Five years ago, the worldwide Jubilee movement reminded Congress that the Lord instructed the people of Ancient Israel to celebrate a Jubilee -- or a Year of the Lord -- every 50 years. During a Jubilee Year, debts were forgiven. The Jubilee movement brought this simple Biblical concept of debt forgiveness into the complicated worlds of politics and finance.

"I worked closely with my colleagues, Representatives Jim Leach, Barney Frank, Spencer Bachus and Barbara Lee and the worldwide Jubilee movement to urge the Clinton Administration, the G-8 group of industrialized nations and the IMF to cancel the debts of the world's poorest countries.

"While we were not able to obtain full debt cancellation for poor countries, our efforts led to the development of the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative to provide debt relief to poor countries. Debt relief has allowed many poor countries to spend more of their resources on health and education for their people. In Uganda, for example, as a result of the Enhanced HIPC Initiative, debt service payments were reduced from $151 million per year to $88 million per year. These savings allowed Uganda to double school enrollment and significantly reduce the rate of HIV transmission. Imagine what Uganda could have accomplished if its debts had been canceled completely!

"Unfortunately, our efforts to provide a just and comprehensive solution to the problem of poor country debts have been undermined by the policies of the IMF. The IMF refused to provide full debt cancellation to poor countries under the Enhanced HIPC Initiative. Instead, poor country debts to the IMF were reduced by less than half. Some heavily indebted poor countries, such as Kenya, did not receive any debt relief at all from the IMF. Many other poor countries, such as the Philippines and South Africa, were completely excluded from the Enhanced HIPC Initiative and could not even apply for debt relief.

"The JUBILEE Act would require the IMF to cancel all of the debts owed by heavily indebted poor countries. The JUBILEE Act will provide complete debt cancellation to all of the poor countries included in the IMF's debt relief program as well as Kenya, the Philippines, South Africa and several other poor countries that have yet to benefit from debt relief. All of these impoverished countries deserve to have their debts canceled, once and for all."

oktobergirl is offline  
Old 06-07-2004, 12:11 PM   #2
Blue Crack Addict
Join Date: Jul 2001
Posts: 17,927
Local Time: 06:39 PM

U2Kitten is offline  
Old 06-07-2004, 12:14 PM   #3
Rock n' Roll Doggie
Mullen-Girl's Avatar
Join Date: Sep 2000
Location: San Antonio/Austin, TX
Posts: 4,951
Local Time: 06:39 PM
That's great!
Mullen-Girl is offline  
Old 06-07-2004, 12:20 PM   #4
oktobergirl's Avatar
Join Date: Jun 2001
Location: the middle
Posts: 1,872
Local Time: 03:39 PM
Here is a link to the bill....
oktobergirl is offline  
Old 06-07-2004, 12:45 PM   #5
Blue Crack Addict
verte76's Avatar
Join Date: May 2002
Location: hoping for changes
Posts: 23,331
Local Time: 11:39 PM
This is wonderful. Once again I am proud of my Congressman, Spencer Bachus. I'm going to write to him to thank him for this and all of his hard work on behalf of debt relief. Congressman Bachus easily won in the Republican Primary last week, and it's easy to see why he attracts voters of both parties and all political persuasions. The guy is not afraid to lead.
verte76 is offline  

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

All times are GMT -5. The time now is 06:39 PM.

Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.
Design, images and all things inclusive copyright ©