Barbara Lee Supports Bill to Expand Debt Relief for Poor Countries
Press Release
For Immediate Release: April 16, 2008
Contact: Cleve Mesidor, (202) 225-2661
(Washington, DC) – Congresswoman Barbara Lee (CA-9) is an original co-sponsor of the Responsible Lending and Expanded Debt Cancellation Act (HR 2634) which seeks to expand debt relief for the world’s poorest countries and ensure that the benefits from debt relief will not be eroded by future abusive lending to these impoverished nations. Specifically, the legislation provides debt cancellation for eligible low-income countries, establishes frameworks for creditor transparency and responsible lending and ensures that debt cancellation is not conditioned on harmful economic or environmental conditions. She delivered the following statement on the House floor in support of the Jubilee Act:
“As an original co-sponsor of this bill, I believe very strongly in the power and the benefit that a simple act of forgiveness can bring. As a result of this legislation today, an additional 27 countries could potentially be eligible for expanded debt relief.
“Each of these countries would have to meet strict criteria to guarantee transparency in their financial management systems and to ensure that the savings are actually spent on alleviating poverty. The bill would also ensure the involvement of civil society organizations to help set priorities for how this money should be spent.
“Is it any wonder that this bill has the support of over 60 groups led by the Jubilee USA network, and that the coalition backing this effort includes such a broad range of organizations from: the faith community, environmentalists, labor, international development groups, and grassroots advocacy organizations? Each of these organizations deserve our support and our thanks for their work in bringing this bill to the floor.
“The action we take today is not only the right thing to do for countries facing a crushing debt burden, but it speaks volumes about our fundamental values as a nation and as a people.”
Congresswoman Barbara Lee (CA-9) is co-Founder of the Out of Poverty Caucus, Co-chair of the Congressional Progressive Caucus and a member of the Foreign Affairs Committee and the Appropriations Committee.
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