Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2008

JUBILEE ACT FOR RESPONSIBLE LENDING AND EXPANDED DEBT CANCELLATION OF 2008 -- (Extensions of Remarks - April 22, 2008)

SPEECH OF
HON. CHARLES B. RANGEL
OF NEW YORK
IN THE HOUSE OF REPRESENTATIVES
WEDNESDAY, APRIL 16, 2008

The House in Committee of the Whole House on the State of the Union had under consideration the bill (H.R. 2634) to provide for greater responsibility in lending and expanded cancellation of debts owed to the United States and the international financial institutions by low-income countries, and for other purposes:

* Mr. RANGEL. Mr. Chairman, I rise today to express my full support for H.R. 2634, the Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2008. This is extremely important legislation that will have no budgetary impact on the United States Federal budget but stands to have a lasting and life changing impact for up to 24 additional poor countries. The Jubilee Act is one of the most humanitarian efforts this Congress could undertake.

* Poverty is one of the greatest ills to plague mankind. We have recent evidence of the impact of poverty in the demonstration of desperately hungry people for food no longer affordable because of economic forces beyond their control. Those who survive in poverty are under constant threat of death. The debt forgiveness offered by the Jubilee Act will enable poor countries to address the issues of poverty, create opportunities for economic growth and establish sound governing practices. The Jubilee Act also promotes responsible development assistance by prioritizing grants over loans, which is an important measure to prevent these countries from falling back into debt.

* It is inconceivable for the United States not to act immediately in passing this legislation; there are many poor countries desperately awaiting our assistance. By granting authorization for the U.S. Treasury Department to begin negotiations within the World Bank, the International Monetary Fund and other multilateral creditors is the first step towards improving the lives of so many impoverished people. Above all other reasons, we are morally obligated to help those less fortunate, therefore I urge my colleagues to support the Jubilee Act for Responsible Lending and Expanded Debt Cancellation Act.

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