The House has just passed the
Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2008, HR 2634 by a vote of
285-132. The bill directs the Bush Administration to begin negotiations for an agreement within the World Bank, International Monetary Fund, and the Paris Club of bilateral creditors to allow up to 24 additional low-income countries to qualify for international debt relief. The bill builds on previous successful efforts in recent years to provide debt relief for the world's poorest countries as an essential component in the overall effort to help alleviate the severe poverty that exists in many parts of the world. Debt relief programs have had a proven record of success. For example, Uganda used its $57.9 million in savings from debt relief in 2006 to invest in energy infrastructure, primary education, malaria control, health care, and water infrastructure.
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| Speaker Nancy Pelosi: "The former Holy Father, Pope Paul VI, he said, 'If you want Peace, work for Justice.' There's always been a connection here. With this debt forgiveness, it enables countries to do many more things to promote justice in their countries, whether it's the eradication of disease, the alleviation of poverty, eliminating some of the factors that contribute to the fury of despair, that leads to violence, that makes the world less safe. And this, again, John Paul II, this was a high priority, this debt forgiveness for John Paul II when he was Pope, and he led the Cardinals in America and the Conference of Bishops to advocate for this. But it's not just been a Catholic initiative, it's been an interfaith initiative in the country, in the world, and certainly in this Congress." |
| Chief Sponsor Rep. Maxine Waters (CA-35), who introduced the bill: "I'm proud to report that debt relief has made a real difference in the lives of millions of impoverished people. This came to pass because our country showed leadership, and our country showed leadership because this Congress showed leadership. We are here today to continue our efforts. We are here today to enable additional needy and deserving poor countries to benefit from the cancellation of their debts." |
| Financial Services Chairman Barney Frank: "If this is done right, relieving countries of debt -- debt that was often incurred by prior undemocratic and repressive regimes -- relieving these countries of debt, and they will be primarily African but not entirely, does as much to promote education and reduce poverty as anything else we can do. I think it's particularly noteworthy on this day when his Holiness the Pope is in our city that we received a letter from the Most Reverend Thomas Wenski, Bishop of Orlando, strongly supporting the bill. I ask that be entered in the record now and also the Jubilee Network and the NAACP." |