H.R.4405 - Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2009

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. view all titles (2)

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  • Official: 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. as introduced.
  • Short: Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2009 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
12/15/09
 
 
 
 
 
 
 

Official Bill Text Comment on about 19 Pages

Sponsor

Representative

Maxine Waters

D-CA

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Official Summary

12/16/2009--Introduced.Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2009 - Amends the International Financial Institutions Act to direct the Secretary of the Treasury, within the Paris Club of Official Creditors, the International Monetary Fund (IMF), the Internati
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Official Summary

12/16/2009--Introduced.Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2009 - Amends the International Financial Institutions Act to direct the Secretary of the Treasury, within the Paris Club of Official Creditors, the International Monetary Fund (IMF), the International Bank for Reconstruction and Development, and other defined international financial institutions, to:
(1) provide for debt cancellation of eligible low-income countries to such institutions and to the United States;
(2) ensure that the provision of debt cancellation to such countries is not followed by a reduction in the provision of any other development assistance; and
(3) encourage such countries' governments to allocate at least 20% of their national budgets towards poverty-alleviation programs. Directs the Secretary to begin efforts to:
(1) promote greater transparency within such institutions;
(2) establish a responsible lending framework; and
(3) ensure that debt cancellation to eligible low-income governments is subject only to specified conditions. Directs the Government Accountability Office (GAO) to:
(1) audit the debt portfolios of previous governments in countries such as South Africa and the Democratic Republic of Congo where there is significant evidence that onerous or illegal loans were made to the government; and
(2) report to Congress.

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Recent Blog Coverage

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10/23/10
Drop The Debt Jubilee

HR4405 Jubilee Act? African activists lobbying congress to drop debts? http://capwiz.com/africaaction/callalert/index.tt?alertid=14705871 Should tax payers know about this? Jubilee was something instituted for the Jews by God as a ...

Source: Help In Debt
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09/12/10
AELLA's statement to American citizens

HR 4405: Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2009. Introduced. Dec 16, 2009. HR 4368: Social Investment and Economic Development for the Americas Act of 2010. Introduced. Dec 16, 2009 ...

Source: AELLA.ORG
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04/29/10
Blog | Just Foreign Policy

HR 4405. The Jubilee Act will expand eligibility for 100 percent debt cancellation to 65 impoverished countries in the Global South, and presses for that cancellation not to be conditioned on harmful IMF/World Bank economic policies. ...

Source: Blog for a Just Foreign Policy
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