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December 1, 2008 - President Elect Obama and his new economic team, including Treasury Secretary-designate Timonthy Geithner, have a huge job ahead of him. They will be facing down a growing economic crisis and recession in the United States from day one.

But while we must work for economic justice at home, we must also not forget our brothers and sisters across the globe in this time of need.  That’s why Jubilee USA has launched a new campaign – the What’s On Your Heart? Campaign.

As the book of Matthew tells us, Where your treasure is, there your heart will be also…  As the Torah reminds us, "Do not close your heart or shut your hand from your poor brother".

In this new campaign we will welcome new Treasury Secretary Geithner to his position by telling him what’s on our hearts as Jubilee people in these difficult times.

From now until January 20, we will be collecting hand-written notes on hearts, postcards, and online letters from you to Treasury Secretary-designate Geithner telling him which Jubilee issues are on your heart in this time of crisis. We will deliver all of these messages to him when we welcome him to his new position sometime just before Valetines’ Day.

Learn more about this campaign and take action with your congregation or community today!


 Jubilee Act Update

October 2008 | Thanks to your tireless work over the past year and a half, the Jubilee Act for Responsible Lending and Expanded Debt Cancellation (HR 2634/ S 2166) has made tremendous progress this year. The bill passed the House of Representatives by a 285-132 vote on April 16 and the Senate Foreign Relations Committee on June 24th. 

As of this writing, the Jubilee Act is under consideration by the full Senate, but it is being blocked by one Senator - Sen. Tom Coburn (R-OK). We are working with partners and allies in Oklahoma to encourage Sen. Coburn to release his hold on the bill. Time is running out - but there may be a Congressional session after the election giving us one more chance to pass the bill.  Even if we don't pass the Jubilee Act this year, the incredible bi-partisan support created by your advocacy will help to convince the new administration and Congress to

implement the Jubilee Act agenda next year.

This legislation would expand debt cancellation to impoverished countries that need it to fight poverty, promote responsible lending and require an audit of odious, illegal and onerous loans. 

Stop Vulture Culture Campaign

Together with Africa Action and TransAfrica Forum, Jubilee USA has launched a campaign to stop the harmful practices of vulture funds that prey on poor countries. Jubilee welcomes the introduction of the Stop VULTURE Funds Act (H.R. 6796), a bill in the House of Representatives that would prevent vulture funds from making excessive profit off the debt of the world's poorest nations.

‘Vulture fund’ is a name given to a company that seeks to make profit by buying up debt in default on the secondary market for pennies on the dollar, then trying to recover up to ten times the purchase price, often by suing impoverished countries in U.S. or European courts. Some vulture funds target failing companies, but our coalition is focused on those that target the sovereign debts of impoverished countries.

Briefing Notes: Jubilee USA Releases Policy Reports

Read the first five in a series of six new issue BRIEFING NOTES that Jubilee USA will be releasing this year. These short policy papers are designed to provide quality background information on some of the key policy issues that Jubilee is working on. Also, access our policy archive for past policy papers.

  • JAN.08 BRIEFING NOTE ONE: Expanded Debt Cancellation: A Key Tool to Fight Global Poverty reviews the literature and makes the case for expanded debt cancellation beyond the current HIPC Initiative. DOWNLOAD
  • FEB.08 BRIEFING NOTE TWO: Recent Development on IMF Gold Sales and Debt Cancellation, looks at recent proposals from the IMF to sell some of its gold and the implications for debt campaigners. DOWNLOAD
  • FEB.08 BRIEFING NOTE THREE: Are IMF and World Bank Economic Policy Conditions Undermining the Impact of Debt Cancellation? contains the latest information on IMF and other economic policy conditions such as privatization that are limiting the benefits of debt cancellation. DOWNLOAD
    • APRIL.08 BRIEFING NOTE FOUR: Vulture Funds & Poor Country Debt: Recent Developments & Policy Responses explains the activity of vulture funds, identifies countries at-risk and what a coalition of organizations, including Jubilee USA, is doing to publicize and curtail vulture fund activity. DOWNLOAD
    • APRIL.08 BRIEFING NOTE FIVE: Recent Developments On Odious & Illegitimate Debt explores the latest developments on the issue of odious and illegitimate debt highlighting the push for the cancellation of Iraq’a debt, which was led by the United States, and Ecuador’s precedent-setting debt audit. DOWNLOAD
    • JUNE.08 BRIEFING NOTE SIX: World Bank Group Resources & Debt Cancellation identifies how the World Bank could mobilize up to $23.4 billion total of its additional resources by 2020 which could be used to cover the cost of expanded World Bank debt cancellation without compromising the Bank's operational capacity or financial strength. DOWNLOAD
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