Representatives Maxine Waters (Democrat from California) and Spencer Bachus (Republican from Alabama) have introduced the 2007 Jubilee Act for Responsible Lending and Expanded Debt Cancellation (HR 2634) in the United States House of Representatives.
Oil Change International has been working with Jubilee USA on the connection between oil dependence and the debt trap, and the Jubilee Act expresses support for “the development of responsible financing standards where creditors and aid/loan recipients alike adhere to standards…, while encouraging the development of renewable energy and helping countries to transition away from dependence on oil.”
The Jubilee Act is the centerpiece of the Jubilee USA Network’s 2007 Sabbath year campaign. The Act:
1. Calls on the Bush Administration, the IMF, and the World Bank to ensure they keep their promises on debt cancellation and to challenge the activities of “vulture funds”;
2. Calls for expanded debt cancellation for all impoverished countries that will use the freed resources well and need debt cancellation to meet the Millennium Development Goals;
3. Creates new standards for responsible lending and creditor transparency by calling for measures to address the problem of vulture funds as well as debt audits of odious and illegal debts from the past.