[Congressional Record Volume 154, Number 61 (Thursday, April 17, 2008)]
[Extensions of Remarks]
[Page E650]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 JUBILEE ACT FOR RESPONSIBLE LENDING AND EXPANDED DEBT CANCELLATION OF 
                                  2008

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                               speech of

                           HON. ANDRE CARSON

                               of indiana

                    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. CARSON. Mr. Chairman, I rise in strong support of H.R. 2634, the 
Jubilee Act. This bill seeks to help those struggling under the most 
grievous economic circumstances abroad. It reflects a strong bipartisan 
effort to assist in full debt cancellation for 24 of the world's 
poorest countries.
  Under this bill, introduced by Congresswoman Waters, debt relief 
would be extended to countries not currently eligible under the IMF's 
Heavily Indebted Poor Countries program. Nine of these countries would 
receive immediate assistance under this act while the remaining 
countries would have to meet stringent standards in order to receive 
the forgiveness.
  These standards would ensure countries receiving assistance do not 
acquire new debt or encourage bad actors within their government. 
Countries would not be eligible for assistance if they lack 
transparency in their budget, commit human rights violations, support 
international terrorism, have excessive levels of military funding, or 
fail to cooperate on international narcotics control issues. The bill 
further provides that external financing needs of these countries are 
met through grants rather than loans to prevent them from falling 
victim to exploitive lending in the future.
  Debt relief for the most severely disadvantaged throughout the world 
concerns us all as global citizens and numerous constituents in my 
district have reached out to me expressing their overwhelming support 
for this compassionate bill. I am proud to be a member of the committee 
that passed this bill with a favorable recommendation and of this House 
which has moved this legislation today. H.R. 2634 helps our world's 
neediest individuals, many of which have suffered under repressive 
regimes, move forward and use their countries' future capital on 
important economic growth activities and health care.

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