[Congressional Record Volume 154, Number 64 (Tuesday, April 22, 2008)]
[Extensions of Remarks]
[Page E682]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


[[Page E682]]
 JUBILEE ACT FOR RESPONSIBLE LENDING AND EXPANDED DEBT CANCELLATION OF 
                                  2008

                                 ______
                                 

                               speech of

                         HON. CHARLES B. RANGEL

                              of new york

                    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. RANGEL. Mr. Chairman, I rise today to express my full support for 
H.R. 2634, the Jubilee Act for Responsible Lending and Expanded Debt 
Cancellation of 2008. This is extremely important legislation that will 
have no budgetary impact on the United States Federal budget but stands 
to have a lasting and life changing impact for up to 24 additional poor 
countries. The Jubilee Act is one of the most humanitarian efforts this 
Congress could undertake.
  Poverty is one of the greatest ills to plague mankind. We have recent 
evidence of the impact of poverty in the demonstration of desperately 
hungry people for food no longer affordable because of economic forces 
beyond their control. Those who survive in poverty are under constant 
threat of death. The debt forgiveness offered by the Jubilee Act will 
enable poor countries to address the issues of poverty, create 
opportunities for economic growth and establish sound governing 
practices. The Jubilee Act also promotes responsible development 
assistance by prioritizing grants over loans, which is an important 
measure to prevent these countries from falling back into debt.
  It is inconceivable for the United States not to act immediately in 
passing this legislation; there are many poor countries desperately 
awaiting our assistance. By granting authorization for the U.S. 
Treasury Department to begin negotiations within the World Bank, the 
International Monetary Fund and other multilateral creditors is the 
first step towards improving the lives of so many impoverished people. 
Above all other reasons, we are morally obligated to help those less 
fortunate, therefore I urge my colleagues to support the Jubilee Act 
for Responsible Lending and Expanded Debt Cancellation Act.

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