Issue Position: Debt Relief for Poor Countries

Issue Position

I believe that one of the best ways the United States can help poor countries end extreme poverty and make education, health, and infrastructure investments for their people is by canceling their international debts.

For years I have worked with the Treasury Department, the International Monetary Fund and the World Bank to cancel the outstanding debts of many of the world's poor nations, particularly in Latin America and Africa.

When Haiti was devastated by an earthquake in January, one of the ways I sought to help was by authoring the Debt Relief for Earthquake Recovery in Haiti Act (H.R. 4573), which President Obama signed into law in April after both chambers of Congress passed the legislation. The bill cancels hundreds of millions of dollars in debt owed to financial institutions by Haiti, immediately stops any debt payments that were already occurring, and allows Haiti to receive grants for the next five years so that the country does not accumulate more debt.

Last year I introduced The Jubilee Act (H.R. 4405), which would expand debt cancellation to 25 more of the world's poorest countries.

I have also introduced the Stop VULTURE Funds Act (H.R. 2932), which would prevent private investment and financial firms that buy up outstanding debts of impoverished countries from suing the countries for repayment.

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