House Financial Services Committee Passes Congresswoman Waters' Bill to Cancel Poor Country Debts

Today, the Financial Services Committee of the House of Representatives passed Congresswoman Maxine Waters' debt relief bill, H.R. 2634, Jubilee Act, by a voice vote. 

 "The Jubilee Act will free up resources for poverty reduction in some of the poorest countries in the world.  I am proud that my colleagues on the Financial Services Committee had the foresight to support debt cancellation to help people in poverty.  I look forward to the passage of the Jubilee Act by the full House of Representatives," said Congresswoman Waters.

 The Jubilee Act expands debt cancellation for impoverished countries, provided that they commit to use the savings to reduce poverty.  The bill passed the Financial Services Committee with strong support from both Chairman Barney Frank and Ranking Member Spencer Bachus, as well as over 100 cosponsors.

 "Debt cancellation allows poor countries to use their own money to address the needs of their people.  It is simple, effective, and the right thing to do," said the Congresswoman.

 Congresswoman Waters has been a leader on issues of poor country debt relief for the past decade.  In 1999, she worked with her colleagues and the Clinton Administration to authorize the debt relief program known as the "HIPC Initiative."   The following year, she offered an amendment on the House Floor to the Fiscal Year 2001 Foreign Operations Appropriations bill, which increased funding for debt relief from $69 million to $225 million.  The amendment passed the House, thereby ensuring full funding for the program.

 "Debt cancellation saved Uganda over $57 million in 2006.  Uganda used the savings to invest in primary education, malaria control, healthcare, and infrastructure.  The Jubilee Act will allow more impoverished countries to benefit from the cancellation of their debts," said the Congresswoman.

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