Jubilee Act passes House of Representatives

The Jubilee Act (H.R. 2634) passed on the House floor on Wednesday, April 16 and now moves to the Senate. The bill would cancel impoverished country debt, prohibit harmful economic and policy conditions on debt cancellation, mandate transparency and responsibility in lending from governments and international financial institutions, call for a new legal framework to restrict the activities of predatory “vulture funds,” and call for a U.S. audit of debts resulting from odious and illegitimate lending.