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Speaker Pelosi - The Jubilee Act

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Uploaded on Apr 16, 2008

The House debates the Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2008, HR 2634. The bill directs the Bush Administration to begin negotiations for an agreement within the World Bank, International Monetary Fund, and the Paris Club of bilateral creditors to allow up to 24 additional low-income countries to qualify for international debt relief. The bill builds on previous successful efforts in recent years to provide debt relief for the world's poorest countries as an essential component in the overall effort to help alleviate the severe poverty that exists in many parts of the world. Debt relief programs have had a proven record of success. For example, Uganda used its $57.9 million in savings from debt relief in 2006 to invest in energy infrastructure, primary education, malaria control, health care, and water infrastructure. Speaker Nancy Pelosi spoke in favor.

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