New York Legislature Extends Session, Vote on Debt Relief Bill Pending

New York State lawmakers extended their legislative session into the weekend as a vote on the New York Taxpayer and International Debt Crises Protection Act remains pending. The bill championed by Senator Brad Hoylman-Sigal and Assemblymember Pat Fahy, would bring "vulture funds" and private creditors into debt relief agreements for developing nations.

“If the legislation does not pass, hundreds of thousands of people could die in countries that desperately need debt relief,” said Eric LeCompte, Executive Director of Jubilee USA Network. “The Assembly Speaker, the Senate Leader and the Governor have the power to bring the bill to the floor now.”

The bill has nearly 50 New York Senate and Assemblymember sponsors, and more unique memos of support than any other bill in recent history of the body, according to several legislators.

On Thursday, Oxfam America organized a letter from United Nations experts, economics and law experts and world leaders to Senators and Assemblymembers urging them to pass the New York Taxpayer and International Debt Crises Protection Act (S4747, A2970). The signers include the lead economic advisor to the President of Zambia as well as UN Under-Secretary General Winnie Byanyima (Uganda) and Christiana Figueres (Costa Rica), the former Executive Secretary of the UN Framework Convention on Climate Change, who was the lead UN diplomat responsible for negotiating the Paris Climate agreement. Nobel Prize-Winner Economist Joseph Stiglitz, who separately co-signed a supporting memo with former Argentina’s Economy Minister Martin Guzman and former Colombia’s Finance Minister Jose Antonio Ocampo, also signed the letter.

“The coalition of labor, religious, development, environment and diaspora groups behind the bill will keep pressing for passage until the end of session,” added LeCompte. “If the bill doesn’t pass this session, we will pass the legislation before 2024 is over.”

Find all Memos/Letters of Support for the New York Taxpayer and International Debt Crises Protection Act here: https://www.jubileeusa.org/letters_of_support_nytida

Read the United Nations experts, economics and law experts and world leaders letter of support for the New York Taxpayer and International Debt Crises Protection Act here: https://webassets.oxfamamerica.org/media/documents/NY_Debt_Open_Letter.pdf

Read all of the New York Taxpayer and International Debt Crises Protection Act resources here: https://www.jubileeusa.org/nylegislation