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Dear Friends, We write to inform you that Catholic Climate Covenant endorsed the New York Sovereign Debt Stability Act. This legislation aims "to provide effective mechanisms for restructuring sovereign and subnational debt." We are sharing this information so that you and your New York networks might take action on this proposed legislation during the current New York Assembly deliberations. As you are aware, the debt crisis is intimately related to the climate crisis. The Covenant and many other faith organizations focused on debt forgiveness during the COP28 negotiations. As stated in the Catholic community’s December 2023 sign-on letter to President Biden, Secretary Yellen, and Special Envoy Kerry, “Forgiveness and restructuring of the sovereign debt of developing countries is one such solution. It would release hundreds of billions of dollars that developing nations desperately need to implement climate solutions that can protect their peoples while transitioning away from fossil fuels.” New York is home to the world’s principal financial center and because of the depth of its financial market, the strength of its rule of law, and its jurisprudence, roughly half of low- and middle-income countries’ sovereign debt that is owed to private creditors is governed by New York law. Therefore, the passage of this Act would send ripples throughout the global financial and political systems. Our friends at Jubilee USA Network are asking for assistance to move the NY Sovereign Stability Act forward this legislative session. You can learn more about the NY Sovereign Debt Stability Act here.
Actions needed:
1) Write New York Governor Kathy Hochul to pass and sign the New York Taxpayer and International Debt Crises Protection Act (A2970, S4747).
2) Write your Senator and Assembly member and urge them to co-sponsor the New York Taxpayer and International Debt Crises Protection Act (A2970, S4747).
3) If you belong to an organization that is able to endorse the Act, please sign this form.
Sincerely,
Catholic Climate Covenant | |
