AJR99: Joint Resolution Text

LRB-4056/1

PJD:jlg:jf

1999 - 2000 LEGISLATURE

1999 Assembly JOINT RESOLUTION 99

January 19, 2000 - Introduced by Representatives Miller, Klusman, Black, Richards, Berceau, Coggs, Young, Spillner and Pocan, cosponsored by Senators Rude, Risser, Burke, Darling and George. Referred to Committee on Government Operations.

AJR99,1,3 Relating to: urging the members of the U. S. Congress to support proposed federal legislation that would call for definitive debt reduction and cancellation for the poorest nations of the world.

AJR99,1,9 Whereas, the Jubilee 2000 campaign is a world-wide movement of concerned individuals, organizations and faith groups who seek cancellation of unpayable debt for the poorest nations in Africa, Latin America and Asia whose economies are bankrupt, a movement that is motivated by the jubilee concept of community restoration where the land is allowed to rest, slaves are freed and debts are forgiven; and

AJR99,1,14 Whereas, the history of the debt crisis lies in actions of the international community a quarter century ago, when surplus funds from oil overstocks and post-war economic growth led western nations and commercial and international financial institutions to extend loosely conditioned loans to inexperienced governments in developing nations in Africa, Asia and Latin America; and

AJR99,2,4 Whereas, interest repayment now greatly exceeds original loan values and endangers fragile economies, make life precarious through increased hunger, illiteracy and disease, and furthers dependence on foreign governments and aid agencies to relieve suffering and environmental abuse; and

AJR99,2,9 Whereas, the debt of the entire developing world is over $2 trillion, but debt of the 45 most heavily indebted nations is approximately $250 billion, of which $6 billion is owed to the United States (a fraction of the $168 billion spent to date on savings and loan repayments) and that, due to early write-offs, has an actual value of $450 million; now, therefore, be it

AJR99,2,16 Resolved by theassembly, the senate concurring, That the members of the legislature of the state of Wisconsin call upon the President and the Congress of the United States to cancel the debt owed to the United States by the most heavily indebted poor nations, and to urge multilateral debt cancellation by the major G-7 industrial nations and the world's financial institutions, primarily the World Bank and International Monetary Fund, the benefits of which would be applied to poverty reduction, accountable government and sustainable development; and, be it further

AJR99,2,20 Resolved, That the assembly chief clerk shall provide copies of this joint resolution to the president of the senate and the speaker of the house of representatives of the United States and to each member of the congressional delegation from Wisconsin.

AJR99,2,21 (End)