Jubilee USA Network (JUN) is a coalition of 75 organizations, 700 faith communities, and 50 “Jubilee global partners” devoted to reforming international debt.

JUN and many similar organizations arose in the 1990s as part of the “Jubilee 2000” movement, which advocated for the universal forgiveness of national debt in developing countries. Doing so would allegedly free up resources for social services such as education and healthcare in these nations. The movement is based on Christian theology, specifically the Biblical concept of “Jubilee” where every 50 years all debts are forgiven.

Views

Jubilee USA Network supports a broad range of financial reforms, primarily focused on debt reduction, particularly for developing nations. ¹

JUN has been critical of the International Monetary Fund (IMF), which it blames for inducing many developing nations to take excessive loans. In 2010, JUN published “Unmasking the IMF: The Post-Financial Crisis Imperative for Reform,” which criticized the IMF for encouraging the 2008 financial crisis with excessive loans and hindering the economic prospects of developing nations with post-crisis austerity requirements. ²

JUN supports stricter laws for combatting tax evasion, particularly in developing nations. JUN supported the 2018 Corporate Transparency Act introduced by Rep. Carolyn Maloney (D-NY) and then-Rep. Peter King (R-NY), which proposed to introduce regulations on “shell companies” which conceal ownership. ³

In 2017, JUN supported efforts to repeal the Cardin-Lugar amendment of the Dodd-Frank Act that required oil, natural gas, and mining companies to comply with special financial disclosure regulations designed to reveal bribery and corruption in developing countries. ⁴

In 2015, JUN launched a campaign with religious leaders to combat the Puerto Rican debt crisis. The group supported President Barack Obama’s debt relief efforts which temporarily stalled interest payments and prioritized local spending. ⁵

In 2008, Rep. Maxine Waters (D-CA) introduced the Jubilee Act supported by JUN which proposed guidelines for U.S. government lending to developing nations. The bill died in the Senate, and was unsuccessfully reintroduced the following year. ⁶

Leadership

Eric LeCompte has been executive director of Jubilee USA Network since at least 1996. ⁷ In 2019, JUN’s financial disclosure indicated that the organization paid LaCompte $131,648 that year, amounting to more than one-third of the group’s expenditure. ⁸

Prior to joining JUN, LaCompte worked for numerous international charity groups, including Fellowship of Reconciliation, School of the Americas Watch, and the GI Rights Hotline. He was chair of Pax Christi USA, a peace-promoting Catholic group. ⁹

Since joining JUN, LaCompte has served as an expert on the United Nations’ Conference on Trade and Development Expert Working Groups and on its Office of the High Commissioner for Human Rights Expert Working Groups. ¹⁰ In 2015, LaCompte proposed a revamped system of international bankruptcy to the United Nations. ¹¹

LaCompte has been personally involved in the Puerto Rican debt crisis. In 2016, he gave Congressional testimony which allegedly influenced Congress’s debt relief bill. ¹²

Biden Administration

In March 2021, representatives of Jubilee Network USA met with U.S. Treasury Secretary Janet Yellen to discuss international debt relief and the unequal impact of the COVID-19 pandemic on developing countries. Secretary Yellen on behalf of President Joe Biden’s administration voiced support for Debt Service Suspension Initiatives (DSSI). Other attendees included representatives from the AFL-CIO, the U.S. Conference of Catholic Bishops, and the United Church of Christ. ¹³

Funding

In October 2021, Jubilee USA Network received $550,169 from the Bill and Melinda Gates Foundation. ¹⁴ The sum is greater than JUN’s annual revenue since 2015. ¹⁵

In 2020, JUN received $5,000 from the AFL-CIO. ¹⁶

1. “Issues.” Jubilee USA Network. Accessed November 9, 2021. https://www.jubileeusa.org/issues.
2. “Unmasking the IMF: The Post-Financial Crisis Imperative for Reform.” Jubilee USA Network. October 2010. Accessed November 9, 2021. http://d3n8a8pro7vhmx.cloudfront.net/jubileeusa/legacy_url/340/IMF_Report.pdf?1501806096.
3. “Corporate Transparency Act.” Jubilee USA Network. Accessed November 9, 2021. https://www.jubileeusa.org/corporate_transparency_act.
4. Lecompte, Eric. “Repealing transparency measure hurts the poor.” The Hill. February 1, 2017. Accessed November 9, 2021. https://thehill.com/blogs/congress-blog/foreign-policy/317324-repealing-transparency-measure-hurts-the-poor.
5. “Puerto Rico’s Debt Crisis.” Jubilee USA Network. Accessed November 9, 2021. https://www.jubileeusa.org/puerto_rico_s_debt_crisis.
6. “H.R. 2634 (110^th): Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2008.” GovTrack. Accessed November 9, 2021. https://www.govtrack.us/congress/bills/110/hr2634.
7. “Eric LeCompte.” Jubilee USA Network. Accessed November 9, 2021. https://www.jubileeusa.org/ericlecompte.
8. “Jubilee Network USA 990.” ProPublica. Accessed November 11, 2021. https://projects.propublica.org/nonprofits/display_990/30582216/04_2021_prefixes_03-04%2F030582216_201912_990_2021040517877213.
9. “SOA Watch Staff.” School of the Americas Watch. Accessed November 9, 2021. https://web.archive.org/web/20100202044518/http://www.soaw.org/article.php?id=134.
10. “Eric LaCompte.” LinkedIn. Accessed November 9, 2021. https://www.linkedin.com/in/eric-lecompte-18b875a1/.
11. “Sovereign Debt Workouts: Going Forward Roadmap and Guide.” UNCTAD. April 2015, Accessed November 9, 2021. https://unctad.org/system/files/official-document/gdsddf2015misc1_en.pdf.
12. “Eric LeCompte.” Jubilee USA Network. Accessed November 9, 2021. https://www.jubileeusa.org/ericlecompte.
13. “READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with Jubilee USA Network.” U.S. Department of the Treasury. March 16, 2021. Accessed November 9, 2021. https://home.treasury.gov/news/press-releases/jy0061.
14. “Jubilee USA Network Inc.” Bill and Melinda Gates Foundation. Accessed November 9, 2021. https://www.gatesfoundation.org/about/committed-grants/2021/10/inv036725.
15. “Jubilee USA Network Inc.” ProPublica. Accessed November 10, 2021. https://projects.propublica.org/nonprofits/organizations/30582216.
16. “AFL-CIO LM2 2020.” U.S. Department of Labor. Accessed November 9, 2021. https://olmsapps.dol.gov/query/orgReport.do?rptId=782882&rptForm=LM2Form.