Join us in calling on the New York State Assembly to pass the Sovereign Debt Stability Act.

New York State has a unique chance to clear a path to dignity for millions of people who live in highly indebted nations, as state legislators weigh the Sovereign Debt Stability Act.

The burden of debt on developing nations has grown to enormous proportions after the COVID pandemic. Dozens of countries currently spend over a fourth of their revenues on debt payments, leaving them unable to attend to the basic needs of their citizens.

Over 60 percent of sovereign debt is held by private creditors, and a majority of those lenders are subject to New York State’s laws. Too often, “vulture funds” extort hefty profits from struggling countries during debt restructuring processes. The Sovereign Debt Stability Act can set guardrails against exploitation and in doing so, prevent the oppression of millions and help safeguard the global economy.

The New York State legislature closes its session on June 6th, so please reach out soon to your state legislator to ask their support for the Sovereign Debt Stability Act. Use the form below to write to your Assembly Member and State Senator.