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3/17/2021

READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with Jubilee USA Network | U.S. Department of the Trea…

U.S. DEPARTMENT OF THE TREASURY
READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting
with Jubilee USA Network
March 16, 2021

Secretary of the Treasury Janet L. Yellen participated in a discussion with an interfaith group
of high-ranking religious leaders, representing o icials from large U.S. Christian and Jewish
faiths and others from Jubilee USA Network. Jubilee USA is a non-profit organization that
advocates for debt relief for developing countries, the provision of resources to help low and
middle-income countries contain the COVID-19 pandemic and ensuing economic crisis,
permanent debt restructuring, and climate change. Secretary Yellen made clear the Biden
Administration’s commitment to reducing global poverty.
The Secretary observed that the pandemic has accelerated global economic inequality, and
with limited policy space, low-income countries will need continued international support to
address the COVID-19 crisis.
The Secretary noted the Treasury Department’s commitment to address global inequality
and e orts with international partners to tackle the crisis, including support for the
implementation of the Debt Service Suspension Initiative (DSSI), which frees up fiscal space
for low-income countries to address the impacts of COVID-19, and the Common Framework
for debt treatments, which can help countries achieve longer-term economic stability and
debt sustainability.
Furthermore, the Secretary views a potential SDR allocation as part of a broader package of
assistance to low-income countries, including increased support in the form of IMF financing,
multilateral development bank grants and loans, and debt rescheduling and relief under the
DSSI and Common Framework.
Finally, Secretary Yellen stressed that the global poor are the least responsible for climate
change, but will su er most from it. She noted that the Administration is committed to using
the full power of the U.S. federal government to address climate change as part of the Build
Back Better plan.

https://home.treasury.gov/news/press-releases/jy0061

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3/17/2021

READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with Jubilee USA Network | U.S. Department of the Trea…

The Secretary was joined by the following:

Bishop David J. Malloy, Chairman of the Committee on International Justice and Peace,
US Conference of Catholic Bishops
Most Reverend Elizabeth Eaton, Presiding Bishop of the Evangelical Lutheran Church in
America
Archbishop Roberto González, Roman Catholic Archdiocese of San Juan de Puerto Rico
Reverend Heriberto Martínez Rivera, General Secretary of the Puerto Rico Bible Society
Rabbi Jonah Pesner, Senior Vice President of the Union for Reform Judaism and Director
of Religious Action Center for Reform Judaism
Reverend Dr. John C. Dorhauer, General Minister and President, United Church of Christ
Reverend J. Herbert Nelson II, Stated Clerk of the General Assembly, Presbyterian Church
Reverend Dr. Susan Henry-Crowe, General Secretary of General Board of Church and
Society of the United Methodist Church
Cathy Feingold, Director of International Department, AFL-CIO and Deputy President,
International Trade Union Confederation
Eric LeCompte, Executive Director, Jubilee USA Network

https://home.treasury.gov/news/press-releases/jy0061

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