Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2008

Sponsor: MAXINE WATERS (D-CA)

Jubilee Act for Responsible Lending and Expanded Debt Cancellation of 2008 - (Sec. 3) Amends the International Financial Institutions Act to direct the Secretary of the Treasury, within the Paris Club of Official Creditors, the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (World Bank), and other defined international financial institutions, to negotiate an agreement to accomplish the following: (1) debt cancellation of eligible low-income countries to such institutions (without undermining their financial integrity) and to the United States; (2) ensuring that the provision of debt cancellation to eligible low-income countries is not followed by a reduction in the provision of any other development assistance; and (3) encouraging the government of each eligible low-income country to allocate at least 20% of its national budget towards poverty-alleviation programs. Directs the Secretary to commence immediate efforts, within the Paris Club of Official Creditors, the IMF, the World Bank, and the other defined international financial institutions to ensure that each of the institutions continues to make efforts to promote greater transparency regarding the activities of the institution. Directs the Secretary to commence immediate efforts to establish a framework for responsible lending that will ensure that all creditors contribute to preserving the gains of debt relief for low-income debtor countries.

Foreign Trade and International Finance Topic assigned by the Congressional Research Service.