JUBILEE Act of 2005

The JUBILEE Act of 2005 (H.R. 1130) proposed a significant shift in U.S. policy regarding international debt. The bill directed the Secretary of the Treasury to negotiate with international organizations, such as the World Bank and the International Monetary Fund, to completely cancel the debts owed by many of the world's poorest nations.

If enacted, the bill would have required these countries to invest at least 20 percent of their national budgets—including the money saved from debt cancellation—into essential public services like healthcare, education, and clean water. Additionally, the legislation sought to ensure that debt relief was not tied to economic policies that might increase poverty or harm the environment, while also increasing transparency by making the activities and remarks of U.S. representatives at international financial institutions available to the public.