JUBILEE Act of 2004

The JUBILEE Act of 2004 (H.R. 4793) directs the U.S. Treasury Department to advocate for the complete cancellation of debts owed by the world's poorest countries to international organizations like the World Bank and the International Monetary Fund. The bill aims to ensure that debt relief is provided quickly and is not tied to economic policies that might increase poverty or harm the environment.

For citizens in the affected nations, the bill encourages their governments to reinvest at least 20 percent of their national budgets—including the savings from canceled debt—into essential public services such as healthcare, education, and clean water. Additionally, the legislation seeks to increase government accountability by requiring greater transparency regarding the activities and decisions of international financial institutions.