Help protect the world’s poorest countries

Call your US Representative today and ask him or her to co-sponsor the Stop VULTURES Fund Act (HR 292\32). On June 18th, Representatives Maxine Waters (D-CA) and Spencer Bachus (R-AL) re-introduced , a bill in the House of Representatives that would prevent vulture funds from making this excessive profit at the expense of poor countries. 

VFLogo 'Vulture fund' [PDF] is a name given to a company that seeks to make profit by buying up debt in default on the secondary market for pennies on the dollar, then trying to recover up to ten times the purchase price, often by suing impoverished countries in U.S. or European courts. Some vulture funds target failing companies but others target the sovereign debts of impoverished countries.

Heavily Indebted Poor Countries (HIPC) are particularly vulnerable to vulture funds who purchase the defaulted debts of HIPC countries at much reduced prices and litigate against the debtor for inflated sums, making huge profits on the backs of the world's poorest citizens.  

The Stop VULTURE Funds Act would prevent these funds from using US courts to collect more than 6% interest above the amount they paid to purchase the debt.  It also would require vulture funds to operate in a more transparent and fair manner.

Call your US Representative today.

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