May 20, 2009

Cattlemen Urge Congress to Pass JEFSA
Contact: Jess Peterson 202/870-3867 - Email: usca@uscattlemen.org
 
USCA (May 20, 2009) - The U.S. Cattlemen’s Association (USCA) today sent a letter (click here) to every member of the U.S. House of Representatives urging lawmakers to co-sponsor and expeditiously enact the newly introduced Judgment Evading Foreign State Accountability ACT (JEFSA).

JEFSA, sponsored by Rep. Eric Massa (D-NY), is designed to make it more difficult for foreign nations to intentionally turn their backs on U.S. loans. The legislation would specifically target Argentina for its massive 2001 sovereign debt default, subsequent 2005 debt repudiation, and disregard for hundreds of U.S. court judgments ordering Argentina to honor its debt obligations.

Argentina’s $81 billion debt default—the largest in history—coupled with a sizeable currency devaluation, helped Argentine farm exports grow by $9 billion from 2000 to 2007, according to a recent study by University of Florida economist Dr. John J. VanSickle.

USCA recently passed policy urging Congress to hold Argentina accountable. According to that resolution: “Argentina has ignored court orders and refuses to repay billions in sovereign debt obligations—a default that gives Argentine ranchers an unfair trading advantage; made capital harder to obtain for foreign customers of U.S. goods; and financially harmed every day Americans, U.S. taxpayers, U.S. businesses, and even teacher pension accounts.”

Introduced on May 19, JEFSA already has six co-sponsors, including Reps. Timothy Bishop (D-NY), Daniel Maffei (D-NY), Carolyn Maloney (D-NY), Michael McMahon (D-NY), Paul Tonko (D-NY) and Robert Wexler (D-FL).

The cattlemen also urged legislators to support another Argentina-related bill, the Foot and Mouth Disease Prevention Act, which was introduced by Rep. Stephanie Herseth Sandlin (D-SD) and would block potentially diseased Argentine meat from entering the U.S. market.
 

Established in March 2007, USCA is committed to concentrating its efforts in Washington, DC to enhance and expand the cattle industry’s voice on Capitol Hill. USCA has a full-time presence in Washington, giving cattle producers across the country a strong influence on policy development. For more information go to www.uscattlemen.org.