Former Alabama Congressman Spencer Bachus was recently honored at the U.S. Capitol as a Jubilee Champion by the faith-based anti-poverty coalition Jubilee USA Network, a group of more than 650 faith communities.
Bachus — a member of Hunter Street Baptist Church, Hoover, and chairman emeritus of the U.S. House of Representatives financial services committee — served Alabama’s 6th congressional district from 1993 to 2014. He was recognized in late 2016 for his long-standing commitment to promoting economic opportunity and alleviating poverty in the world’s poorest nations.
In 1999 many of the world’s poorest countries were saddled with unpayable debts to financial institutions and wealthier nations. Some were spending more money paying back debts incurred by former dictators than on the health and education of their own people. Drawing on the biblical practice of Jubilee, people of faith across the world called to forgive these debts if the funds were then used for social betterment. Religious groups across the U.S. advocated for debt relief.
Inspired by faith-based advocates in Birmingham — and with the support of his wife, Linda, who serves on the board of trustees for Samford University in Birmingham — Spencer Bachus became a champion for the cause on Capitol Hill, according to Jubilee and Bread for the World officials.
Working tirelessly
As a leading member on an influential House committee and a member of the Bread board of directors, Spencer Bachus worked tirelessly to convince his Republican colleagues and the Clinton Administration to approve a debt relief bill that became a model for worldwide initiatives, Jubilee and Bread representatives noted. The legislation included significant measures designed to reduce graft, corruption and waste.
In a passionate speech to his colleagues, Spencer Bachus said, “We have the responsibility, we have the obligation and we have the direction as to what is the right thing to do.” His argument carried the day.
Debt relief has enabled countries to invest in schools, health care and other anti-poverty initiatives. Because of his work on debt relief, more than 50 million kids went to school in Africa and life expectancy increased in Sub-Saharan Africa.
Eric LeCompte, executive director of Jubilee, and David Beckmann, president of Bread, wrote in a Dec. 1, 2016, blog post on thehill.com, “Bachus showed legislative skill and personal courage in promoting these life-changing and life-saving advancements.
“Mr. Bachus has led on many other issues, from protecting the vulnerable from predatory ‘vulture’ funds to providing wise and experienced judgment during the 2008 financial crisis that threatened the foundations of the U.S. economy,” LeCompte and Beckmann wrote.
“As the highest-ranking Republican on the House financial services committee, Rep. Bachus authored language that permitted emergency, short-term capital assistance to stabilize the faltering banking system in exchange for unprecedented taxpayer protections including warrants and dividends. This approach, ultimately adopted by the Treasury Department over an original plan to purchase ‘toxic assets’ from banks, worked to stabilize the financial system, returned a profit in the billions to taxpayers and helped put a brake on an economic freefall that could have resulted in an even deeper recession or the misery of a depression.
“Washington receives its fair share of criticism for not working. But substantive and important things can get done with the right leadership,” they continued. “In Congress, Spencer Bachus repeatedly demonstrated leadership by striving to find solutions to difficult problems. It is why Jubilee USA and Bread for the World are proud to have recognized his accomplishments and grateful for his willingness to sacrifice to achieve the public good and listen to the Creator for wisdom.” (Rewritten from Dec. 1 blog post on thehill.com; used with permission from the authors)
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