Good Neighbor Law
P.O. Box 111 Kim, CO 81049 (970) 284-6874
The Honorable Michael Bennet
702 Hart Senate Office Building
Washington, DC 20510
Dear Senator Bennet: April 29, 2010
I write to raise troubling concerns about Argentina's unpaid debt and its
adverse effects on U.S. agriculture. Argentina's 2001 debt default and
subsequent restructuring have put American farmers and ranchers at a severe
disadvantage in the international markets. I urge you to introduce
legislation in the Senate that will encourage Argentina to repay its debt to
Americans and other foreign lenders.
The Argentine government was able to invest in infrastructure improvements
following the country's record-breaking default. These improvements have
increased agricultural output and created an indirect subsidy, giving
Argentine producers an unfair advantage over U.S. producers.
Since its default, Argentina has continued its pattern of economic
unfairness by intentionally devaluing the peso, creating yet another
advantage for Argentine producers by cheapening their exports in the
international market. Each of these decisions has taken a toll on U.S.
According to a study published by Dr. John VanSickle of the University of
Florida, "All told, this sovereign debt default aided Argentina in
increasing agricultural exports $8.9 billion from 2000 to 2007."
H.R. 2493, the Judgment Evading Foreign States Accountability Act (JEFSA) of
2009 was introduced into the 111th Congress in May 2009. JEFSA would
encourage responsible lending and improve international accountability by
denying Argentina and other foreign states that have been in default of U.S.
court judgments in excess of $100 million for more than two years access to
U.S. capital markets. I encourage you to follow the lead of the House of
Representatives and introduce similar legislation in the Senate.
Argentina's disregard for American agricultural producers in international
markets should not be tolerated. Congress should take a stand against these
irresponsible practices by enacting legislation to hold Argentina
accountable. I urge you to introduce legislation to show Argentina that the
U.S. does not allow foreign nations to disrespect U.S. rule of law and take
advantage of American farmers and ranchers.
FYI, Good Neighbor Law has visited our elected body in D.C. twice respective
of this issue.
We would be happy to return and speak with you directly.
Roni Bell Sylvester
Volunteer Editor & Co-Founder www.GoodNeighborLaw.com