As world leaders meet in Morocco this week to discuss the growing global debt crisis, lawmakers in New York will soon consider the most globally important state legislation you’ve never heard of. The three bills in question could aid developing countries by curbing the exploitative powers of predatory vulture funds that profit off international debt distress, since these contracts often fall under New York state law.

Liberating developing nations from crushing cycles of debt — and predatory creditors — has enormous implications for these countries’ ability to enact social services and climate resilience measures. But Wall Street power players are beginning to lobby on the reforms, and organizers expect opposition to ramp up in the new year.

“Debt relief isn’t happening,” said Tess Woolfenden, senior policy and research officer at Debt Justice, a UK-based nonprofit dedicated to ending unjust global debt. “And one of the major barriers we see is private creditors.”