For Immediate Release
House Introduces Puerto Rico Debt Crisis Legislation
WASHINGTON - Representative Sean Duffy (R-WI) introduced a new version of legislation to help resolve Puerto Rico's financial crisis. The Puerto Rico Oversight, Management and Economic Stability Act ("PROMESA," HR 5278) gives Puerto Rico tools to restructure its debt and establishes a fiscal oversight board. This latest version of the legislation lengthens the time that Puerto is protected from debt lawsuits while the island is restructuring debt.
Eric LeCompte, executive director of the religious development coalition Jubilee USA, releases the following statement:
"Congress should pass this Puerto Rico debt legislation as soon as possible. There can be no economic growth in Puerto Rico until the debt is restructured. Without a negotiated solution to the crisis, this legislation provides tools that can help get the debt back to payable levels.
“As the approval process in Congress moves forward we will work on some improvements. We need clear targets to reduce child poverty on the island. We want legislation that protects ordinary workers. We want local democracy to be protected.
“Through this process we’ve seen Members of Congress put the people of Puerto Rico in front of a small group of special interests. We are very grateful to the leadership of Speaker Ryan, Chairman Bishop and Representative Duffy."
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