For Immediate Release
Senate Votes on Puerto Rico Debt Legislation
WASHINGTON - The United States Senate plans to vote on Puerto Rico debt crisis legislation on Wednesday, June 29th. The Puerto Rico Oversight, Management and Economic Stability Act gives Puerto Rico tools to restructure its $72 billion debt, establishes legal protections from debt lawsuits and creates a fiscal oversight body. The US House approved the legislation on June 9. The US territory is expected to default on nearly $2 billion in debt payments on July 1.
"We're running out of time to pass this bill and protect Puerto Rico from a very damaging default," noted Eric LeCompte, a United Nations debt expert and the executive director of the religious development coalition Jubilee USA. LeCompte wrote a letter to the Senate detailing the consequences for Puerto Rico if the Senate fails to pass the legislation before July 1.