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 Wide Consensus Is Reached That Passage Of The Legislation Would Be Best For Americans In Puerto Rico Representative Raúl Labrador (R-ID): PROMESA Is A “Conservative Solution.” (“Competing Reactions To The Puerto Rico Oversight, Management, And Economic Stability Act (PROMESA),” Puerto Rico Report, 5/27/16) Legislation Does Not Cost U.S. Taxpayers And Would “Restore Stability And Revive… read more

U.S. House To Vote On Bill After Committee Approves Legislation By 29-10 Vote Speaker Paul Ryan (R-WI): “It’s Important That We Go Through Regular Order To Pass PROMESA, Our Bipartisan Legislation That Protects American Taxpayers.  I Commend The Members Of The Natural Resources Committee – On Both Sides Of The Aisle – Who Worked To… read more

Editorial Says PROMESA Offers “Much-Needed Relief” And Preserves “Existing Lawful Priorities.” The Washington Post: PROMESA Is “Much-Needed Relief For Debt-Ridden Puerto Rico.” (Editorial, “Much-Needed Relief For Debt-Ridden Puerto Rico,” The Washington Post, 5/19/16) Hedge Funds Have “Beleaguered” Puerto Rican Populace Into A “Possible Humanitarian Crisis.” “That’s why Mr. Ryan had set a March 31 …… read more

(Washington, DC) – Puerto Rico Economic Recovery Initiative (PRERI) Executive Director Javier Ortiz released the following statement on legislation unveiled Wednesday by the U.S. Committee on Natural Resources: “We applaud Speaker Paul Ryan, Chairman Rob Bishop, Ranking Member Raul Grijalva and all the members of the House Natural Resources Committee for working to craft a… read more

(Washington, DC) – Puerto Rico Economic Recovery Initiative (PRERI) Executive Director Javier Ortiz released the following statement today blasting Senator Bernie Sanders opposition to a provision to establish a control board in legislation to address the island’s fiscal crisis: “We are saddened and puzzled by Senator Sanders’ opposition to the establishment of a bipartisan, common… read more

Former Rep. Judd Gregg: No Action Will Cost Taxpayers Money. “Former Sen. Judd Gregg (R-N.H.), who now represents a group of Puerto Rico bondholders, said that if Congress does not act to help the island navigate its crisis, the end result will be hundreds of thousands of Puerto Ricans, who are American citizens, moving to the… read more

PROMESA Is The “Right Model.” “It would create a financial control board to take charge of Puerto Rico’s finances and budget affairs.  This is the right model.  It helped Washington, DC recover economically when it was in a similar stage of financial crisis.” (Dr. Arthur B. Laffer & Stephen Moore, “HOW CONGRESS CAN SAVE PUERTO… read more

Call Out “False Arguments Made By Hedge Funds” & Call For “Orderly Restructuring Governed By U.S. Law” The New York Times: The Notion That Puerto Rico Bill Is A Bailout Is “False.” “It has been clear for months that the federal government needs to give Puerto Rico a way to restructure its $72 billion debt… read more

Speaker Paul Ryan: “There Will Be No Taxpayer Bailout.” “House Speaker Paul Ryan said Congress needs to ‘bring order to the chaos’ in Puerto Rico and prevent U.S. taxpayers from having to eventually bail out the territory, which is facing a $70 billion debt.  Ryan said a control board would help the U.S. avoid an… read more

April 19, 2016 The Honorable Rob Bishop, Chairman The Honorable Raul Grijalva, Ranking Member Committee on Natural Resources 1324 Longworth House Office Building Washington, DC 20515 Dear Chairman Bishop, Ranking Member Grijalva, and Members of the Committee: As the many hearings your committee has held in the past several months show, there is no question… read more

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