Washington, D.C. – Puerto Rico Economic Recovery Initiative (PRERI) Executive Director Javier Ortiz today applauded the House Indian, Insular and Alaska Native Affairs Subcommittee hearing on to learn how establishing Financial Stability and Economic Growth Authority for Puerto Rico:
“We applaud Chairman Don Young (R-AK) for his unwavering commitment to Puerto Rico and for Chairman Rob Bishop (R-UT) leadership in shining a bright light on the urgency with which this humanitarian crisis must be addressed. We also thank Representatives Jose Serrano (D-NY), Nydia Velazquez (D-NY), Luis Gutierrez (D-NY) for their participation, and for Representative Raul Labrador’s (R-ID) unique perspective as a member of the natural Resources and Judiciary committee.
“We are firm believers in that every stakeholder – from members of Congress, the Obama Administration, Puerto Rico’s elected officials, the private sector and most importantly the people living and working in Puerto Rico – must have certainty that there will be an expeditious solution to solve this humanitarian crisis and a clear path to creating economic growth. Inaction is not an option, as Puerto Rico is quickly running out of money. No American – be it a bondholder or elected official – wants to see the people of Puerto Rico unable to access to basic services from first responders or hospitals.
“We call on Congress to work in a bipartisan way to enable debt restructuring, strong fiscal discipline, and robust economic development as the three strong pillars to enable Puerto Rico’s economy.”