Washington, D.C. – Puerto Rico Economic Recovery Initiative (PRERI) Executive Director Javier Ortiz today released the following statement on reports that U.S. House staffers are revising draft legislation to address Puerto Rico’s debt crisis and are considering scaling back the powers of the control board:
“Puerto Rico is facing a catastrophic debt crisis that threatens to spiral into an unprecedented humanitarian disaster. A key component to any solution is a promptly appointed and independent board that has the power to restore the island’s fiscal integrity and promote economic growth.
“Any attempt to weaken the power of the control board will only undermine its ability to bring about common sense reforms. Scaling back the powers of the control board would be a mistake. The Natural Resources Committee should ensure that the board has the fiscal accountability and economic prosperity tools needed to get Puerto Rico back on track.
“A short-term fix that does not provide a long-term path for fiscal stability and economic growth will not be viewed as a serious step in restoring economic opportunity to the Americans living in Puerto Rico.”