June 9, 2016


(Washington, DC) – Puerto Rico Economic Recovery Initiative (PRERI) Executive Director Javier Ortiz released the following statement on the House of Representatives passing the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA):

“Speaker Paul Ryan, Chairman Rob Bishop, Congressman Raul Grijalva and Congressman Sean Duffy deserve a tremendous amount of credit for crafting a solution to Puerto Rico’s economic challenges and standing up to the special interests that tried to block this legislation. Despite intense opposition from well-funded hedge funds, members of the House showed courage in the face of their dishonest attacks and kept their promise to the 3.4 million Americans living in Puerto Rico. This legislation assures no federal tax dollars will be used for a bailout and it begins a process to help restore Puerto Rico’s economic stability.

“The United States Constitution, under Article 4 Section 3, unequivocally gives Congress the mandate, authority and sole responsibility to act on all matters pertaining to the U.S. Territories in addition to their own districts. The American families living in Puerto Rico have only Congress and the President as the last line of defense to avoid a humanitarian disaster and this bill will help restore the island’s fiscal stability.

“We applaud the House of Representatives for taking action and call on members of the United States Senate to stand up to the special interest groups opposing PROMESA, act quickly and send this legislation to President Obama’s desk. Conditions are becoming increasingly dire and it’s time for Congress to act quickly before the situation gets worse for American citizens on the island.”