June 16, 2016

More Support Continues To Come In After House Passage Of PROMESA

Many Urge Senate To Take Up & Swiftly Pass Legislation Amidst Worsening Conditions In Puerto Rico

Representative Rob Bishop (R-UT): “The Bottom Line Is, There’s A Time Factor Here.” “The bottom line is, there’s a time factor here.  The fact that the House passed this bill with a very strong majority from both parties gets a message out, especially to the crediting community, that gives a reassurance that there will be a final solution.” (Mike DeBonis, “Meet Rob Bishop, The Man Who Might Have Saved Puerto Rico,” The Washington Post, 6/13/16)

  • “The Sooner That Board Is Up, The Sooner You Solve The Problem.” (Mike DeBonis, “Meet Rob Bishop, The Man Who Might Have Saved Puerto Rico,” The Washington Post, 6/13/16)

Representative Raúl Labrador (R-ID): “The Supreme Court Today Affirmed The Responsibility We Do Have [For Puerto Rico].” Josh Siegel, “House-Passed Debt Relief For Puerto Rico Splits Conservatives,” The Daily Signal, 6/10/16

Representative William Lacy Clay (D-MO): “My Understanding Was In The Mid-90s, Washington, D.C. Was Put Under A Control Board And They Were Able To Come Out Of It With Their Finances Intact And In Order.  It Was Effective.” (Joel Gehrke, “Gutierrez: Puerto Rico Bill Reveals Double-Standard For ‘Brown People’,” Washington Examiner, 6/10/16

Senator Orrin Hatch (R-UT) On Supporting PROMESA: “I Think I’m Going To Have To.” (Richard Cowan, “U.S. Sen. Hatch Says Will ‘Have To’ Back Puerto Rico Debt Bill,” Reuters, 6/14/16)

Senator Richard Blumenthal (D-CT) On PROMESA’s Passage: “A Vote Of That Magnitude Eases A Lot Of The Doubts Here.” (Mary Clare Jalonick, “Strong Vote Bolsters Prospects For Puerto Rico Bill,” The Associated Press, 6/10/16)

President Obama: “This Is Not Just A Matter Of Financial Liabilities.  The Human Costs For The 3.5 Million Americans In Puerto Rico – In Terms Of Access To Health Care, Electricity, Education, And Basic Public Safety – Are Real And Escalating Daily.” (Richard Wolf, “Supreme Court Denies Puerto Rico Debt Relief,” USA Today, 6/13/16)

  • “This Bill Won’t Cost Federal Taxpayers A Dime.” (Robert King, “Obama Praises House Action On Puerto Rico Debt Relief,” Washington Examiner, 6/11/16)
  • “It Gives Puerto Rico The Ability To Restructure Its Debt, Safeguard Essential Services, And Provide Important Protections To Public Pensions.” (Jesse Byrnes, “Obama Urges Senate To Pass Puerto Rico Bill,” The Hill, 6/11/16)

Puerto Rico Resident Commissioner Pedro Pierluisi: “It Is My Hope That Our Sister Chamber Will Act In Similarly Bipartisan Fashion To Approve This Imperfect But Indispensable Bill.” (Eva Lloréns Vélez, “Officials React To Supreme Court’s Puerto Rico Debt Ruling,” Caribbean Business, 6/13/16)

Eric LeCompte, Executive Director of Jubliee USA: “The Longer It Takes To Reach A Solution, The Worse It Gets For Puerto Rico’s People.” (Tim Howell Jr., “Supreme Court Halts Puerto Rico From Attempting To Restructure Debts At Utilities,” The Washington Times, 6/13/16)

  • “Now That The House Has Passed Legislation, It’s Incumbent On The Senate To Pass Its Version Of The Legislation.” (Lydia Wheeler, “Supreme Court Rules Puerto Rico Can’t Restructure Debt,” The Hill, 6/13/16)
  • “I Think What The Decision Makes Clear Is The Only Real Option On The Table Right Now Is Congressional Action.” (Lydia Wheeler, “Supreme Court Rules Puerto Rico Can’t Restructure Debt,” The Hill, 6/13/16)
  • “There Is No Plan B For Puerto Rico Right Now.” (Lydia Wheeler, “Supreme Court Rules Puerto Rico Can’t Restructure Debt,” The Hill, 6/13/16)

The [Philadelphia] Inquirer Editorial: “Puerto Rico Is Part Of America And Deserves Help When It’s In Need.” (Editorial, “Inquirer Editorial: Puerto Rico Is Part Of America; Treat It As Such,” The Inquirer, 6/15/16)

  • “No Bailout Money Is Involved.” (Editorial, “Inquirer Editorial: Puerto Rico Is Part Of America; Treat It As Such,” The Inquirer, 6/15/16)

The Associated Press: “The U.S. Geological Survey Said Friday It Can No Longer Monitor Water Resources In Puerto Rico.” (“US To Cut Water Monitoring Because Of Puerto Rico Debt,” The Associated Press, 6/10/16)

  • “That Would Affect The Ability To Issue Flood Warnings And As Well As The Monitoring Of Water Quality, Aquifer Levels And Drinking Water Supplies.” (“US To Cut Water Monitoring Because Of Puerto Rico Debt,” The Associated Press, 6/10/16)

Reuters: “The Legislation Was Bolstered By Rare Bipartisan Cooperation Between The White House And The House’s Republicans And Democrats.” (“U.S. House Passes Puerto Rico Debt Relief Bill,” Reuters, 6/10/16)

Joe Rosenblum, Director Of Municipal Credit Research At AllianceBernstein: “It Is Definitely A Step Forward, A Very Good Step Forward.  We Think It Was Necessary.” (Daniel Bases, “Puerto Rico GO Bond Price Dips, Rescue Bill Moves To Senate,” Reuters, 6/10/16)

Sister Donna Markham, Catholic Charities President And CEO: “In 2015 Alone, Caritas De Puerto Rico Served Over 78,000 People, All Of Whom Were Living Under The Poverty Line And A Third Of Whom Were Vulnerable Children.” (Suzanne Gamboa, “Debt Bill Pays Some Attention To Puerto Rico’s High Child Poverty Rate,” NBC News, 6/10/1

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