By Tom Howell Jr. House members and financial experts said Tuesday a “team of neutrals” is needed to oversee Puerto Rico’s budget and get its fiscal house in order, as the island scrambles to pay its debts and stave off drastic service cuts to its 3.5 million residents. The U.S. territory’s debt is slated to… read more

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… read more

By: Susan Jones Puerto Rico’s long-running and worsening debt crisis now appears at the top of Washington’s “to-do” list. Senate Majority Leader Mitch McConnell (R-Ky.), Senate Minority Leader Harry Reid (D-Nev.), and White House spokesman Josh Earnest all mentioned it on Wednesday. “You know, I think the Puerto Rico issue is something a lot of… read more

By Nick Brown U.S. Senate Democrats, in a letter to Majority Leader Mitch McConnell, on Wednesday called for congressional action on Puerto Rico, demanding that legislation to resolve the island’s financial crisis include tools to restructure debt. “Restructuring legislation would not cost the federal government a single penny and would instead save U.S. taxpayers from… read more

By: Vicente Feliciano There is emerging consensus on Puerto Rico’s debt. It involves some form of a federal financial-control board, a legal structure for debt restructuring and somewhat better treatment of Puerto Rico on some federal programs. The concept that providing a mechanism for debt restructuring is a bailout is becoming discredited. Initially, Anne Krueger,… read more

The U.S. House Indian, Insular & Alaska Native Affairs Subcommittee, chaired by Rep. Don Young (R., Alaska), postponed until Feb. 2 a hearing on the potential establishment of a federal fiscal control board on Puerto Rico. Titled “The Need for the Establishment of a Puerto Rico Financial Stability and Economic Growth Authority,” it was originally… read more

FOR IMMEDIATE RELEASE January 19, 2016 Contact: Ryan Williams [email protected] 202-677-7060 ​ PUERTO RICO ECONOMIC RECOVERY INITIATIVE PRAISES HOUSE COMMITTEE FOR HOLDING HEARING ON PUERTO RICO FINANCIAL STABILITY AND ECONOMIC GROWTH AUTHORITY Washington, D.C. – Puerto Rico Economic Recovery Initiative (PRERI) Executive Director Javier Ortiz today praised the House Indian, Insular and Alaska Native Affairs… read more

By Clayton P. Gillette & David A. Skeel Jr. Gov. Alejandro García Padilla of Puerto Rico has offered a comprehensive proposal for reversing the territory’s downward spiral. Unlike prior proposals, which focused solely on restructuring Puerto Rico’s debt or cutting its spending, the new plan recognizes the urgent need for both. It could actually work,… read more

By Michelle Wilde Anderson Last week, Puerto Rico eked out a major round of payments on its enormous debt — surely the last one that the island can afford to pay in full. The territory’s debt crisis reached a boiling point last summer and is beginning to overflow. By the new year, Puerto Rico will… read more

By Bill de Blasio & Bob Buckhorn Time is running out for Congress to help save Puerto Rico from a financial debacle that could very soon turn into a humanitarian crisis. The magnitude of this emergency, and its effect on all Americans, cannot be overstated. We have heard from Puerto Rican, congressional and local leaders… read more