PROMESA Is The “Right Model.” “It would create a financial control board to take charge of Puerto Rico’s finances and budget affairs. This is the right model. It helped Washington, DC recover economically when it was in a similar stage of financial crisis.” (Dr. Arthur B. Laffer & Stephen Moore, “HOW CONGRESS CAN SAVE PUERTO… read more
Call Out “False Arguments Made By Hedge Funds” & Call For “Orderly Restructuring Governed By U.S. Law” The New York Times: The Notion That Puerto Rico Bill Is A Bailout Is “False.” “It has been clear for months that the federal government needs to give Puerto Rico a way to restructure its $72 billion debt… read more
Speaker Paul Ryan: “There Will Be No Taxpayer Bailout.” “House Speaker Paul Ryan said Congress needs to ‘bring order to the chaos’ in Puerto Rico and prevent U.S. taxpayers from having to eventually bail out the territory, which is facing a $70 billion debt. Ryan said a control board would help the U.S. avoid an… read more
April 19, 2016 The Honorable Rob Bishop, Chairman The Honorable Raul Grijalva, Ranking Member Committee on Natural Resources 1324 Longworth House Office Building Washington, DC 20515 Dear Chairman Bishop, Ranking Member Grijalva, and Members of the Committee: As the many hearings your committee has held in the past several months show, there is no question… read more
Washington, D.C. – Puerto Rico Economic Recovery Initiative (PRERI) Executive Director Javier Ortiz today issued the following statement on draft legislation to address the island’s fiscal crisis: “Speaker Paul Ryan is correct – Congress has an unequivocal mandate to bring order and not allow Puerto Rico’s situation to devolve into a humanitarian crisis. We welcome… read more
Washington, D.C. – Puerto Rico Economic Recovery Initiative (PRERI) Executive Director Javier Ortiz today called on the U.S. House of Representatives to act with speed and purpose on behalf of the 3.4 million Americans living in Puerto Rico. Tomorrow, Congress will honor the U.S. Army’s 65th Infantry Regiment as the House Committee on Natural Resources… read more
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… read more
Originally published by The Hill April 11, 2016 Today, Puerto Rico is facing a fiscal disaster of epic proportions. Congress has been aware of this for some time now as hedge funds, financial advisors, administration officials and business owners have called on Washington to act over the last year. Although it is of utmost importance… read more
Washington, D.C. – Puerto Rico Economic Recovery Initiative (PRERI) Executive Director Javier Ortiz today called on members of Congress to stand with Americans living in Puerto Rico against special interest efforts to block action to address the island’s debt crisis. “Puerto Rico is facing a humanitarian crisis of unprecedented proportions, and Congress is duty-bound to act with speed… read more
Washington – Puerto Rico Economic Recovery Initiative (PRERI) Executive Director Javier Ortiz today released the following statement on draft legislation being considered by House Republicans to address Puerto Rico’s economic crisis: “On Good Friday, as families across Puerto Rico prepare to celebrate Easter, they are still uncertain about how Congress intends to address the island’s… read more