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

FOR IMMEDIATE RELEASE Contact: Ryan Williams [email protected] 202-677-7060 January 11, 2016 PUERTO RICO ECONOMIC RECOVERY INITIATIVE LAUNCHES TO HIGHLIGHT HUMAN IMPACT OF DEBT CRISIS New Organization Will Educate Public About Need For Congressional Action To Address Emergency Washington – The Puerto Rico Economic Recovery Initiative (PRERI), a new non-profit organization dedicated to educating the public… read more

By Editorial Board The leaders of Puerto Rico could soon have to choose between cutting essential services like the police, hospitals and education, and paying bondholders. To avoid this catastrophe, Congress needs to help the island, which is home to 3.5 million American citizens, by giving it the ability to restructure its debts in an… read more

By Javier Ortiz Last week Puerto Rico Governor Alejandro Garcia Padilla painted a grim picture of the potential humanitarian crisis that could envelop the 3.5 American citizens on the island. Appearing before the U.S. Senate Judiciary Committee on Tuesday, Dec. 1to testify about the island’s dire debt crisis, he urged Congress to act. “Let us… read more

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