PRESS STATEMENT

NCLR: PROMESA Will Help Puerto Rico Take First Steps out of Fiscal Crisis

While not perfect, bill offers important debt restructuring tools to address ballooning debt

June 30, 2016

Contact:
Camila Gallardo
(305) 215-4259
cgallardo@nclr.org

WASHINGTON, D.C.—Yesterday, the United States Senate voted 68–30 to pass the “Puerto Rico Oversight, Management and Economic Stability Act” (PROMESA), legislation that would provide a pathway for Puerto Rico to resolve its $72 billion debt crisis. The bill, which will now go to President Obama’s desk, is flawed, yet is a necessary step to enable Puerto Rico to manage its crushing financial debt and potentially provide relief to the 3.5 million residents of Puerto Rico.

“After months of calling on Congress to act, we are very encouraged that we finally have legislation that would enable Puerto Rico to restructure its debt,” said Janet Murguía, President and CEO, NCLR (National Council of La Raza).

“PROMESA is not the end but rather a first step for Puerto Rico. Moving forward, the administration must appoint members to the authorized oversight board who will represent Puerto Rico’s best interests and reflect the will and voice of Puerto Rican residents. In addition, Congress should continue to monitor implementation and will need to take additional steps to promote long-term, sustainable economic growth, including expanding access and eligibility for critical antipoverty programs and re-evaluating the island’s treatment under federal law,” continued Murguía. “Half of Puerto Rico’s children live in poverty and that won’t disappear overnight; it will take a thoughtful, comprehensive effort, led by Puerto Rican leaders and supported by government policies, to place the commonwealth on a trajectory for success.”

NCLR—the largest national Hispanic civil rights and advocacy organization in the United States—works to improve opportunities for Hispanic Americans. For more information on NCLR, please visit www.nclr.org or follow along on Facebook and Twitter.