Velázquez and Serrano on Oversight Board Vote

Washington, DC – Rep. Nydia M. Velázquez (D-NY) and José E. Serrano (D-NY) commented today on the Puerto Rico Oversight Board's vote to approve its financial plan for the Island:

"We are troubled that this plan contains severe austerity measures that will inflict further pain on the people of Puerto Rico who have already suffered tremendously. Beyond the devastating aftermath from Hurricane Maria, Puerto Rico had already been enduring a decade-long recession. This plan intends to make the people of Puerto Rico sacrifice more, without real certainty of growth. Moreover, there are no guarantees that these funds will not ultimately flow to bondholders. This plan will only further exacerbate the rapid outmigration of Puerto Rico's residents.

"We have said time and time again that any sustainable solution for Puerto Rico must include permanent, pro-growth economic development measures rather than cuts to essential services, pensions or benefits for the most vulnerable. It is our hope that changes can be made as restructuring negotiations are finalized. We will continue pressing to ensure that the people of Puerto Rico are put first."