Velazquez Calls on PROMESA Board to Enter Title III

Washington, DC – Rep. Nydia M. Velázquez (D-NY) issued the following statement today regarding expiration of the stay preventing creditors from suing Puerto Rico:

"When Congress passed PROMESA, we gave Puerto Rico the tools to begin reversing its downward economic trend. The power to comprehensively restructure 100 percent of its debt is the reason why I voted ‘yes' on this bill last year. Inconceivably, today, May 2, 2017, the island is on the same path as it was prior to the enactment of the law. This is unconscionable.

"Given this harsh reality, it is imperative the Board use this powerful tool and vote to file for a Title III proceeding immediately. And Governor Rosselló must either get on board or get out of the way.

"Puerto Rico is no longer shielded from creditors rushing to the courthouse to lay claim to its assets – that includes the beaches, pieces of art, historical furniture and any assets whether they are nailed down or not. The people of Puerto Rico have had enough. The Governor and the Board have a moral imperative to act immediately. If they fail to do so, history will judge them harshly."

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