Velazquez on House Passage of Puerto Rico Recovery Accuracy in Disclosures Act (PRRADA)
Washington, DC – Rep. Nydia M. Velázquez (D-NY) issued the following statement after the House today passed legislation she authored, HR. 683, The Puerto Rico Recovery Accuracy in Disclosures Act of 2019:
“I am proud that today the House passed my bill to close a loophole in the Island’s debt restructuring process, improve transparency, and restore confidence in the island’s future.
“While we can have differing opinions on how effectively the Oversight Board is carrying out its mission, one thing should be clear—the island’s residents should be entitled to the same rights and protections as any debtor on the mainland.
“By applying a robust disclosure requirement to all PROMESA Title III proceedings and eliminating the double standard facing the people of Puerto Rico, this bill will help to restore confidence that the Board’s bankruptcy advisors do not have their ‘thumb on the scale’ to favor certain debts where they have a self-interest. This bipartisan bill ensures integrity of the PROMESA process.
“I thank Chairman Jerrold Nadler of the House Judiciary Committee and House Speaker Nancy Pelosi for bringing this legislation to the House floor today. I now urge the Senate to act in a timely manner to pass this bill.”