Velazquez on Puerto Rico Investment Provisions

Washington, DC – Rep. Nydia M. Velázquez (D-NY) released the following statement regarding passage of H.R. 6427, legislation that would extend to investors and retirees in Puerto Rico and other U.S. territories the same protections afforded to those on the U.S. mainland:

“For too long, investors in Puerto Rico have not been granted the protections they deserve, due to an archaic loophole in the law. The legislation approved today would ensure basic investment law safeguards apply in Puerto Rico and throughout the U.S. territories.

“Passage of this bill brings us one step closer to ensuring regulatory parity and protecting investors and retirees from potentially unscrupulous financial practices. I thank my colleagues for supporting this measure and look forward to seeing it swiftly approved in the Senate.”

The Puerto Rico-related provisions contained in H.R. 6427 are modeled in part on H.R. 3610, legislation introduced by Velázquez last year. H.R. 6427 passed the House by a vote of 391 to 2. Velázquez, who represents New York’s 7th Congressional District, is the first Puerto Rican woman elected to Congress.