Velazquez on Senate Passage of PROMESA

Washington, DC – Rep. Nydia M. Velázquez (D-NY) released the following statement regarding Senate passage of legislation allowing Puerto Rico to restructure its debt:

“I know first-hand that the situation in Puerto Rico is extremely dire. And as I stated on House passage, PROMESA is far from perfect, but it is better than the alternative of taking no action at all. Debt restructuring is an essential first step – and without it, the island would not be able to move forward.

“Now that we have passed PROMESA, Congress has the legal and moral responsibility to come together again and finish its work regarding Puerto Rico. We must provide new tools so that the island can rebuild its economy for the long-term. And, we have to resolve the island’s colonial status once and for all – without doing so, the people of Puerto Rico cannot truly move forward. In this regard, I look forward to working again with my colleagues to pass additional legislation in the coming months.”