Velazquez, Serrano on Introduction of Puerto Rico Legislation

Washington, DC - Representatives Nydia M. Velázquez (D-NY-7) and José E. Serrano (D-NY-15) commented on legislation related to Puerto Rico that was introduced.

The following may be attributed to Velázquez:
“The debt crisis facing Puerto Rico and its people is growing worse by the day, but I am encouraged by the recent introduction of legislation to assist the island.

“Real progress has been made to make a comprehensive restructuring process truly accessible for Puerto Rico, which is the most critical component of the bill for Puerto Ricans. Debt restructuring represents the only path to reducing the island’s suffocating debt load and, without it, Puerto Ricans will face harsher cuts in education, safety and health.

“In other areas, significant improvements have also been made from previous versions to make the Oversight Board more respectful of the island. While the bill continues to contain wage provisions and a lack of pension protections, both of these matters have benefitted from changes in the bill. Wage provisions were made less harmful and bondholder prioritization language was dropped. Would I like to see further changes? Yes, but the bill in its current form represents real compromise.

“To push this across the finish line, there are several improvements that I would like to see made – and this is what the legislative process is for. In this regard, I look forward to continuing to work with my colleagues as the bill moves through Congress.

“I want to especially thank Leader Pelosi, Speaker Ryan, Ranking Member Grijalva and Chairman Bishop for their leadership. I also have to recognize Antonio Weiss of the Department of Treasury for his perseverance in working to get this deal done.”

The following may be attributed to Serrano:
“Once again I thank the Natural Resources committee for taking into consideration our feedback and incorporating numerous suggestions from our side. I also want to thank leadership from both sides of the aisle for their hard work to bring the bill to this point.

“The bill agreed to and released by the committee represents real progress, including in the restructuring language and in preserving local input in the process. It is not perfect, and further changes may be needed in addressing issues affecting working families and retirees as this legislation moves through the House, but I believe that we have taken several steps in the right direction.

I look forward to working on these issues as the bill moves forward, and providing the island with the tools needed to comprehensively address this crisis.”

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