Velazquez on Vote for Puerto Rico to Enter Title III

Washington, DC – Rep. Nydia M. Velázquez (D-NY) issued the following statement after the PROMESA Oversight Board voted for Puerto Rico to enter Title III:

"I am pleased the Board has chosen to employ the tools Congress granted it through PROMESA and that Governor Rosselló supported this move. Title III will ensure an orderly debt restructuring that can preserve important government services, protect the pensions of hardworking Puerto Ricans, while unwinding the island's debt. This is far superior to a chaotic cascade of lawsuits that would have further penalized the Puerto Rican people who have already suffered immensely and only served to enrich wealthy vulture funds that purchased this debt for pennies on the dollar.

"During PROMESA negotiations, many creditors claimed that Puerto Rico's finances were not straightforward and could not be trusted. Like the creditors, the people of Puerto Rico deserve transparency over government finances. It is critical that the Board fully audit all of Puerto Rico's debt prior to making any restructuring decisions.

"Now, all of us in Congress and the Administration must begin the hard work of seeking solutions for Puerto Rico's long term economic health. Puerto Ricans are American citizens who pay taxes and who have fought and died in our wars. We have a moral obligation to help them secure the future they deserve."

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