Conservative Groups Back Puerto Rico Bill
This week, many conservative groups came out supporting H.R. 4900, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), introduced by Rep. Duffy and developed by the Committee on Natural Resources. While work on the legislation continues, these groups understand the core bill represents a principled, responsible solution to the fiscal crisis in Puerto Rico.
R Street Institute: Time for Congress to Act on Puerto Rico
“The first alternative available is to deal with many hard decisions and many necessary reforms in a controlled fashion. The second is to have an uncontrolled crisis of cascading defaults in a territory of the United States. Congress needs to choose the controlled outcome by creating a strong emergency financial control board for Puerto Rico—and to do it now. This is the oversight board provided for in the bill currently before the House Natural Resources Committee. The bill further defines a process to restructure the Puerto Rican government’s massive debts, which undoubtedly will be required.