The Senate needs to pass the House’s Puerto Rico bill
The U.S. Senate should pass the U.S. House’s Puerto Rico bill now.
The House approved the bill by a wide margin, after a long and thorough bipartisan discussions that included sensible compromises and ultimate agreement between the administration and the legislators. The bill gets all the essential points right. These are:
- The creation of an emergency financial control board, or “Oversight Board,” to get under control and straighten out the financial management and fiscal balance of the Puerto Rican government.
- An orderly and equitable process overseen by the board to address restructuring the government’s unpayable debts.
- Beginning a long-term project to move Puerto Rico toward a successful market economy and away from its failed government-centric one.
Of course, any complex set of legislative provisions can give rise to arguments and possibly endless debates about details. That would be a big mistake.
It’s time to enact the bill and get the essentials in place as soon as possible.