June 6, 2016 | House Committee on Natural Resources Press Office
H.R. 5278, the "Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)," which passed Committee with a bipartisan vote of 29-10 on May 25, is slated for consideration in the House this week. The bill has continued to garner broad support on and off the Hill, including from editorial boards across the country. Read below for the recap.
"[T]he bill actually preserves existing lawful priorities and leaves it up to the board to grant any adjustments, subject to court review. To be sure, this basically relocates the same squabble among creditors that had been playing out in Washington; now the referee will be an impartial panel of experts armed with a reliable audit of the island’s obligations." (5/19/16)
"With any luck, Puerto Rico will find a road to a similar recovery, starting with passage of this bill." (5/19/16)
"Three and a half million Americans live on an island that is in economic free-fall, and Congress still isn’t sure whether it will throw them a lifeline. A bipartisan bill to help Puerto Rico is expected to come to a vote soon in the House...at this late hour it offers the island its best chance of survival." (5/31/16)
"But time is running out for Puerto Rico. It needs all the yes votes it can get." (5/31/16)
Bloomberg: "Good for Puerto Rico, Good for Congress"
"No taxpayer money is involved. Moreover, because the bill's provisions apply only to territories with a federal control board, they are irrelevant to states. No dangerous precedents are being set, and there's no threat of contagion to state or municipal bond markets." (5/23/16)
"Maybe this bill can begin not only Puerto Rico's long road to recovery, but also Congress's path out of a hyperpartisan wilderness." (5/23/16)
"With the U.S. territory increasingly unable to pay its bills — and little more than a month away from defaulting on a $2 billion bond payment — the bipartisan bill would create a long-term process for restoring fiscal stability." (5/30/16)
Los Angeles Times: "Washington Needs to Pick Up the Pace on Puerto Rican Restructuring"
"The measure would set up an oversight panel to help steer the island's finances and create a way to restructure its debt. Having dug itself into a ditch, the Puerto Rican government clearly needs independent supervision of its revenues and spending." (5/3/16)
"There's no taxpayer-funded rescue here, just the overdue creation of a process to stop the fiscal bleeding and restructure debt. Until those steps are taken, the island's government will continue shuffling money desperately from one creditor's account to another while its citizens, many of whom are impoverished, are neglected." (5/3/16)
"PROMESA offers several pragmatic steps to set a path for recovery that should remain in the new version of the bill that emerges from current negotiations. These include: a federal control board to oversee Puerto Rico’s finances, albeit one that recognizes Puerto Rico’s sovereignty in at least some way; and granting the island the tools needed to restructure some of its debt under court supervision." (4/26/16)