Hoyer Statement on Puerto Rico's Declaration of Bankruptcy

WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today after the Governor of Puerto Rico announced that he will seek a judicial reorganization of the island’s debts:

“The decision today by Puerto Rico’s governor to seek a judicial reorganization of the island’s debts and put its finances on solid footing is the responsible thing to do.  As the process of seeking relief under the Promesa framework moves forward, it is critical that the nearly $50 billion in unfunded pensions obligations of hard-working Puerto Ricans are protected.  Debt relief cannot come on the backs of those who have worked hard and taken responsibility throughout their lives.  I will continue to work with Reps. Nydia Velazquez, Jose Serrano, Luis Gutierrez, and others in Congress who are deeply engaged on issues relating to Puerto Rico to ensure that its people, who are American citizens, can build a stronger future for themselves and their children without having to leave the island to seek opportunity elsewhere.”