Hoyer Statement on Republican Legislation to Address the Debt Crisis in Puerto Rico

WASHINGTON, DC – House Democratic Whip Steny H. Hoyer (MD) released the following statement on the legislation introduced yesterday by House Republicans to address the financial crisis in Puerto Rico: 

"I am encouraged that Republicans are finally moving forward with a draft bill to address the debt crisis in Puerto Rico.  While the legislation they introduced yesterday does much to address concerns raised by the Administration and Congressional Democrats, it is still very much a work in progress.  

"The people of Puerto Rico deserve action from Congress that allows for the restructuring of the majority of the island’s debts, and Democrats have been pushing for provisions ensuring that the necessary oversight to achieve that objective will not unduly interfere with the sovereignty and functioning of Puerto Rico’s elected government. Congress should ensure that restructuring can be used in an efficient manner. The bill’s attempt to provide a voluntary path for debt adjustment remains convoluted and potentially too cumbersome to be an effective tool.  With respect to the minimum wage and other non-debt related provisions in the bill, yesterday's legislation falls short, and there is more that must be done before this bill is ready to come to the Floor.

"Negotiations will continue, and the markup scheduled for tomorrow will be critical in determining whether this bill is indeed the legislation Puerto Ricans have been hoping for to bring about the recovery phase of this crisis. I thank my Democratic colleagues and their staffs who have been negotiating cooperatively for weeks with their Republican counterparts, and I hope we can reach compromise on a version that provides the 3.5 million American citizens living in Puerto Rico peace of mind that Congress is on their side."