Post by Logan on May 11, 2016 13:01:56 GMT -6
Perrelló: Fiscal Control Board Must Have Debt Restructuring Power
While a federal fiscal supervisor for Puerto Rico is inevitable, one that does not adequately restructure Puerto Rico’s debt is unacceptable, said island House Speaker Jaime Perrelló on Monday.
Perrelló and Puerto Rico Senate President Eduardo Bhatia revealed Monday that the U.S. Congress is working on a new bill to take the place of the Puerto Rico Oversight Management and Economic Stability Act, which failed to gain traction in the U.S. House Natural Resources Committee. The new legislation is slated to be filed on Wednesday.
Along these lines, the visit Monday to Puerto Rico of U.S. Treasury Secretary Jack Lew keeps Puerto Rico’s fiscal crisis and the imperative to find a means of restructuring its debt alive in the U.S. press.
“The country should know that a new bill will be drafted and Bill 4900, authored by Sean Duffy (R-Wis.) will be without effect. The new
legislation will impose a federal fiscal control board on the government of Puerto Rico,” Perrelló said upon emerging from a meeting with
Gov. Alejandro García Padilla at La Fortaleza. “I am not in favor of a fiscal control board, but it is inevitable. A fiscal control board without real power to restructure the debt is totally unacceptable. This message has been clearly taken to Congress. And they know it. We are going to see what comes of it, and see if we are really moving in favor of the country [sic].”
Read more: www.sanjuanweeklypr.com/pdf/May-10-16/local.pdf
While a federal fiscal supervisor for Puerto Rico is inevitable, one that does not adequately restructure Puerto Rico’s debt is unacceptable, said island House Speaker Jaime Perrelló on Monday.
Perrelló and Puerto Rico Senate President Eduardo Bhatia revealed Monday that the U.S. Congress is working on a new bill to take the place of the Puerto Rico Oversight Management and Economic Stability Act, which failed to gain traction in the U.S. House Natural Resources Committee. The new legislation is slated to be filed on Wednesday.
Along these lines, the visit Monday to Puerto Rico of U.S. Treasury Secretary Jack Lew keeps Puerto Rico’s fiscal crisis and the imperative to find a means of restructuring its debt alive in the U.S. press.
“The country should know that a new bill will be drafted and Bill 4900, authored by Sean Duffy (R-Wis.) will be without effect. The new
legislation will impose a federal fiscal control board on the government of Puerto Rico,” Perrelló said upon emerging from a meeting with
Gov. Alejandro García Padilla at La Fortaleza. “I am not in favor of a fiscal control board, but it is inevitable. A fiscal control board without real power to restructure the debt is totally unacceptable. This message has been clearly taken to Congress. And they know it. We are going to see what comes of it, and see if we are really moving in favor of the country [sic].”
Read more: www.sanjuanweeklypr.com/pdf/May-10-16/local.pdf