Posted on 04/13/2016 9:10:59 AM PDT by cll
Today, the House Committee on Natural Resources released H.R. 4900, the “Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA).” Committee Chairman Rob Bishop (R-UT) and bill sponsor Rep. Sean Duffy (R-WI) issued the following statements:
“We are nearing the conclusion of a collaborative and open drafting process that has involved all stakeholders to reach a responsible consensus.
“This package of reforms will restore the guardrails of freedom and self-governance in Puerto Rico. It will hold Puerto Rico accountable to its debt, uncover audited financial statements, enforce fiscal responsibility and cut red tape holding down the Island’s economy. It provides tools to redirect Puerto Rico from a path of destitution towards a path of prosperity, preserving freedom and opportunity for the next generation.
“This is the constitutionally-sound solution that will provide real, long-lasting reform to the Commonwealth while respecting the rights of all parties and creditors. It is the Island’s best shot to mitigate its financial collapse and future calls for a bailout, which would be untenable. Congress must act now to avoid a humanitarian crisis that will severely impact 3.5 million Americans living in Puerto Rico and millions of Americans on the mainland,” Chairman Bishop said.
“The three and a half million Americans living in the U.S. territory deserve the attention and support of Congress. After decades of mismanagement, Puerto Rico’s investors also deserve better. A protracted and chaotic legal battle would not serve the interest of creditors or the island. Worse would be a mutli-billion dollar taxpayer bailout thrust on the shoulders of America’s taxpayers and retirees. The PROMESA Act will ensure that the island meets its debt obligations in a controlled, responsible manner, without saddling the U.S. taxpayers with the bill. If we get this right, we have an opportunity to put the people of Puerto Rico on a path to economic opportunity. However, if we do nothing, the American people will be on the hook,” Rep. Duffy said.
This will be perceived as “racist, arrogant Gringos trying to tell us how to run our business”. Look for an ugly reception.
PR was doing ok ‘till they ran the US navy out. The loss of revenue from that decision must be in the billions by now.
On the upside, Vieques is an unspoiled paradise. Well, it’s full of Puerto Ricans, but that’s a necessary evil.
The Navy’s presence prevented development there.
I recommend a visit to Vieques, before it gets ruined. It is beautiful, but be prepared for the small hill on the runway; it’s unnerving.
Does the act appropriate any money, or guarantee any debt, for Puerto Rico with the expectation that it will somehow be paid back? If so then this is just a bail out.
The government of Puerto Rico was running a Ponzi Scheme for years.
The first thing to do is throw all the politicians responsible for this mess into prison.
“Well, it’s full of Puerto Ricans”
I’ll let the insult slide but if you really knew Vieques, you’d see that many if not most businesses (restaurants, hotels, etc.) are owned by Continental Americans.
“Does the act appropriate any money, or guarantee any debt, for Puerto Rico with the expectation that it will somehow be paid back? If so then this is just a bail out”
No.
I’ve been to Vieques, and yes, saw the blancos.
My take on most of them was that they were fleeing from, or escaping something in the states, like responsibility. It was as if they were pursuing some kind of island fantasy.
I too would love to make a living off fake sea glass, but it just does not pay the bills.
As an aside, the island was awash in cocaine; it was offered to us for sale several times, and yet no one had any marijuana, which I thought was weird. It was explained that Vieques is part of a drug corridor due to enforcement elsewhere.
But yeah, we rented a room from a white person.
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