WASHINGTON, April 23, 2015 /PRNewswire-USNewswire/ — The Latino Coalition (TLC), one of the largest membership and advocacy organizations for Latino-owned small businesses, issued the following statement urging the House Judiciary Committee to approve H.R. 870 – The Puerto Rico Chapter 9 Uniformity Act. H.R. 870 was introduced by Resident Commissioner Pedro Pierlusi to authorize Puerto Rico to enable its public instrumentalities to obtain the same bankruptcy protection that is available in all 50 states:
“The Latino Coalition strongly supports passage of H.R. 870 because it would improve the Puerto Rican economy and prevent a U.S. taxpayer bailout costing as much as $164 billion,” said Hector Barreto, TLC’s Chairman and Former Administrator of the U.S. Small Business Administration. “Our Constitution provides for a bankruptcy process allowing for the orderly restructuring and recovery of debts. The U.S. citizens of Puerto Rico and its government should have the same right as the governments in all 50 states to authorize municipal debt restructuring.”
“If approved, H.R. 870 would improve Puerto Rico’s financial situation by providing investors and all other interests with assurance if there is a default by an instrumentality or municipality. Such stability and investor confidence is necessary for economic growth. If the bill is not approved, then American taxpayers face a bailout of $164 billion for Puerto Rico. Therefore, The Latino Coalition urges the House Judiciary Committee to protect taxpayers by taking prompt action to approve H.R. 870,” Barreto added.
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