WASHINGTON, DC – The Puerto Rico Fiscal Stability Coalition today issued the following statement regarding former Governor Jeb Bush’s comments today that Puerto Rico’s public entities should be able to file for bankruptcy. Bush’s comments came during a visit to Puerto Rico.
“It is becoming increasingly clear that bankruptcy is the only responsible solution for Puerto Rico,” said José Fuentes, former attorney general of Puerto Rico and an advisor to the Puerto Rico Fiscal Stability Coalition. “It is imperative that Congress passes H.R. 870, which would give Puerto Rico the authority of a state to restructure debts under the federal bankruptcy code. While Puerto Rico has many of the same rights as states, this is one issue where it is unfairly an outlier. Without this legislation, U.S. taxpayers will be on the hook for a $164 billion bailout for Puerto Rico.”
The Puerto Rico Fiscal Stability Coalition was launched two weeks ago by a group of concerned citizens and business leaders in Puerto Rico and the U.S. mainland. The Coalition is seeking a fair and balanced approach to Puerto Rico’s debt crisis through the passage of H.R. 870, a bill introduced by Resident Commissioner Pedro Pierluisi. Former Governor of Puerto Rico Luis Fortuno and President of the Senate of Puerto Rico Eduardo Bhatia serve as senior advisors to the Coalition. To learn more about the coalition, visit http://stability4PR.com.