Statement by Phil Anderson, Executive Director of the Puerto Rico Fiscal Stability Coalition on the “Puerto Rico Fiscal Assistance Act of 2015:”

“The Puerto Rico Fiscal Stability Coalition commends Senate Chairs Orrin Hatch, Lisa Murkowski, and Chuck Grassley for recognizing the urgency of Puerto Rico’s financial troubles and advancing constructive solutions, such as providing much-needed tax relief for Puerto Rico’s workers, recognizing the disparities under federal health programs, and providing $3 billion in transition assistance without adding a dime to the federal debt.  Furthermore, the establishment of a Financial Responsibility and Management Assistance Authority could provide a structure for the Government of Puerto Rico to resolve its financial problems.”

“If enacted, we believe the Hatch bill would help prevent a default and protect bondholders on both the mainland and in Puerto Rico.  However, any final congressional assistance plan for Puerto Rico must also include legislation that gives the territorial government the authority of a state to enable municipalities to use the provisions of the Federal Bankruptcy Code to restructure its debts.  By giving insular municipalities the ability to escape catastrophic and sometimes unavoidable financial situations by restructuring their finances, this bill would ensure a brighter economic future for both Puerto Rico and its mainland investors – and prevent a U.S. taxpayer bailout of the Commonwealth down the road.”

The Puerto Rico Fiscal Stability Coalition is a group of concerned citizens and businesses in Puerto Rico and U.S mainland seeking a fair and balanced approach to Puerto Rico’s debt crisis.  For more information about the Coalition, go to www.stability4PR.com 

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