Puerto Rico is part of the US Economy

If the Puerto Rican economy breaks, American taxpayers will face a $164 Billion Bailout

H.R. 870, the Puerto Rico Chapter 9 Uniformity Act of 2015, can prevent this bailout from happening by allowing Puerto Rico municipalities to restructure their finances under Chapter 9 of the federal bankruptcy code. This is a power that is available to every state.



The Puerto Rico Fiscal Stability Coalition is a group of concerned citizens and businesses in Puerto Rico and the U.S. mainland seeking a fair and balanced approach to Puerto Rico’s debt crisis. Our supporters include leading figures in Puerto Rican politics and enterprise, financial institutions and investment firms, leading scholars in economics and law from universities throughout the nation, and the editorial leadership of major news outlets in the States as well as in the territory. The diverse membership of our coalition and supporters is a testament to our broad interest in ensuring a bright economic future for Puerto Rico and safeguarding the wellbeing of its citizens and investors across America. We believe that the passage of H.R. 870, the Puerto Rico Fiscal Stability Act, is an important step towards this goal.

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Congress should pass HR 870 because:

Puerto Rico – A U.S. AREA

Power Delegated to States

Lack of Inclusion Endangers Millions of Citizens Nationally

Lack of Inclusion Threatens Federal Budget



Conservative Supporters

Other Supporters

  1. Ad Hoc Group” of 32 financial institutions collectively managing in excess of $410 billion in assets and holding more than $4.2 billion in Puerto Rico municipal debt
  2. Banco Popular
  3. Bloomberg Editorial Board
  4. Center for a New Economy
  5. Crowley Maritime Corporation
  6. FCO Advisors LP (Investment Firm)
  7. Fitch Ratings
  8. Globe and Mail Editorial Board (UK)
  9. League of United Latin American Citizens
  10. Los Angeles Times Editorial Board
  11. National Grocers Association
  12. National Hispanic Caucus of State Legislators
  13. National Hispanic Leadership Agenda
  14. National Puerto Rican Coalition
  15. New America Alliance
  16. New York Times Editorial Board
  17. Puerto Rico Association of Financial Professionals
  18. Puerto Rico Certified Public Accountants Association
  19. Puerto Rico Chamber of Commerce
  20. Puerto Rico Chamber of Food Marketing, Industry and Distribution
  21. Puerto Rico General Contractors Association
  22. Puerto Rico Home Builders Association
  23. Puerto Rico Hospitals Association
  24. Puerto Rico Hotels and Tourism Association
  25. Puerto Rico Manufacturers Association
  26. Puerto Rico Mortgage Bankers Association
  27. Puerto Rico Pharmaceutical Industry Association
  28. Puerto Rico Renewable Energy Producers Association
  29. Puerto Rico Restaurants Association
  30. Puerto Rico United Retailers Association
  31. Saft America (U.S. High-Technology Battery Manufacturer)
  32. South Florida Puerto Rican Chamber of Commerce
  33. The National Puerto Rican Chamber of Commerce
  34. Tote Incorporated (Owner of Sea Star Line)
  35. Washington Post Editorial Board
  36. William C. Dudley, President of the Federal Reserve Bank of New York

Details on HR 870

H.R. 870 Would Give pUERTO rICO the authority every state has TO aUTHORIZE its municipalities to rESTRUCTURe their Finances

Puerto Rico is treated like a state under most federal laws. The island’s Resident Commissioner in the U.S. House, Pedro Pierluisi, sponsored a bill to give Puerto Rico the authority of a state to authorize its municipalities to restructure their finances under Chapter 9 of the federal bankruptcy code. As he said, “In Puerto Rico, where unity is rare, the bill has virtually unanimous support. The administration of Governor Alejandro García Padilla will testify in favor of the bill, Puerto Rico Senate President Eduardo Bhatia is a strong supporter of the bill, former Governor Luis Fortuño has written a letter in support of the bill, the Puerto Rico House and Senate have adopted a concurrent resolution urging enactment of the bill, and nine former presidents of the GDB [Government Development Bank] from both local political parties have signed a joint letter in support of the bill. In addition, 13 private-sector trade associations on the island have signed a memorandum of agreement endorsing the bill. The bill also enjoys support from Banco Popular, Puerto Rico’s largest bank.”