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.
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WHO WE ARE
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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ISSUES
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
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SUPPORTERS
Conservative Supporters
- Americans for Tax Reform
- Citizens Against Government Waste
- Former Florida Governor Jeb Bush
- Former Puerto Rico Governor Luis Fortuno
- Former House Speaker Newt Gingrich
- Former Senator Bob Dole
- Fox News Latino Opinion Piece by Justin Velez-Hagan
- The Daily Caller
- The Weekly Standard
- Wall Street Journal Editorial Board
Other Supporters
- “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
- Banco Popular
- Bloomberg Editorial Board
- Center for a New Economy
- Crowley Maritime Corporation
- FCO Advisors LP (Investment Firm)
- Fitch Ratings
- Globe and Mail Editorial Board (UK)
- League of United Latin American Citizens
- Los Angeles Times Editorial Board
- National Grocers Association
- National Hispanic Caucus of State Legislators
- National Hispanic Leadership Agenda
- National Puerto Rican Coalition
- New America Alliance
- New York Times Editorial Board
- Puerto Rico Association of Financial Professionals
- Puerto Rico Certified Public Accountants Association
- Puerto Rico Chamber of Commerce
- Puerto Rico Chamber of Food Marketing, Industry and Distribution
- Puerto Rico General Contractors Association
- Puerto Rico Home Builders Association
- Puerto Rico Hospitals Association
- Puerto Rico Hotels and Tourism Association
- Puerto Rico Manufacturers Association
- Puerto Rico Mortgage Bankers Association
- Puerto Rico Pharmaceutical Industry Association
- Puerto Rico Renewable Energy Producers Association
- Puerto Rico Restaurants Association
- Puerto Rico United Retailers Association
- Saft America (U.S. High-Technology Battery Manufacturer)
- South Florida Puerto Rican Chamber of Commerce
- The National Puerto Rican Chamber of Commerce
- Tote Incorporated (Owner of Sea Star Line)
- Washington Post Editorial Board
- 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.”
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