Sessions Supports Puerto Rico Bill to Ensure NO Taxpayer Dollars are Used for Bailout

WASHINGTON, DC – U.S. Congressman Pete Sessions (R-TX), Chairman of the House Rules Committee, today issued the following statement on the House’s passage of a H.R. 5278, the Puerto Rico Oversight, Management, and Economic Stability Act:

“As a result of the Puerto Rican government’s inefficient and irresponsible financial decisions, the island has amassed more than $118 billion in debt and is on the brink of a full scale economic collapse. On May 2, 2016, Puerto Rico defaulted on a portion of their debt and is expected to default on an additional $2 billion on July 1. If Congress does not act, American taxpayers will be called upon to carry the brunt of this debt while the island spirals further and further into bankruptcy.

“Today, under the conservative leadership of Chairman Rob Bishop, Congressman Sean Duffy, and Congressman Raul Labrador, the House passed a responsible and workable solution that makes fundamental changes to the current structure that allowed this gross financial mismanagement to occur. H.R. 5278, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) establishes an oversight board to ensure the Puerto Rican government institutes long-term, effective economic reforms. This plan will restore the rule of law, protect the lawful rights of the island’s investors, and ensure that no taxpayer dollars will be used to bailout Puerto Rico or pay down their debt. I proudly supported this common sense solution and I urge my colleagues in the Senate to act swiftly on this legislation so we can put Puerto Rico on the path towards solvency and ultimately, economic prosperity.” 

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Created:
Jun 9, 2016