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Duffy Bill Addresses Puerto Rico Debt Crisis; Shields Americans from a Taxpayer Bailout

Statement

Date: Dec. 9, 2015
Location: Washington, DC
Issues: Finance and Banking Foreign Affairs

U.S. Representative Sean Duffy (WI-07) introduced the Puerto Rico Financial Stability and Debt Restructuring Choice Act on Wednesday. Upon introduction of the bill, Rep. Duffy offered:

"This bill empowers the Government of Puerto Rico with the choice to partner with the Federal Government and put the island on a path towards balanced budgets and a return to fiscal security. If Congress does not act, it would have a devastating effect on the people of Puerto Rico and countless Americans throughout the states who stand to lose billions in the bond markets.

He continued, "This is a multi-pronged approach and a long-term solution. It cannot happen without adoption of legislation by the Puerto Rico Legislative Assembly which must be signed by the Governor. We know bailouts do not change spending habits. We need all sides to be fully committed to changing the way Puerto Rico manages its budgets, tax collection and finances."


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