Puerto Rico Oversight, Management, and Economic Stability Act

Floor Speech

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Mr. Chairman, I want to take this opportunity to really thank Ranking Member Grijalva for the important role that he has played throughout this process.

Mr. Chairman, I rise in support of the bill. When I was elected to Congress, I understood there would be tough votes. For me, PROMESA is one of those votes. For those of us with ties to Puerto Rico, this a profoundly personal issue.

There is plenty of blame to go around for this situation. San Juan has played a role, but Washington and Wall Street have equally contributed to this crisis. It is a crisis that is already harming working families that call the island home and, if left unaddressed, it will grow immeasurably worse.

So today we stand at a fork in the road: one path--the bill before us--empowers Puerto Rico to restructure 100 percent of its debt; the only other route sends Puerto Rico to the courthouse, where it will be at the mercy of creditors that will inflict further suffering on the island.

Now, some would suggest that if we oppose this bill, somehow a third option will magically appear before us. That is nonsense. The stark reality we now face is that, other than PROMESA, there are simply no other politically feasible options left.

That does not mean that this is a perfect bill. It is not even close.

It makes no sense that this bill includes an attempt to pay Puerto Rican workers less than those on the mainland. It is offensive that Puerto Rico must foot a $370 million price tag for an oversight board its residents do not want. And the bill does not address economic growth incentives and healthcare parity, issues at the core of Puerto Rico's crisis.

Despite these shortcomings, I see no alternative. If we do not act, Puerto Rico will unravel further. Basic services are being cut, and these cuts will deepen. More schools will close. More police and firefighters will be terminated. And those who will pay the price are Puerto Rico's most vulnerable: its children, its seniors, and its working families.

We have a profound responsibility to prevent this catastrophe from worsening. Those suffering on the island are my brothers and sisters, my fellow Puerto Ricans.

But, my friends, they are also your fellow citizens. 200,000 Puerto Ricans have fought--and shed blood--in every military conflict since World War I. Now these citizens need our help. This is a responsibility we cannot ignore. You see, when the United States took Puerto Rico--and remember we seized it by force--we did not just obtain a pretty island.

We also took on a responsibility to care for the people who live there.

Now, let me say this: Living up to that responsibility does not end with this vote on this bill today. Decisions made by Washington over decades have corroded Puerto Rico's economy. Addressing those problems will require more work by Congress. Until we end the colonial conditions that have subjugated and exploited the island, there will be no long-term recovery.

So this bill alone is not enough. We must pass additional legislation, in the next 6 months, addressing Puerto Rico's deep-seated economic challenges and ongoing healthcare crisis. If we do not, then, Washington, we have failed the people of Puerto Rico once more.

Mr. Chairman, this is not the legislation I would have written, but it is the only way we can extend a lifeline to Puerto Rico right now.

In many ways, the easy path for me would be to vote ``no.'' Certainly, I have heard the case made by some in the Puerto Rican community.

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I thank the gentleman.

Mr. Chair, at the end of the day, I know that if this bill does not pass, people I care about and love on the island I grew up on will suffer greatly. At least with this legislation, Puerto Rico can begin restructuring its debts and start down a new path toward a brighter future. I urge my colleagues to vote ``yes'' on the bill. Then please join me in working to address the other long-term challenges confronting Puerto Rico.

In closing, let me thank all those who worked on this legislation, especially Leader Pelosi, Speaker Ryan, and Whip Hoyer. Let me also thank Ranking Member Grijalva and Chairman Bishop for their efforts as well as my fellow Puerto Rican Members of Congress. And, of course, our thanks to the staff who dedicated countless hours crafting this compromise.

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Mr. Chair, I represent New York's Seventh Congressional District.

I rise in strong support of the Serrano-Velazquez amendment.

Throughout the course of this entire saga, it has become increasingly clear that Puerto Rico's debt is not fully understood. The island has issued 18 different classes of debt--from general obligation to COFINA, to GDB, to utility bonds. Various local and State laws are involved, and the result is a web of confusion.

To address this, the Puerto Rico Commission for the Comprehensive Audit of the Public Credit was created to examine all of the island's debt, something that is very much needed. The audit will not only inform the people of Puerto Rico, but also, in many ways, will assist the oversight board in carrying out its mission. Analyzing and assessing all of the island's $70 billion in debt is long overdue.

Recently, the commission released a preliminary report finding that a small, yet significant, amount of the debt may have violated the island's constitution. Such a finding is meaningful and could have ramifications for this legislation's implementation.

Our amendment ensures that the underlying bill will not prevent the commission from finishing its important work while also allowing the local government and the oversight board to consider these findings if they so chose.

In summary, this amendment would allow for much-needed sunlight to be shown on the island's financial situation.

I urge Members to support this amendment.

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