Velázquez on Puerto Rico Congressional Task Force Report

Statement

Rep. Nydia M. Velázquez (D-NY) released the following statement regarding the release of the Congressional Task Force on Economic Growth in Puerto Rico's report:

"The Task Force has put forth a robust set of recommendations for Puerto Rico that, if enacted, would represent powerful change for those that call the island home. In doing so, the Task Force has bridged many divides and has come together in a bipartisan manner for the good of Puerto Ricans. In this regard, I want to thank Chairman Hatch for his leadership and recognize all of the Members for their hard work and input in crafting this report. However, make no mistake, much work needs to be done to turn these ideas into law.

"The most critical recommendations in this report regard funding for the island's health care system, which is severely stressed. The report calls for Congress to enact legislation to address Puerto Rico's Medicaid crisis and to stabilize its Medicare program, including Medicare Advantage, which accounts for 50 percent of all health care dollars on the island.

"I am proud that the report also calls for an expansion of the child tax credit. It is projected that this change could channel nearly $3 billion to the island's economy over the next ten years, helping more than 400,000 children.

"I was also pleased by the inclusion of a number of small business provisions I authored, which will provide a path for the island to embrace entrepreneurship and create greater opportunity for those who live there. One such provision would increase the availability of small business loans on the island, while reducing their cost to borrowers. Additionally, the report calls for a local contracting preference for Puerto Rican businesses. This would help reverse the trend that sees prime federal contracts awarded to firms located on the mainland, only to see the island's firms hired as subcontractors. Together, increasing the flow of capital and contracts to the island has real promise to create economic growth and the jobs the island needs.

"Finally, the Task Force also agreed on the importance of accelerating the restoration of Caño Martín Peña. Doing so will not only improve the economy, but it will help protect our environment and the public health. We have a moral obligation to ensure this distressed area is not left behind.

"Now that the Congressional Task Force has acted, it is incumbent on the new Congress to begin enacting recommendations quickly. Puerto Ricans have suffered for far too long and I will be working with my colleagues to see these measures passed into law."

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