Letter to Secretary Pompeo, Secretary of State - Hastings Supports Florida Municipal Pension Plans Affected by Peruvian Agrarian Reform Bonds
Letter
Dear Secretary Pompeo:
We write to express our concerns over the Republic of Peru's refusal to honor its obligations to repay agrarian reform bonds. We fear that thousands of Florida workers, among them our constituents, and many more Americans across the country, will be placed at financial risk if the government of Peru continues to default on these bonds.
As you know, the government of Peru began issuing agrarian reform bonds in 1969 as a means of compensating land owners for expropriated lands. Following decades of currency changes and hyperinflation, the government ceased making payments on these bonds in 1992. The value and process for repayment of these bonds remains in question.
More than 50,000 Florida workers are invested in Peruvian agrarian reform bonds through their pension funds, including municipal workers, police officers, firefighters, trade unions, and port workers across the state. Entities within several Florida cities, including Fort Lauderdale, Orlando, North Miami Beach, and Hialeah are among those whose pension plans continue to be affected. As Representatives of these and other cities in Florida, we are concerned that workers who have spent their careers in public service are being unfairly impacted by the Peruvian government's actions.
Workers in Florida are not the only ones to be affected by this default. Nationwide, nearly $2 billion in debt is held across 30 states. The government of Peru's refusal to pay its obligations threatens the hard-earned benefits that these Americans have earned.
We urge your continued engagement on this issue so that we may find a solution on behalf of the thousands of Florida workers placed at risk by this unnecessary default. We ask that you give our request your full and fair consideration, consistent with applicable statutes and regulations. Thank you for your consideration.
Sincerely,
Alcee L. Hastings
Member of Congress
Vern Buchanan
Member of Congress
Stephanie Murphy
Member of Congress
Val Butler Demings
Member of Congress
Brian Mast
Member of Congress
Bill Posey
Member of Congress
Darren Soto
Member of Congress
Ross Spano
Member of Congress
Debbie Wasserman Schultz
Member of Congress
Charlie Crist
Member of Congress
Matt Gaetz
Member of Congress
Neal P. Dunn, M.D.
Member of Congress
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