Home > newsroom > Page
Chairman Bishop’s Opening Statement for Full Committee Markup of H.R. 5278


WASHINGTON, D.C., May 24, 2016 -

Today, during the Committee’s markup  on H.R. 5278 (Rep. Sean Duffy), the “Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA),” Chairman Rob Bishop (R-UT) delivered the following statement:

As prepared for delivery:

“Puerto Rico is in the midst of a financial and economic crisis of historic proportions.

“Article IV of the U.S. Constitution states:  “The Congress shall have Power to dispose of and make all needful Rules and Regulations respecting the Territory and other Property belonging to the United States.”  Stating the obvious, Puerto Rico is an American territory.  Therefore, Congress has the power to enact laws affecting Puerto Rico. 

“However, with power comes responsibility.  Power without responsibility leads to tyranny on one hand, or abject neglect on the other.  For too long, Congress has neglected its duties under Article IV.  Congress has sown the wind, and Puerto Rico has reaped the whirlwind.  We have a constitutional, political, and moral imperative to act, and this Committee has done so.

“Given the crisis, the question before us today is whether we fulfill this constitutional responsibility.  H.R. 5278, the Puerto Rico Oversight, Management and Economic Stability Act, or “PROMESA” establishes an Oversight Board to work with the government of Puerto Rico.  The Board will audit their finances, figure out the true asset picture and develop fiscally responsible budgets to repay creditors and meet basic human needs. It will restore the island’s access to credit markets, and review laws, regulations, and expenditures to assure compliance with fiscal plans and fair treatment of investors. […]

“This bill is Puerto Rico’s last and best chance to get on sound financial footing and put its economy on the path to recovery and prosperity…”

Read more HERE.

Contact: Committee Press Office 202-226-9019

Latest News

Statement on President Trump Signing Repeal of BLM Planning 2.0 Rule

Today, President Trump signed H.J. Res 44 (Rep. Liz Cheney, R-WY), a joint resolution of disapproval under the Congressional Review Act to repeal the Bureau of Land Management’s (BLM) Planning 2.0 Rul...... Read more

Statement on Trump Administration’s Plans to Repeal of Oil, Natural Gas and Coal Valuation Rule

Today, the Department of the Interior announced plans to repeal the Office of Natural Resources Revenue’s (ONRR) “Consolidated Federal Oil & Gas and Federal & Indian Coal Valuation Rule.” “The Trump a...... Read more

Subcommittee Presses Panel on Status of Puerto Rico’s Power Utility Restructuring Agreement

Today, the Subcommittee on Indian, Insular and Alaska Native Affairs held an oversight hearing on the status of the Puerto Rico Electric Power Authority (PREPA) Restructuring Support Agreement (RSA). ...... Read more

View All News

Calendar

Oversight Hearing on ESA Consultation Impediments to Economic and Infrastructure Development
Subcommittee on Oversight and Investigations | 1324 Longworth House Office Building Washington D.C. 20515
Legislative Hearing on H.R. 220, H.R. 1411 and Discussion Draft of the "Bureau of Reclamation Pumped Storage Hydropower Development Act"
Subcommittee on Water, Power and Oceans | 1324 Longworth House Office Building Washington D.C. 20515
View All Events