Grijalva Cheers House Passage of Amendment to PROMESA, Calls for Additional Reforms to Improve Quality of Life for Puerto Ricans

Washington D.C. – This week the House of Representatives passed the Puerto Rico Recovery Accuracy in Disclosures Act of 2021 (PRRADA), an amendment to the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The legislation – introduced by Rep. Nydia M. Velázquez (D-N.Y.) and Natural Resources Committee Chair Raúl M. Grijalva (D-Ariz.) and passed by the House during the 116th Congress – mandates financial disclosures by professionals working on PROMESA debt restructuring proceedings before they can seek compensation for their services, with the goal of preventing conflicts of interest. 

“Improving PROMESA is key to putting Puerto Rico on a better path,” Grijalva said. “Passing this measure again gets us closer to addressing PROMESA’s shortfalls and making sure it serves the people of Puerto Rico. This is just the first step in our larger project to build a better future for the island. With continued support from Rep. Velázquez and other champions, both in Puerto Rico and in Congress, I’m confident we can make progress in the 117th Congress to reduce austerity measures and encourage economic development on the island.”