House Natural Resources Committee Chairman Rob Bishop (R-Utah), today issued the following statement regarding the release of Puerto Rico’s audited financials for Fiscal Year 2015.

“The passage of PROMESA was instigated by a need for fiscal discipline and transparency within Puerto Rico, and the release of these audited financials is a needed step forward in this process. Governor Rosselló should be commended for keeping with his promise and releasing these statements, an action that is essential to restoring credibility to Puerto Rico’s institutions of government and beginning the path to a stable and strong economy for its people. Continued transparency from the Governor and all stakeholders will provide a more expeditious path to future growth and investment for the Island, and I look forward to the release of the audited financials for 2016 and 2017.”

Background:

Over the past decade, Puerto Rico often failed to provide timely audited financial statements related to its municipal bonds, one of many factors leading to the territory's fiscal and debt crises. In response, Congress passed on a bipartisan basis the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) in 2016. PROMESA created a Financial Oversight and Management Board and a structure for overseeing Puerto Rico’s fiscal affairs, including accessing Puerto Rico’s actual financial condition and the disclosure of audited financial statements. 

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