Tonight, H.R. 5278, the “Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA),” was introduced in the House. Bill sponsor Rep. Sean Duffy (R-WI), Committee on Natural Resources Chairman Rob Bishop (R-UT) and cosponsor Rep. Jim Sensenbrenner (R-WI) issued the following statements: “Years of disastrous polices have completely wrecked Puerto Rico’s economy. As a result,… Read more »

 Michelle Ye Hee Lee “Small investors like Teresa own 80 percent of Puerto Rico’s debt. … This is a bailout of Puerto Rico on the backs of savers like Teresa. Congress wants to bail out Puerto Rico with Teresa’s retirement savings.” –political ad by Center for Individual Freedom The Center for Individual Freedom is a 501(c)(4) “dark money” group that has purchased at… Read more »

Today, the Committee held a legislative hearing on H.R. 4900, the “Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA).” This is the fourth in a series of hearings to address the deepening fiscal crisis in Puerto Rico. The witnesses testified that the foundations of this bill are legally, economically and constitutionally sound. Antonio Weiss, Counselor to the… Read more »

Today, after the House Committee on Natural Resources adjourned markup on H.R. 4900, the “Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA),” Chairman Rob Bishop (R-UT) issued the following statement: “The Administration is still negotiating on provisions of the legislation, creating uncertainty in both parties. This legislation needs bipartisan support, but Members… Read more »