Today, the House passed H.R. 5278, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), with a bipartisan vote of 297-127.

“Today the House acted to prevent Puerto Rico's fiscal crisis from escalating to a humanitarian catastrophe. This legislation provides Puerto Rico with tools to impose discipline over its finances, meet its borrowing obligations and build a new economic foundation. This bill fulfills Congress’ constitutional responsibility to uphold our obligations to the American citizens of the U.S. territories. It is my hope the Senate acts expeditiously to pass this legislation,” Chairman Rob Bishop (R-UT) said.

“This is a great bill that’s going to actually get Puerto Rico on a path to prosperity, opportunity and economic growth. It’s going to help people in Puerto Rico who have a dream of living in Puerto Rico actually stay in Puerto Rico with their families,” bill sponsor Rep. Sean Duffy (R-WI) said.  

“PROMESA is not a reward for bad behavior. It is not a bailout. It does not spend a single cent of taxpayer money. It’s a common sense solution to a crisis that is hurting millions of American citizens, and its passage today not only protects taxpayers, but brings renewed hope for a better future to every Puerto Rican,” original co-sponsor Rep. Jim Sensenbrenner (R-WI) stated.

Click here to learn more about PROMESA.