Today, the U.S. Senate passed S. 2328, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), with a bipartisan vote of 68-30. Chairman Rob Bishop (R-UT) issued the following statement:

“With a decade-long recession, worsening humanitarian conditions, a mass exodus of its residents and a looming financial collapse, Puerto Rico is in dire straits. Inaction by Congress would have jeopardized the wellbeing of U.S. citizens on the Island and the investments of countless Americans across the country. We have a moral and constitutional obligation to extend a lifeline to Puerto Rico. Today, Congress fulfilled that obligation.

“Although tough decisions remain ahead for Puerto Rico’s leaders, PROMESA’s passage brings hope for the Island and its residents. This is a framework for the Commonwealth to restore accountability in government, impose fiscal discipline and build a foundation for future prosperity.

“This is compromise legislation based on sound principles that will help Puerto Rico’s economy recover. I am pleased the Senate passed the bill without amendments that would have stopped our progress.”

S. 2328 is identical to H.R. 5278, which passed the U.S. House with a bipartisan vote of 297-127 on June 9, 2016.