WASHINGTON – Today, House Natural Resources Committee Ranking Republican Rob Bishop (R-Utah) issued the following statement regarding the introduction of the Puerto Rico Recovery Accuracy in Disclosures Act (PRRADA). This legislation requires attorneys, accountants, consultants, and other professional persons employed by the Oversight Board in a Title III case to submit verified disclosures of their connections with the debtor, creditors, or persons employed by the Oversight Board, prior to being compensated under PROMESA.

“The introduction of the PRRADA represents a good first step in acknowledging the need for improved transparency in PROMESA’s Title III cases. Although this bill is not yet perfect, it can be made better through further input from the stakeholders this bill will impact, including the Financial Oversight and Management Board.  I thank Ms. Velazquez for introducing this bill, and look forward to working with her and the relevant Committees of jurisdiction to improve this legislation and ensure its passage.” – Ranking Republican Rob Bishop

“How can anyone be confident this oversight board is putting the people of Puerto Rico first if consultants involved in the restructuring could potentially profit from how the fiscal plan is designed?” Velázquez said.  “The very same disclosure requirements that apply to a bankruptcy on the mainland should also apply to Puerto Rico.” – Rep. Nydia Velazquez

“The people of Puerto Rico should be aware that the funding that I have tirelessly worked with Congressional leaders to get appropriated for disaster recovery is going to be utilized for just that- disaster recovery.  The Puerto Rico Recovery Accuracy in Disclosures Act will provide transparency between those employed by the Oversight Board and creditors, debtors, and other employees.  With recovery efforts currently underway, and with over $40 billion in disaster recovery funding at stake we want the highest levels of transparency necessary to ensure that funding is invested into the island and benefits the local economy.” – Rep. Jenniffer Gonzalez-Colon 

Bill text can be found HERE