Puerto Rico is currently going through a deep fiscal crisis. If Congress doesn’t act soon by granting Puerto Rico’s public corporations access to the U.S. Bankruptcy Code, 3.5 million American citizens living in Puerto Rico will suffer.
The H.R. 870, would allow Puerto Rico to work with its creditors and constituents to achieve a sustainable long-term solution and enable the government to continue providing essential services to Puerto Ricans in the short-term.
Filing for Chapter 9 does not give “carte blanche” to Puerto Rico’s government to walk away from its debt. Bankruptcy is a complicated, painful process, but it’s the best option available for all concerned parties to reach consensus and achieve a solution for the long-term.
For the first time in history, more Puerto Ricans live on the mainland than on the island. In the decade that ended in 2010, nearly 38,000 Michigan residents identified themselves as Puerto Rican and they are paying careful attention to this issue and will certainly keep this in mind when casting their vote in 2016.
It’s now Congressman Mike Bishop’s time to act. With his vote, he has the power in the House Judiciary Committee to move forward this important legislation for the people of Puerto Rico.
If Puerto Rico cannot obtain access to Chapter 9, its citizens face grave risks. Essential services like water and electricity could be shut off, businesses and residents could flee, and the island’s economy could collapse.
Juan E. Hernández, Puerto Rico Federal Affairs Administration director
Washington D.C.
It’s now Congressman Mike Bishop’s time to act
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