Puerto Rico’s Distress

To the Editor:

Re “As Puerto Rico Defaults, Eyes Turn to Washington” (Business Day, May 3):

The Government Development Bank recently missed most of a $422 million payment to bondholders, becoming the third public entity in Puerto Rico to default in the last nine months, and larger defaults appear imminent.

As Puerto Rico’s representative in Congress, I am pained by the adversarial approach the island’s governor has taken toward the people and institutions who lent us money.

I view Puerto Rico and its creditors as passengers on the same distressed ship; we are going to sail safely to shore together, or we are going to sink together.

This is an American problem requiring a principled and pragmatic American solution. There is bipartisan legislation pending in the House of Representatives that would empower Puerto Rico to restructure its debts in a fair and orderly manner, while establishing an independent oversight board to help the island manage its finances.

It is easy to be cynical about the ability of Congress to place the national interest above special interests that prefer the status quo, but I am confident that there is a critical mass of Republican and Democratic legislators with the courage to act.

PEDRO R. PIERLUISI

San Juan, P.R.

Puerto Rico’s Distress