2016-02

Resolution in Support of Initiatives to Help Puerto Rico with its Economic and Fiscal Crisis

REPRESENTATIVE JOSE APONTE HERNANDEZ (PR) BUSINESS & ECONMIC DEVELOPMENT TASK FORCE

WHEREAS: Puerto Rico is currently facing one of the worst economic crisis in recent decades.

WHEREAS: Puerto Rico’s legislative body recognizes that a crucial element in the road to recovery is a robust economic development plan, which includes solid initiatives in which the public sector promotes growth in the private sector.

WHEREAS: Congress has failed to act to give Puerto Rico the same opportunities states have. The territory currently receives unequal treatment in many areas including Federal programs and appropriations for specific projects.

WHEREAS: In order to start the recovery process, Puerto Rico must be able to restructure its debt.

WHEREAS: The Puerto Rico Oversight Management and Economic Stability Act or PROMESA— as it is being proposed—needs to be amended in order to accomplish real change and help the government of Puerto Rico.

THEREFORE BE IT RESOLVED: NHCSL supports initiatives specifically geared towards the economic development of Puerto Rico as a means to prevent the further migration of Puerto Ricans to the Mainland.

BE IT FURTHER RESOLVED: NHCSL supports the establishment of a reasonable process that encourages fair and equitable debt restructuring agreements to be reached between bond issuing entities in Puerto Rico and their creditors.

BE IT FURTHER RESOLVED: NHCSL supports the establishment of a reasonable oversight board that has the authority to supervise, but not to command and control, the Puerto Rico government.


THIS RESOLUTION WAS ADOPTED ON APRIL 30, 2016, AT THE NHCSL EXECUTIVE COMMITTEE & BUSINESS BOARD OF ADVISORS MEETING HELD IN WASHINGTON, D.C.

Sponsored by: Representative Jose Aponte Hernandez (PR)