releases: https://duffy.house.gov/press-release/duffy-bill-addresses-puerto-rico-debt-crisis-shields-americans-from-a-taxpayer-bailout
Data license: MIT · Data source: dwillis/congress-press
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| https://duffy.house.gov/press-release/duffy-bill-addresses-puerto-rico-debt-crisis-shields-americans-from-a-taxpayer-bailout | Duffy Bill Addresses Puerto Rico Debt Crisis; Shields Americans from a Taxpayer Bailout | 2015-12-09 | 2015 | 2015-12 | Republican | House | WI | Sean Duffy | D000614 | duffy.house.gov | legacy | Washington D.C. U.S. Representative Sean Duffy (WI-07)introduced the Puerto Rico Financial Stability and Debt Restructuring Choice Act on Wednesday. Upon introduction of the bill, Rep. Duffy offered: This bill empowers the Government of Puerto Rico with the choice to partner with the Federal Government and put the island on a path towards balanced budgets and a return to fiscal security. If Congress does not act, it would have a devastating effect on the people of Puerto Rico and countless Americans throughout the states who stand to lose billions in the bond markets. He continued, This is a multi-pronged approach and a long-term solution. It cannot happen without adoption of legislation by the Puerto Rico Legislative Assembly which must be signed by the Governor. We know bailouts do not change spending habits. We need all sides to be fully committed to changing the way Puerto Rico manages its budgets, tax collection and finances. Background: Puerto Ricos Choice Respecting the democratic process and the political leadership elected by the people of Puerto Rico, thePuerto Rico Financial Stability and Debt Restructuring Choice Actgives the islands leadership a choice: through the adoption of legislation passed by the Assembly and signed by the Governor, the Government of Puerto Rico will have access the same chapter 9 bankruptcy process that Americas States do if it also agrees to an independent Financial Stability Council to oversee the islands path toward balanced budgets and a return to financial stability. Chapter 9 Prior to the 1980s, Puerto Rico was treated like a state for the purposes of allowing its municipalities and political subdivisions to access the bankruptcy courts. After a rewrite of the bankruptcy code, Puerto Rico lost access to chapter 9. ThePuerto Rico Financial Stability and Debt Restructuring Choice Actwill restore Puerto Ricos access to an orderly debt restructuring process, without which the result would be disorderly litigation which is neither good for the island or its bondholders. Puerto Rico Financial Stability Council In order to restore investor confidence and improve tax collection and budgeting practices, the Government of Puerto Rico may choose to accept the establishment of a 5-member Financial Stability Council with the authority to oversee the islands financial planning and annual budgets. Unlike the D.C. Control Board of the 1990s, this Council will not be imposed on Puerto Rico the islands elected leaders in San Juan must agree to accept the Council. The Councils duration will also be limited and it will not have the blanket authority to impose changes to Puerto Ricos government. Rather, the Financial Stability Council will focus on just that: restoring financial stability to Puerto Rico. Read the full text of Rep. Duffy's bill here. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |