Representative Sean Duffy (R-WI) introduced a bill granting Puerto Rico access to the same bankruptcy protection available to US cities and states. The "Puerto Rico Financial Stability and Debt Restructuring Choice Act" also includes an independent financial review board that Puerto Rico's elected officials would approve. Puerto Rico's Member of Congress Pedro Pierluisi introduced legislation earlier this year to grant Puerto Rico access to Chapter 9 bankruptcy without a review board. Puerto Rico owes $72 billion in debt and must pay nearly $1 billion on January 1 to avoid default.
Eric LeCompte, Executive Director of the religious development group, Jubilee USA Network, released the following statement:
"Representative Duffy deserves praise for working toward a solution to Puerto Rico's humanitarian crisis. He's absolutely right that Puerto Rico needs bankruptcy protection.
"A financial review board approved by Puerto Rico's elected officials could be part of a comprehensive solution to the crisis.
"Representative Duffy's bill gives reason for optimism that Democrats and Republicans in Congress can work together to solve this crisis."
Read the Puerto Rico Financial Stability and Debt Restructuring Choice Act.
Read a timeline of Puerto Rico's debt crisis.
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