Rep. Luis V. Gutiérrez (D-IL) issued the following statement in reaction to the advancement and likely passage of the PROMESA Bill to address Puerto Rico’s debt crisis and establish a federal fiscal control board or Junta de Control Fiscal. The same bill passed the House earlier this month and is expected to be signed by the President before July 1 when a debt payment by Puerto Rico to bondholders is due. “The Senate was held hostage by a false deadline based on when bondholders expect to be paid, which is more evidence that this process is driven by Wall Street’s demands, not by the legitimate needs of the Puerto Rican people to keep schools open, hospitals staffed, and first responders at work protecting the people...."
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