Written by Jubilee USA Network   

House Minority Leader Nancy Pelosi introduced a bill to temporarily shield Puerto Rico from lawsuits related to its $72 billion debt. Pelosi noted the bill would apply through March 31, the date Speaker Paul Ryan set as a deadline for the House to address the island's economic crisis.

"Leader Pelosi's bill makes a lot of sense and works with Speaker Ryan's deadline," stated Eric LeCompte, the head of the religious development organization Jubilee USA. "Congress should protect Puerto Rico from harmful lawsuits."

Puerto Rico's Governor said the island will default on its debt either in January or May and will be open to lawsuits.‎ Pelosi said it was 'profoundly disappointing' that Congress did not include bankruptcy protection for Puerto Rico in the 'omnibus' budget package.

"Bankruptcy protects Puerto Rico and its people but it also protects investors," said LeCompte who serves on United Nations expert groups that focus on debt. "Congress has to deal with this issue immediately or the situation will only get worse.‎"

Jubilee USA Network is an alliance of more than 75 US organizations and 400 faith communities working with 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org