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Puerto Rico Debt Bill Heads for Full House Vote

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Written by Jubilee USA Network   
Wednesday, 25 May 2016 05:52
The House Committee on Natural Resources voted 29-10 to approve Puerto Rico debt legislation for consideration by the full House of Representatives. "PROMESA," or the Puerto Rico Oversight, Management and Economic Stability Act (HR 5278), provides tools for debt relief and establishes a fiscal oversight board.

"This legislation contains debt restructuring tools and mechanisms to prevent hold-out and vulture fund behavior," stated Eric LeCompte, who testified to Congress on the legislation and is the executive director of the religious development coalition Jubilee USA‎. "This bill is not perfect and it is not the ultimate solution‎, but we hope it motivates Puerto Rico's government and creditors to negotiate a good faith agreement."

The committee rejected amendments that would have weakened or delayed the bill's debt restructuring process. An amendment related to minimum wage provisions in PROMESA was not considered and may be voted on by the full House of Representatives, which will debate the bill next.

"We were able to stop attempts in the markup process to harm the debt restructuring tools," said LeCompte. "‎We won't see economic growth on the island until the debt is restructured."

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