Curbelo Votes to Assist Puerto Rico

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Washington, June 9, 2016 | comments

Washington, D.C.
—Today, the U.S. House of Representatives passed H.R. 5278, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). Rep. Carlos Curbelo (FL-26), released the following statement in support of its passage:

“Our friends in Puerto Rico, our fellow American citizens, deserve a better future that gives them the chance to achieve prosperity on the island. Hundreds of thousands of citizens have left to find better opportunities as a result of the deteriorating economic conditions.

I was proud to offer an amendment with Rep. David Jolly (FL-13), which passed the House by a voice vote. Our amendment would help to reduce child poverty in Puerto Rico and would require the Congressional Task Force on Economic Growth in Puerto Rico to recommend changes in federal law that would reduce child poverty in the territory.

I want to thank Chairman Bishop and Representative Duffy, who have shown steadfast leadership in finding practical solutions to address the fiscal crisis in Puerto Rico.  PROMESA is an important step forward in helping the island mitigate the existing humanitarian and economic emergency in a responsible way.”

H.R. 5278 would address Puerto Rico's debt by establishing the Financial Oversight and Management Board to help return the island to a path to stability. This includes approving and implementing annual budgets and making necessary spending reductions, approving the governor's fiscal plan, and assessing all aspects such as laws, contracts, and rules for compliance with the fiscal plan. By establishing the Board, Puerto Rico will be able to being a process for restricting debt and expedite procedures for approving critical infrastructure projects, which help bring fiscal order to the island.

H.R. 5278 passed the House of Representatives on June 9, 2016 by a vote of 297-127.


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