Washington DC - The House Committee on Natural Resources begins deliberations or a "markup" on a bill to resolve Puerto Rico's debt crisis. The Puerto Rico Oversight, Management and Economic Stability Act ("PROMESA," HR 5278) establishes a fiscal oversight board for Puerto Rico and gives the island tools to restructure its debt. 

Eric LeCompte, a United Nations debt expert and executive director of the religious development coalition Jubilee USA, releases the following statement:

"We expect the Puerto Rico legislation to make it through the initial committee markup process.

"‎We need to move quickly on a variety of solutions to Puerto Rico's debt crisis. While the current legislation is not perfect, the humanitarian crisis is getting worse and we need to act.

"There can be no economic growth in Puerto Rico until the debt is restructured. This legislation provides tools that can help get the debt back to payable and sustainable levels.

"The legislation contains bankruptcy-like features that encourage all sides to come to the table and negotiate a fair solution. We hope and pray that good faith negotiations can move forward in a way that respects the rights of creditors, Puerto Rico's government and the island's people. 

"In recent history, I don't think we've seen a more bipartisan effort. Republicans and Democrats worked together to create legislation that can stop vulture funds and hold-out behavior.

“‎We are working to strengthen this legislation. We need greater protections for ordinary workers. We need to reduce child poverty on the island. We want to be sure that the people of Puerto Rico decide any policies that impact their lives."

Read the latest version of PROMESA

Read a timeline of the crisis in Puerto Rico

Jubilee USA Network is an alliance of more than 75 US organizations and 550 faith communities working with 50 Jubilee global partners. Jubilee USA builds 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

Available for interview: Eric LeCompte, Executive Director

Contact: Greg Williams, Communications Director

greg(at)jubileeusa.org / (o) (202) 783-3566 x101 (m) (443) 854-1405

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