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Hill Statement on Passage of PROMESA Act

Statement

Date: June 9, 2016
Location: Washington, DC
Issues: Government Operations Economy and Fiscal

Today, after the House passed H.R. 5278, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), Congressman French Hill (AR-02) released the following statement:

"If allowed to continue down the current path, the fiscal and humanitarian crisis in Puerto Rico will worsen. While preventing a taxpayer-funded bailout for Puerto Rico, today's bill also sets the legal framework to enact necessary economic and budgetary reforms and avoid financial collapse. This was the same successful strategy used to correct the fiscal crisis faced by the District of Columbia in the 1990s. Taxpayers should never be forced to bailout any state, local, or territory government from debt that has been caused by mismanagement and ineffective policies, and it is critical that the government of Puerto Rico take this opportunity provided by Congress to fix the lingering problems that have hindered its economy and caused this debt crisis."


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