Statement from Secretary Lew on Senate Passage of Puerto Rico Legislation

Statement

"I commend Republicans and Democrats in Congress for coming together to pass critical legislation to give Puerto Rico the tools to address its fiscal crisis. Puerto Rico will now have access to a restructuring process to adjust its debts to a sustainable level, with no carve outs for powerful financial interests.

"But there is still much work to be done. With legislation in place, Puerto Rico will now have time to work out an orderly financial path forward after July 1. Putting Puerto Rico back on a path of sustained economic growth will take continued attention and commitment from all stakeholders. The Treasury Department will continue to provide technical expertise to improve Puerto Rico's fiscal situation and support Puerto Rico throughout the restructuring and oversight process once President Obama signs the bill into law.

"While this bill stems the immediate crisis, Congress must redouble its efforts to promote Puerto Rico's long-term success. That includes encouraging economic growth and ensuring adequate health care in Puerto Rico. Additionally, Congress must provide adequate funding to combat the growing threat of Zika. We must continue to work together to ensure a stronger and more sustainable future for the 3.5 million Americans in Puerto Rico ."

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