Congressman Serrano Sends Letter to President Obama Expressing Urgent Need for Federal Action to Help Address Economic Crisis in Puerto Rico

Statement

U.S. Congressman José E. Serrano, the most senior member of Congress of Puerto Rican descent, today sent a letter to President Obama asking him for more action by the federal government to help Puerto Rico address their ongoing debt crisis:

"This is a multi-faceted crisis that demands multi-faceted solutions. One piece of that puzzle is the need for congressional action to expand Chapter 9 bankruptcy availability to Puerto Rico. Just yesterday, the 1st Circuit Court of Appeals ruled that Puerto Rico cannot issue its own municipal bankruptcy law absent federal authorization. While we in Congress will continue our efforts to enact H.R. 870 into law, this will not solve all of the fiscal problems on the island. Puerto Rico needs to implement structural reforms that will enhance job creation, increase economic growth, and attract investment to the island. The federal government can provide sound advice and expertise into how to carry out these reforms without increasing the financial burden on the residents of Puerto Rico, particularly poor and middle class residents. Further federal action is necessary to help address all of these issues," wrote Congressman Serrano in the letter.

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