Velázquez, Serrano on Natural Resources Puerto Rico Bill

Statement

Representatives Nydia M. Velázquez (D-NY-7) and José E. Serrano (D-NY-15) issued the following statement regarding the public release of legislation affecting Puerto Rico:

"We thank Chairman Bishop for his efforts to draft legislation to address the financial crisis in Puerto Rico. We recognize this is a challenging process and that there are many stakeholders with different priorities. Our hope is that we can see our way through this and come together to give Puerto Rico a path forward.

"While recognizing that the bill is a draft and will evolve over coming weeks, we have several immediate concerns. First and foremost is that the oversight board, as currently structured, undermines Puerto Rico's rule of law. It would allow the board to declare Puerto Rico's own laws 'null and void,' while also permitting the board to enact its own laws over the objections of the island's government. Such powers do not provide oversight, but rather usurp the role of Puerto Rico's own democratically-elected government. Because of these concerns, we cannot support the legislation in its current form.

"With regard to the design of the restructuring portion of the legislation, we believe it is promising, but are hopeful further refinements can be made. To this point, we have asked that future drafts be revised to prioritize retirees and ensure their benefits are paid. This change would provide assurance to the many working class Puerto Ricans who rely heavily on their government-provided pensions.

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