Today, Ranking Republican Rob Bishop (R-Utah) released the following statement on the scheduled legislative hearing to consider reforms to the “Puerto Rico Oversight, Management, and Economic Stability Act,” or ‘PROMESA’. 

“The people of Puerto Rico are being belittled by Democrats and their farcical hearing intended for headlines instead of solving problems.   

 Past Puerto Rican governments have a track record of financial shortcomings. PROMESA was a bipartisan approach providing tools for the island to build a new future. I congratulate Governor Wanda Vázquez Garced for stepping up to work with the Oversight Board. She recently sat in my office and committed to tackle difficult challenges. 

The Democrats’ draft legislation is a distraction that uses a complex crisis for trivial pandering. 

Why would anybody do this? Politics. Not progress.   

I challenge committee leadership to look into the eyes of the Puerto Rican people and say that this bill is a necessary step for the island to move forward. They can’t, because it is not.   

Democrats are trading Puerto Rico’s path to stability and statehood for political points and headlines. The island and this committee deserve better.”

 Background:

On June 30, 2016, PROMESA was signed into law by former President Barack Obama. The measure was passed by the Senate on June 29, 2016 and the House of Representatives on June 9, 2016. A bipartisan initiative, PROMESA aimed to restore the rule of law, protect the lawful rights of the island’s investors, bring solvency to Puerto Rico, and build a foundation for future growth.