Senator Markey Statement on Puerto Rico Fiscal Crisis
Washington (June 29, 2016) – Senator Edward J. Markey (D-Mass.) released the following statement after voting against the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). Senator Markey has met and consulted with many stakeholder groups, elected leaders, advocates and concerned constituents in Massachusetts and Washington, D.C. to hear their views and better understand their positions on the fiscal crisis in Puerto Rico and the legislation.
“Puerto Rico is facing a serious fiscal crisis with the potential to harm everyday Puerto Ricans through no fault of their own. We cannot turn our backs on the island in its hour of need. Only Congress has the authority to provide Puerto Rico the tools to resolve this crisis. We have to help Puerto Rico restructure its debt and get its fiscal house in order.
“But the people of Puerto Rico deserve more than this legislation that largely usurps their role in shaping the framework of their own financial recovery. This bill imposes on Puerto Rico a fiscal control board without adequate Puerto Rican representation, could subject young workers to a sub-minimum wage while excluding others from overtime pay, and jeopardizes public pension systems. Ultimately, the bill would do more harm to Puerto Rico than good.
“Despite efforts to have a more robust debate on amendments to improve the bill, the final legislation simply doesn’t do enough to ensure that the people of Puerto Rico are in control of their financial destiny and have the necessary tools for an economic recovery for the island.”