“Puerto Rico’s latest default on its debt today and the moratorium enacted on future payments by Governor Garcia Padilla were dire necessities caused by Congress’s epic failure to adequately address the multitude of issues at hand.
“Congress has failed to provide Puerto Rico access to bankruptcy. Moreover, the ‘Puerto Rico Oversight, Management, and Economic Stability’ Act (PROMESA), advanced by Speaker Paul Ryan, doesn’t do nearly enough to address the long list of legislative reforms needed from Congress to grow the Puerto Rican economy. The bill’s proposed Control Board is woefully problematic.
“Congress must act in order to resolve this very serious problem as soon as possible.
“While we appreciate the efforts of those advocating to resolve this critical humanitarian and economic crisis, it is abundantly clear that we have to do much more to resolve this catastrophe. It is unconscionable that Congress is dragging their feet in attempting to find a resolution.
“Congress is doing a huge disservice to the citizens of the island procrastinating on this matter.
“Puerto Ricans deserve equitable treatment under the law, just like every other American citizen on the mainland. Yet, the island of Puerto Rico is being short-changed by their own government.
“Such inaction not only hurts our fellow Americans of Puerto Rico, but also drags down the entire American economy as well. I call again for Congress to allow Puerto Rico to restructure their debt, so that they can start recovering from this economic quagmire impacting the island,” said Bronx Borough President Ruben Diaz Jr.