Statement from Borough President Diaz
RE: President Obama’s Proposal on Puerto Rico’s Debt
“I commend President Obama for taking action and putting forward a proposal that supports the future economic growth of Puerto Rico and prevents a financial catastrophe for our fellow Americans who call Puerto Rico their home. For several months, I have been pushing for common sense solutions to Puerto Rico’s fiscal crisis, which undoubtedly would negatively impact New York and other states. This includes leading a coalition of elected officials from across the nation in a push for federal legislation that would allow the commonwealth to declare bankruptcy, restructure its debt and fundamentally change how Puerto Rico engages in commerce.
“This latest proposal is a strong step forward for the financial health and well-being of Puerto Rico, and it is now up to Congress to act quickly to prevent what some have described as a looming humanitarian crisis in the commonwealth. I look forward to strategizing with my colleagues in government, including Assembly Member Marcos Crespo, Chair of the New York State Assembly’s Puerto Rican/Hispanic Task Force; Congress Members Nydia Velazquez and Jose Serrano, and City Council Speaker Melissa Mark-Viverito on moving forward federal legislation when we meet at the Somos El Futuro conference in Puerto Rico next month,” said Bronx Borough President Ruben Diaz Jr.
In August, Borough President Diaz issued a letter, in conjunction with over 100 elected officials from across the nation, demanding immediate action from Congress to enact legislation that will allow the Commonwealth of Puerto Rico to enter bankruptcy. Read the letter here http://on.nyc.gov/1h2qZs1.