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Wed Apr 13, 2016, 10:08 AM

House Republicans' Puerto Rico plan could hurt 'working people': Pelosi

Source: Reuters

Markets | Wed Apr 13, 2016 9:31am EDT

House Republicans' Puerto Rico plan could hurt 'working people': Pelosi

House Republicans' rescue plan to help Puerto Rico shed crippling debt has problems and could hurt residents of the U.S. commonwealth, House Democratic Leader Nancy Pelosi said, adding that the proposed legislation is "fixable."

Leading House Republicans on Tuesday outlined their plan, which would steer creditors and holders of Puerto Rico bonds toward a new, independent board that would seek a fair way to write down an estimated $70 billion in debt.

In a statement released late Tuesday, Pelosi said the Republicans' proposal needs changes "to improve the makeup and scope of the board and streamline the restructuring process to make it more workable."

Pelosi said Democrats are concerned "about the negative impact of the legislation on working people in Puerto Rico, as well as the effects of transferring federal lands on Vieques without providing for strong conservation protections."

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Read more: http://www.reuters.com/article/us-puertorico-debt-congress-idUSKCN0XA1C3

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