Hillary Clinton and Bernie Sanders clash over Puerto Rico rescue bill

[imagine2015]

CNN
Hillary Clinton and Bernie Sanders clash over Puerto Rico rescue bill
by Heather Long
May 20, 2016


Hillary Clinton is on board with the bipartisan plan to rescue Puerto Rico from near economic collapse, but Senator Bernie Sanders issued a strong statement Friday evening against it.

Clinton isn't thrilled. She has "serious concerns" about parts of the plan, but she believes Congress should pass it and President Obama should sign it quickly.

"We must move forward with this legislation," Clinton said Friday. "Otherwise, without any means of addressing this crisis, too many Puerto Ricans will continue to suffer."

Sanders, who is challenging Clinton for the Democratic presidential nomination, said, "I am proud to stand in strong opposition to this bill." He suggested the rescue plan would benefit Wall Street "while workers, senior citizens and children are punished."

The compromise bill is known as the PROMESA, the Spanish word for "promise." It would create an oversight board to control the island's finances and come up with a plan to pay back the massive debt. The solution could include paying creditors less than 100% or delaying payments.

Clinton has concerns that the oversight board will exert too much control over the island. Puerto Rico's governor has compared the board to being ruled again by colonial overloads. He says it's "not consistent with basic American democratic principles."

But Clinton said if she is elected president, she will ensure the oversight board acts in the best interests of Puerto Ricans.

Sanders, who has campaigned in Puerto Rico, said, "We must never give an unelected control board the power to balance Puerto Rico's budget on the backs of children, senior citizens, the sick and the most vulnerable people in Puerto Rico while giving the people of Puerto Rico absolutely no say at all in the process."

"That may make sense to groups representing Wall Street, but it makes absolutely no sense to me," he said in a statement.

Read the full article at:
http://money.cnn.com/2016/05/20/news/economy/puerto-rico-hillary-clinton/index.html


Press Release

Sanders Sides with People of Puerto Rico
May 20, 2016

ALBUQUERQUE, N.M. – U.S. Sen. Bernie Sanders on Friday issued the following statement on a proposal in the U.S. House of Representatives to put Puerto Rico under control of a congressionally-appointed financial control board:

“We must never give an unelected control board the power to balance Puerto Rico’s budget on the backs of children, senior citizens, the sick and the most vulnerable people in Puerto Rico while giving the people of Puerto Rico absolutely no say at all in the process.

“We cannot allow Senate Majority Leader McConnell and Speaker Ryan to determine the fate of Puerto Rico by handpicking a majority of the control board’s members, while the people of Puerto Rico would be in charge of choosing none. That may make sense to groups representing Wall Street, but it makes absolutely no sense to me.

“Among other efforts, what Congress should do is to act immediately to give Puerto Rico the same authority granted to every municipality in this country to restructure its debt under the supervision of a bankruptcy court.

“The billionaire hedge fund managers on Wall Street cannot get a 100 percent return on their bonds while workers, senior citizens and children are punished. Wall Street vulture capitalists must not be allowed to get it all.

“Today, I am proud to stand in strong opposition to this bill not only with the people of Puerto Rico, but the AFL-CIO, UAW, SEIU, AFSCME, UFCW and other unions that recognize just how bad this bill would be.

“We must stop treating Puerto Rico like a colony and start treating the American citizens of Puerto Rico with the respect and dignity that they deserve.”

[MisterP]

1. in the 80s Honduras's secret rulers proposed making it a free associated state like PR!