Warren, Sanders, Gillibrand, Markey, Harris, Velzquez Unveil Debt-Relief Legislation Puerto Rico
Wednesday, July 25, 2018
Excerpts:
Washington, DC - United States Senators Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) today introduced legislation to provide an avenue to comprehensive debt relief for Puerto Rico and other disaster-ravaged U.S. territories so they can recover and rebuild with dignity. The U.S. Territorial Relief Act of 2018 gives territories the option to terminate their debt obligations if they meet certain stringent eligibility criteria. Senators Kirsten Gillibrand (D-N.Y.), Edward J. Markey (D-Mass.), and Kamala Harris (D-Calif.) are cosponsors. Representative Nydia M. Velázquez (D-N.Y.) will be introducing the companion legislation in the House of Representatives.
In November 2017, Senators Sanders, Warren, Gillibrand, Markey, Harris, and Representative Velázquez introduced comprehensive legislation to help Puerto Rico and U.S. Virgin Islands rebuild. The Puerto Rico and Virgin Islands Equitable Rebuild Act would ensure federal funding provided to the islands is protected from Wall Street vulture funds and acted upon with local input and local workers. The U.S. Territorial Relief Act builds from this legislation to allow all U.S. territories to address overwhelming debt loads, recover with dignity, and build strong economies.
https://www.sanders.senate.gov/newsroom/press-releases/warren-sanders-gillibrand-markey-harris-and-velzquez-unveil-debt-relief-legislation-for-puerto-rico-us-territories
