PROMESA Press Release
|05/22/2020 - 16:57||
STATEMENT: CAP Supports Long Overdue Reforms To Stabilize Puerto Ricos Economy and Financial Crisis
Washington, D.C. — Today, House Natural Resources Committee Chairman Raúl Grijalva (D-AZ), along with Reps. Nydia Velázquez (D-NY), José Serrano (D-NY), Darren Soto (D-FL), Alexandria Ocasio-Cortez (D-NY), and others, introduced legislation to amend the controversial Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) that has failed the people of Puerto Rico.
|03/10/2020 - 21:29||
Statement of Mary Kay Henry, President of the Service Employees International Union (SEIU) about the Notice of Default for the Government Development Bank of Puerto Rico
Instead of following that advice, the Government of Puerto Rico agreed to a reduction of only 33% in the Government Development Bank’s debt. The Government’s gift to Wall St.
|10/17/2019 - 17:48||
The Constitution Is a Promesa to Keep
The U.S. Supreme Court heard oral arguments Tuesday in cases that might not get as much attention as the culture-war smorgasbord on the docket this term, but that implicate billions of dollars and, even more important, the vitality of our system of government. That’s what’s ultimately at stake in the five cases consolidated under the technocratic name Financial Oversight and Management Board for Puerto Rico v.
|10/04/2019 - 11:22||
California Lawyer: An innocuous Supreme Court case could be a blockbuster
A bankruptcy proceeding isn’t ordinarily what you think of as a Supreme Court blockbuster. But when the bankruptcy proceeding is brought on behalf of the Commonwealth of Puerto Rico and involves over 100 billion dollars in debt, then everyone should take notice. More than an issue of dollars and cents, the pending challenge to actions taken by the Financial Oversight and Management Board of Puerto Rico, which the Supreme Court will hear on October 15, is about constitutional principle.
|Pacific Legal F...|
|09/20/2019 - 00:54||
STATEMENT: On the 2-Year Anniversary of Hurricane Maria, the Trump Administration Continues to Fail Puerto Rico
Washington, D.C. — Two years after Hurricane Maria made landfall on the island of Puerto Rico, Neera Tanden, president and CEO of the Center for American Progress, issued the following statement:
|04/17/2018 - 15:33||
Wall Street Is Trying to Embezzle Puerto Ricos Hurricane Relief Money
Glancing over last week’s headlines, one might think there’s been some sort of significant improvement in the outlook for Puerto Rico’s beleaguered economy. With bond prices trading at their highest levels since the hurricanes, the Wall Street Journal referred to Puerto Rico’s debt as “the top-performing bond investment of 2018,” a development it attributes to “unexpected improvement in the island’s economy.” This statement is deceptive at best. If anything, Puerto Rico’s economic prospects have only worsened.
|01/04/2018 - 14:15||
Pezanosky in Law360: Bankruptcy Cases to Watch in 2018
Law360 quoted Haynes and Boone, LLP Partner Stephen Pezanosky in a preview of big cases ahead in bankruptcy.
|Haynes and Boone|
|10/01/2017 - 19:16||
CCR Stands with Puerto Rican People, Condemns Trump and Congress Failure to Act
CCR stands in solidarity with the people of Puerto Rico as they fight to survive and recover from an escalating humanitarian crisis exacerbated by the political failings of the Trump administration and Congress. Nearly two weeks after Hurricane María pummeled the island, and Hurricane Irma before that, most of the population is still without power; and drinking water, fuel, food, and essential medical care are scarce, resulting in a rising death toll. Meanwhile, the president of the United States’ only response has been a deplorable, victim-blaming tirade, while Congress has deferred and deflected its responsibility to appropriate essential aid funds.
|09/29/2017 - 13:46||
Federal Government Must Do Everything in Its Power to Help Puerto Rico Recover, CEPR Co-Director Says
Relief Measures Should Include Stimulus Package, Debt Relief, Medicaid Funding, Permanently Lifting the Jones ActFor Immediate Release: September 29, 2017Contact: Karen Conner, 202-293-5380 x117Washington, DC ― The federal government must enact a series of urgent measures to assist Puerto Rico as it struggles to recover from hurricanes Maria and Irma, Center for Economic and Policy Research Co-Director Mark Weisbrot said today.
|08/02/2017 - 22:52||
AMPR and AFT Affiliate to Combat Austerity and Fight for Public Education and Economic Opportunity for the People of Puerto Rico
SAN JUAN—Asociación de Maestros de Puerto Rico, the union representing more than 40,000 Puerto Rican educators; AMPR-Local Sindical; and the 1.6 million-member American Federation of Teachers signed a historic affiliation agreement today that will strengthen their joint fight against austerity and privatization and for public education and economic opportunity for the people of Puerto Rico.
|07/18/2017 - 15:20||
Fiscal Plan for Puerto Rico Cannot Lead to an Economic Recovery, New Report Finds
Washington, DC ― A new paper from the Center for Economic and Policy Research (CEPR) examines Puerto Rico’s economy and ongoing debt problems and finds that an Oversight Board-approved fiscal plan not only does not satisfy creditors, it cannot lead to an economic recovery. This is also the case with the current bankruptcy-like legal proceedings, which introduce additional problems, including the threat of privatizing public assets. The Oversight Board’s plan does not adequately address the underlying causes and consequences of Puerto Rico’s crisis, some of which are unique to the island due to its special political status.
|05/03/2017 - 07:02||
Puerto Ricos inevitable debt restructuring arrives
Debt that cannot be repaid will not be repaid” is Pollock’s Law of Finance. It applies in spades to the debt of the government of Puerto Rico, which is dead broke.
|R Street Institute|
|04/19/2017 - 14:40||
AFT President Weingarten and Puerto Rico Teachers Association President Diaz Send Joint Letter to PROMESA Board on Proposed Cuts to Puerto Ricos Schools
WASHINGTON—Today American Federation of Teachers President Randi Weingarten and Asociación de Maestros de Puerto Rico (Puerto Rico Teachers Association) President Aida Diaz de Rodriguez co-signed a letter to the Financial Oversight and Management Board for Puerto Rico, which was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016 (PROMESA) to oversee fiscal restructuring in Puerto Rico. The letter lays out the impact deep cuts have already had on schools in the last decade and highlights additional cuts that are being proposed. The union leaders invite PROMESA board members to join them in visiting schools in Puerto Rico to see firsthand how the cuts would affect Puerto Rico’s children and its future.
|09/30/2016 - 12:59||
SEIUs Rocio Saenz: PROMESA Oversight Board Fails Puerto Ricans while Placating Wall Street
WASHINGTON, DC – The Puerto Rico Financial Oversight and Management Board, which was set up by Congress with the passing of Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) officially met for the first time in New York today. This meeting begins the board's oversight of the restructuring of the commonwealth’s $70 billion debt. Rocio Saenz, SEIU International Executive Vice President issued the following statement in response to the meeting:“The people of Puerto Rico have struggled for too long in an economic crisis that is hurting working families.
|08/31/2016 - 11:34||
Statement by Secretary Lew On The Puerto Rico Oversight Board
WASHINGTON -- The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), signed into law by President Obama in June, provides Puerto Rico with critical tools to address its fiscal crisis. As a result of this law, Puerto Rico has access to a restructuring process to adjust its debts to a sustainable level, with no carve outs for powerful financial interests.
|06/28/2016 - 01:44||
Secretary Lews Words Dont Match Reality
Congress is facing a difficult challenge: what is the best way to help the island of Puerto Rico through its massive debt debacle?
|The Heritage Fo...|