TRENTON – Senator M. Teresa Ruiz issued the following statement today on passage by Congress this week of PROMESA, a flawed debt restructuring bill for Puerto Rico. Senator Ruiz supported an alternative proposal being championed by U.S. Senator Bob Menendez that would have addressed significant shortcomings in the PROMESA bill.
“I am extremely disappointed in the passage of a flawed financial assistance bill for Puerto Rico. While I recognize that action needed to be taken expeditiously, it is regretful that Congress did not act on a more compassionate piece of legislation.
“I commend Senator Menendez for his commitment to providing Puerto Rico with assistance that would have preserved the democratic rights of its residents and the authority of its government. He waged a fierce fight in Washington and elsewhere over the last number of weeks.
“He sought to ensure that Puerto Rico had a real chance at restructuring its debt and improving its economy and, by doing so, improving the lives of the residents.
“I am hopeful that we will see positive developments in the coming days and weeks for the island, and I am committed to continuing to work with Senator Menendez, and with other stakeholders, to advocate for policies that will benefit Puerto Rico and all of its residents.”