05.27.2020

San Juan -- In response to the introduction of legislation to amend PROMESA, Boricuas Unidos En La Diáspora, Center for Popular Democracy, VAMOS, Construyamos Otro Acuerdo, Diáspora en Resistencia, Diáspora en Acción, Hedge Clippers and Frente Ciudadano por la Auditoría de la Deuda issued the following statement.

“After carefully reviewing the amendments to PROMESA introduced by Representative Grijalva, we continue to oppose the PROMESA legislation and demand its immediate dissolution. We recognize the efforts to improve PROMESA. We believe that efforts to audit and cancel the debt, define essential services, and create transparency are important measures to ensure accountability from the unelected Fiscal Management and Oversight Board (FOMB). 

“However, the amendments fail to address the main issue that has brought austerity and suffering to Puerto Rico. The PROMESA 2.0 bill continues to impose an undemocratic fiscal control board on Puerto Rico with the sole purpose of paying Wall Street through a lopsided bankruptcy process. These amendments make the FOMB stronger by providing the board with unrestricted funding and continuing to give power to the FOMB to veto legislation that could allow the government of Puerto Rico to protect essential services. All of this, while perpetuating and exploiting a longstanding colonial relationship with the island. 

“We cannot, by any means, support legislation designed to extract wealth from a country that has suffered and continues to suffer from natural and man-made disasters. Puerto Rico does not need more federal control, it needs restructuring efforts, a complete cancelation of its debt, an independent citizen audit to ensure that those that hurt the island are held responsible, a serious relief package, and economic policies that allow Puerto Rico to achieve a fair recovery. We urge Congress to reconsider this bill and to move legislation that supports debt cancelation, the repeal of PROMESA, and the recovery of Puerto Rico.”

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