Delegate Plaskett Weighs In On Puerto Rico Bailout Bill As It Passes Through Congressional Committee
WASHINGTON — Virgin Islands Rep. Stacey Plaskett (D-VI) commented on the Puerto Rico bailout legislation that is currently before the U.S. Congress.
H.R. 5278 is the Puerto Rico Oversight, management and Economic Stability Act (PROMESA) and has been approved to move forward from the House Committee on Natural Resources.
“Today my colleagues, on the House Committee on Natural Resources voted on passage of H.R. 5278 to address the Puerto Rico debt crisis,” Plaskett said. “While I am disappointed the legislation will be moving forward with the proposed Oversight Board for the Virgin Islands and other U.S. territories, I am pleased that the Chairman Rob Bishop (R-Utah) of the Natural Resources Committee has made a commitment to working on language regarding the other territories.
The bipartisan Puerto Rico debt-rescue bill has been blasted by conservatives as a bailout, and by liberals as too harsh to residents of the island territory — but GOP leaders say they’re about to prove the naysayers wrong in a key test vote Wednesday.
Plaskett said that she is “grateful for the support of Governor Kenneth Mapp and other members in articulating the concerns of the Virgin Islands in potential costly ramifications of our inclusion in this measure.”
“I would especially like to thank my colleague, Rep. Tom MacArthur (R-NJ), for offering an amendment, which would have restored the bill to its original intent for a Puerto Rico Oversight Board and essentially uphold the financial autonomy of the Virgin Islands and the other U.S. territories—something that will allow for us to continue in the bond market without changes to investor risk assessment.” she said. “I have spoken with House leadership and they have committed to having substantive discussions on how to alleviate concerns of the Virgin Islands and other territories, as well as supporting future legislation that will offer real economic support and equitable treatment to the territories.”