OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Puerto Rico Oversight, Management, and Economic Stability Act

Floor Speech

Date: June 9, 2016
Location: Washington, DC
Issues: Economy and Fiscal Government Budget and Spending

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Mr. LABRADOR. I thank the chairman and Mr. Duffy for the work they and their staffs have done on this critical piece of legislation. I especially want to thank my staffer, Aaron Calkins, for his work to make this a better bill. We have worked countless hours to improve this bill, and I am proud of the work that we have done.

Mr. Chairman, I rise today as a member of the Natural Resources Committee and as a Representative of Idaho's First Congressional District to support H.R. 5278.

The debt crisis in Puerto Rico is a result of years of liberal policies where the government carelessly borrowed and overspent, while simultaneously encouraging mismanagement and inefficiency. We cannot view Puerto Rico's situation in a vacuum. If left unresolved, the financial crisis in Puerto Rico will impact the rest of our Nation.

The bill imposes fiscal reforms without spending a single dollar of U.S. taxpayer money to relieve Puerto Rico's debt. The bill protects taxpayers from bailing out a government that spent recklessly and avoids setting a horrible precedent that could tempt free-spending States to walk away from their obligations.

Specifically, H.R. 5278 establishes a strong oversight board to require Puerto Rico to balance its budget and achieve fiscal responsibility. The bill includes language that ensures that the fiscal plans and any potential restructuring must honor lawful priorities and liens as guaranteed by Puerto Rico's constitution and laws.

Every State and municipality in this country relies on bond markets to provide funding for government operations. H.R. 5278 creates the balance that will effectively address the needs of Puerto Rico, while ensuring access to these markets for States and municipalities nationwide.

In conclusion, as a person who was born and raised in Puerto Rico and somebody who is very proud of his Puerto Rican heritage, I love the people, I love the island, and I hope that this bill sets them on the path to fiscal responsibility and a brighter future.

The House must pass this bill to establish the necessary framework to help Puerto Rico put its fiscal house in order, while also protecting the interests of every American.

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