Hatch, Grassley, Murkowski Introduce Legislation to Address Puerto Rico Debt Crisis

The United States Senate ^ | 12/09/2015

[cll]

WASHINGTON – As part of their ongoing effort to provide a fiscally responsible solution to the growing financial, debt and economic crises in Puerto Rico, Senate Finance Committee Chairman Orrin Hatch (R-Utah), Judiciary Chairman Chuck Grassley (R-Iowa) and Energy and Natural Resources Chairman Lisa Murkowski (R-Alaska) today introduced the Puerto Rico Assistance Act of 2015. The bill provides both responsible tax relief to workers and transitional relief to the Commonwealth without adding to the federal deficit or debt. Additionally, the legislation includes financial oversight intended to help Puerto Rico attain financial and economic stability, while respecting Puerto Rico’s autonomy.

“Puerto Rico’s financial and economic challenges, fueled by a sagging economy and dysfunctional bureaucracy, have been years in the making,” Chairman Hatch said. “And despite repeated attempts by Congress to clarify how the interplay between federal tax, healthcare and pension policies affect the territory’s economy, we have been unable to receive audited financial statements from Puerto Rico or adequate information from federal health officials. Federal taxpayers and the Puerto Rican people deserve better. With this bill, we use what limited information we have to lay out a sustainable framework to improve Puerto Rico’s finances and its economy by providing responsible tax relief to workers and transitional assistance to the territory’s government. The Commonwealth’s problems will not be solved overnight, and I am hopeful the Administration and the leaders of Puerto Rico work with Congress to provide more transparency as we work to further address the current financial challenges.”

“Puerto Rico’s fiscal problems are the result of too much government spending and mismanagement,” Chairman Grassley said. “So, the question has always been how we help Puerto Rico help itself, with the information we've been provided, while ensuring that people like the 16,000 Iowans who invested their hard-earned money in Puerto Rico’s tax free electric utility bonds, for example, aren’t left holding the bag. We need to make sure that Puerto Rico doesn’t find itself in the same situation in the future. This comprehensive bill should help ease the current liquidity crisis while creating a path that can lead Puerto Rico back to long-term fiscal responsibility.”

“The Financial Responsibility and Management Assistance Authority contained in this bill strikes the appropriate balance between respecting Puerto Rico’s sovereignty and providing a firm backstop to ensure the necessary financial reforms are implemented,” Chairman Murkowski said. “This will not only help Puerto Rico meet its immediate liquidity issues and give it the tools necessary to restructure, but also protect investor confidence.”

Earlier this year, the Senate Finance, Judiciary and Energy and Natural Resources Committees held congressional hearings to examine the debt crisis in Puerto Rico and gain a better understanding of the territory’s financial health. Despite repeated calls for audited financial statements, limited information regarding the fiscal and financial state of Puerto Rico has been available. The Puerto Rico Assistance Act of 2015 works to address the current financial crisis and provide relief to the people of Puerto Rico. The provisions were based on currently available financial data and information from federal health officials for the territory.

[zerosix]

Sooner or later, you even run out of other people's money to spend!

Give it up and go home - please!

[JustTheTruth]

Yes, once again bad investments by risk-ignorant investors seeking higher yield get bailed out by Congressional FOOLS with taxpayer money. DRIVES ME CRAZY!

The responsible once again have to bail out the fools and idiots.

Moral hazard rewarded over and over and over and over by crony pseudo-capitalist statists.

[dearolddad]

“The bill provides both responsible tax relief to workers and transitional relief to the Commonwealth without adding to the federal deficit or debt”

And good old Warren's rectum sucks buttermilk.

[cll]

“What else is PR good for?”

Let me know if you also want the Vietnam, Korea, World War II, World War I and Revolutionary wars lists also.

List, Killed in Action (KIA), Global War on Terror, Operation Enduring Freedom, Operation Iraqi Freedom, Soldiers, Sailors, Airmen and Marines, Puerto Rico born or Puerto Rico HOR

SPC Wilbel A. Robles-Santa, USA, KIA April 6, 2013, Zabul, Afghanistan
SGT Luis A. Oliver Galbreath, USA, KIA August 16, 2012, Kandahar, Afg.
SGT Jose J. Reyes Cruz, USA, KIA July 18, 2012, Afghanistan
SGT Louie Ramos-Velázquez, USA, KIA May 26, 2011, Kandahar, Afg.
SGT Jose M. Caraballo Pietri, USA, KIA April 10, 2011, Badghis, Afghanistan
SGT Jose M. Cintron-Rosado, USA, KIA January 2, 2011, Taji, Iraq
SPC Jose A. Delgado-Arroyo, USA, KIA January 2, 2011, Taji, Iraq
PVT Francheska Velez and her unborn child, USA, KIA, November 5, 2009, Fort Hood, Texas
SPC Israel Candelaria Mejías, USA, KIA April 5, 2009, Near Baghdad, Iraq
SrA Jonathan Vega Yelner, USAF, KIA April 29, 2008, Near Bagram AB, Afghanistan
CPT Ulises Burgos-Cruz, USA, KIA April 6, 2008, Balad, Iraq
SGT Ricardo X. Rodríguez, USA, KIA October 4, 2007, Bayji, Iraq
SSG Wilberto Suliveras, KIA July 29, 2007, Taji, Iraq
CPT Maria I. Ortiz, USA, KIA July 10, 2007, Baghdad, Iraq
CPT Anthony Palermo, USA, KIA April 6, 2007, Baghdad, Iraq
SGT David A. Mejías, USA, KIA April 1, 2007, Baghdad, Iraq
SPC Jason Nuñez, USA, KIA March 25, 2007, Baqubah, Iraq
SGT Eduardo Santini, USA, KIA March 17, 2007, Baghdad, Iraq
SSG Karl O. Soto-Pinedo, USA, KIA Feb. 27, 2007, Baghdad, Iraq
SSG Jesus M. Montalvo, USA, KIA Oct.18, 2006, Baghdad, Iraq
LCpl Yull Estrada Rodriguez, USMC, KIA Sept. 20, 2006, Al Anbar, Iraq SSG Irving Hernandez, Jr., USA, KIA Jun. 12, 2006, Mosul, Iraq
SGT Jose M. Velez, USA, KIA June 9, 2006, Kirkuk, Iraq
1SG Robert Mendez, USA, KIA April 27, 2006, Baghdad, Iraq
SSG Luis M. Melendez, USAF, KIA Feb. 17, 2006, Gulf of Aden
LCpl Orville Gerena, USMC, KIA Feb. 6, 2006, Hit, Iraq
SGT Radhames Camilo-Matos, USA, KIA Jan. 7, 2006, Taji, Iraq
SGT Jason Lopez-Reyes, USA, KIA Jan. 5, 2006, Baghdad, Iraq
CWO Isaias Santos, USA, KIA Dec. 26, 2005, Baghdad, Iraq
SPC William Lopez-Feliciano, USA, KIA Dec. 22, 2005, Baghdad, Iraq
SSG Milton Rivera-Vargas, USA, KIA Dec. 8, 2005, Kirkuk, Iraq
SPC Javier A. Villanueva, USA, KIA Nov. 24, 2005, Hit, Iraq
SPC Alexis Roman-Cruz, USA, KIA Nov. 16, 2005, Balad, Iraq
PFC Antonio Mendez-Sanchez, USA, KIA Nov. 11, 2005, Kirkut, Iraq
SFC Ramon A. Acevedo, USA, KIA Oct. 26, 2005, Rustamiyah, Iraq
1LT Carlos J. Diaz, USA, KIA Aug. 23, 2005, Baqubah, Iraq
SPC Miguel Carrasquillo, USA, KIA Aug. 9, 2005, Baghdad, Iraq
PFC Emmanuel Hernandez, USA, KIA June 8, 2005, Shkin, Afghanistan
SGT Miguel A. Ramos, USA, KIA May 31, 2005, Baghdad, Iraq
MAJ Ricardo A. Crocker-Garcia, USA, KIA May 26, 2005, Haditah, Iraq
SGT Angelo Lozada, Jr., USA, KIA Apr. 16, 2005, Ramadi, Iraq
SPC Alenia Ramirez-Gonzalez, USA, KIA Apr. 15, 2005, Tikrit, Iraq
MSG Edwin Matos-Colon, USA, KIA Apr. 6, 2005, Afghanistan
CWO David Ayala-Rodriguez, USA, KIA Apr. 6 2005, Afghanistan
SPC Francisco G. Martinez, USA, KIA March 20, 2005, Tamin, Iraq
SPC Lizbeth Robles, USA, KIA March 1, 2005, Bayji, Iraq
SGT Julio E. Negron, USA, KIA Feb. 28, 2005, Bayji, Iraq
SGT Carlos J. Gil, USA, KIA Feb. 18, 2005, Humaniyah, Iraq
SFC Pedro A. Muñoz, USA, KIA Jan. 2, 2005, Shindand, Afghanistan
SPC Jose Rivera-Serrano, USA, KIA Dec. 27, 2004, Baghdad, Iraq
SSG Henry E. Irizarry, USA, KIA Dec. 3, 2004, Taji, Iraq
SGT Carlos Camacho-Rivera, USA, KIA Nov. 5, 2004, Fallujah, Iraq
LCpl Ramon Mateo, USMC, KIA Sept. 24, 2004, Al Anbar, Iraq
SPC Michael A. Martinez, USA, KIA Sept. 8, 2004, Baqubah, Iraq
SSG Gary A. Vaillant, USA, KIA Sept. 5, 2004, Khalidiya, Iraq
SPC Jacob D. Martir, USA, KIA Aug. 18, 2004, Iraq
SGT Melvin Mora-Lopez, USA, KIA June 6, 2004, Camp Cooke, Iraq
PO3 Fernando Mendez-Aceves, USN, KIA Apr. 6, 2004, Al Anbar, Iraq
SFC Jose A. Rivera, USA, KIA Nov. 5, 2003, Mahmudiyah, Iraq
SGT Francisco Martinez, USA, Nov. 4, 2003, Baghdad, Iraq
SGT Joel Perez, USA, KIA Nov. 2, 2003, Fallujah, Iraq
SPC Frances M. Vega, USA, KIA Nov. 2, 2003, Fallujah, Iraq
SGT Juan M. Serrano, USA, KIA July 24, 2003, Baghdad, Iraq
SPC Ramon Reyes-Torres, USA, KIA July 16, 2003, Baghdad, Iraq
SPC Kelvin Feliciano-Gutierrez, USA, KIA June 28, 2003, Bagram AB, Afghanistan
SPC Richard P. Orengo, USA, KIA June 26, 2003, Najaf, Iraq
SPC Gil Mercado, USA, KIA April 13, 2003, Iraq
SGT Orlando Morales, USA, KIA March 29, 2003, Helmaud, Afghanistan
LCpl Robert M. Rodriguez, USMC, KIA March 27, 2003, Al Nasiriyah, Iraq