On the recordJune 9, 2016
Mr. Chairman, this amendment makes it clear: as affirmed by the Supreme Court today and mentioned by the committee chairman, Puerto Rico is different from a State, and the Supreme Court affirmed that today. It is not a State. It is a territory of the U.S., and we have a constitutional obligation to prevent a worsening disaster. This bill does not set a precedent for States and municipalities. It respects the priority of debt by general obligation bondholders and others. It prevents higher cost of borrowing by States and municipalities by controlling the situation. Most importantly, Mr. Chairman, it doesn't bail out Puerto Rico. It creates a path for financial stability. Mr. Chairman, I urge support for H.R. 5278.
