Political Quotes

“Madam Speaker, I yield 5 minutes to the gentlewoman from Puerto Rico (Miss Gonzalez-Colon). Miss GONZALEZ-COLON. Madam Speaker, I rise in support of the Puerto Rico Recovery Accuracy in Disclosures Act, H.R. 1192. Representative Velazquez and myself have proposed this bipartisan initiative in the last two Congresses, having achieved passage in the House during the last session. I think Congresswoman Velazquez is very thoughtful in terms of how important this is and the effects on PROMESA regarding this bill. We support this bill as an important component in ensuring the restructuring process under PROMESA, and it looks out for Puerto Rico's interests. This legislation requires any counsel and professional personnel that the financial oversight board may hire to work on a title III case for the restructuring of Puerto Rico's debt to submit verified disclosures of their connections with the debtor, creditors, or persons employed by the oversight board prior to being compensated. These provisions extend the same requirements to decisions about the hiring of personnel for the restructuring as are imposed on such personnel under existing bankruptcy rules. I think it is important to have the same kind of rules for those people who are going to be managing, as we speak, those kinds of negotiations.…”