Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, in 2016, Puerto Rico faced serious and increasing financial pressure brought on by significant debt and related obligations. In response to that financial crisis, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act of 2016. This 2016 law set up a bankruptcy mechanism for Puerto Rico to address its obligations. Like other existing bankruptcy laws, the 2016 law enables bankruptcy professionals, such as lawyers and consultants, to apply for payment for their services subject to court approval. But the 2016 law lacked certain disclosure requirements for professionals, even though these requirements apply to professionals in any other bankruptcy case. That gap in the law created the potential for unaddressed conflicts of interest for professionals involved in Puerto Rico's bankruptcy process. To address this concern, H.R. 683 establishes disclosure requirements for accountants, lawyers, and other bankruptcy professionals working on matters related to Puerto Rico's bankruptcy. The additional disclosure requirements in H.R. 683 increase the likelihood that any conflicts of interest will be caught and timely addressed before compensation decisions are made. Taken as a whole, this added level of transparency will benefit important interests, such as those of the creditors and taxpayers and ultimately of Puerto Rico itself. Mr.…”