Political Quotes

“Mr. Speaker, I yield 4 minutes to the gentlewoman from Puerto Rico (Miss Gonzalez-Colon.) Miss GONZALEZ-COLON of Puerto Rico. Mr. Speaker, I rise in support of H.R. 683, the Puerto Rico Recovery Accuracy in Disclosures Act. Representative Velazquez and myself have proposed this initiative since the last Congress, and I am thankful that on this occasion we have been able to count on the original cosponsorship of Chairman Grijalva and Ranking Member Bishop, as well as many other cosponsors, both Republicans and Democrats. This bill is an important component in ensuring that the restructuring process under PROMESA looks out for Puerto Rico's best interests. This legislation requires any counsel and professional personnel that the Financial Oversight and Management 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 board prior to being compensated. This provision will impose on the decisions about the hiring of personnel for the restructuring the same requirements as are imposed on such personnel under the existing bankruptcy rules. Our intention is not to exclude anyone's expertise and knowledge of Puerto Rico's fiscal transactions from being resources in the restructuring process.…”