On the recordJune 9, 2016
I represent New York's Seventh Congressional District. I rise in strong support of the Serrano-Velazquez amendment. Throughout the course of this entire saga, it has become increasingly clear that Puerto Rico's debt is not fully understood. The island has issued 18 different classes of debt--from general obligation to COFINA, to GDB, to utility bonds. Various local and State laws are involved, and the result is a web of confusion. To address this, the Puerto Rico Commission for the Comprehensive Audit of the Public Credit was created to examine all of the island's debt, something that is very much needed. The audit will not only inform the people of Puerto Rico, but also, in many ways, will assist the oversight board in carrying out its mission. Analyzing and assessing all of the island's $70 billion in debt is long overdue. Recently, the commission released a preliminary report finding that a small, yet significant, amount of the debt may have violated the island's constitution. Such a finding is meaningful and could have ramifications for this legislation's implementation. Our amendment ensures that the underlying bill will not prevent the commission from finishing its important work while also allowing the local government and the oversight board to consider these findings if they so chose. In summary, this amendment would allow for much-needed sunlight to be shown on the island's financial situation. I urge Members to support this amendment.
