Nydia M. Velazquez: “I want to take this opportunity to really thank Ranking Member Grijalva for the important role that he has played…”

“I want to take this opportunity to really thank Ranking Member Grijalva for the important role that he has played throughout this process. Mr. Chairman, I rise in support of the bill. When I was elected to Congress, I understood there would be tough votes. For me, PROMESA is one of those votes. For those of us with ties to Puerto Rico, this a profoundly personal issue. There is plenty of blame to go around for this situation. San Juan has played a role, but Washington and Wall Street have equally contributed to this crisis. It is a crisis that is already harming working families that call the island home and, if left unaddressed, it will grow immeasurably worse. So today we stand at a fork in the road: one path--the bill before us--empowers Puerto Rico to restructure 100 percent of its debt; the only other route sends Puerto Rico to the courthouse, where it will be at the mercy of creditors that will inflict further suffering on the island. Now, some would suggest that if we oppose this bill, somehow a third option will magically appear before us. That is nonsense. The stark reality we now face is that, other than PROMESA, there are simply no other politically feasible options left. That does not mean that this is a perfect bill. It is not even close. It makes no sense that this bill includes an attempt to pay Puerto Rican workers less than those on the mainland.…”