Pedro Pierluisi

I personally do not like that bill provision, and I will tell you why: it will promote migration out of Puerto Rico.

The bill defers to the government of Puerto Rico in the right way because it allows the Governor to elaborate the plan and submit it to the board.

I respect those on both sides of the aisle who are looking at the bill holistically and working hard to get to a 'yes.'

This is not Chapter 9. I have a Chapter 9 bill. Mr. Duffy had a Chapter 9 bill. This is not super Chapter 9.

If we could change anything, we would actually give greater deference to the judicial system in Puerto Rico.

Puerto Rico is getting about $1.2 billion a year from the Federal Government to take care of the medically indigent in Puerto Rico, American citizens.

My constituents and I will accept this oversight, provided--let me say again--provided we also get a meaningful debt-restructuring mechanism.

If these principles are respected in the drafting, we believe we can work with the committee to get there.

You have been a gentleman, tough when you need to be, but always open and fair.

Otherwise, this is not going to happen. Puerto Rico is going to continue deteriorating, people are going to continue migrating to the states, and it is going to be an embarrassment not only for Puerto Rico, but for the United States at…

We think that the key point here is that there is a good control board in place and that it respects the rule of law.

I believe these titles are a dramatic improvement over the earlier version of the bill and now, more or less, strike the appropriate balance between effectiveness in instilling fiscal discipline and respect for the democratic process.

Let's work this bill. Let's get it done.

If we cannot get a balanced, bipartisan bill to the President's desk, the consequences for Puerto Rico and the island's creditors are likely to be grave.

Thank you, Chairman. Mr. Weiss, I would like you to expand, elaborate on your concerns with the collective action clause.

Part of this overspending is definitely the result of mismanagement. I admit it. And it is embarrassing.

We don't want to continue a relation with the USA as a colonial dependency.

WE ARE EQUAL IN THE BATTLEFIELD BUT NOT IN THE VOTING BOOTH.

The liberty, security and prosperity that the USA enjoys today were paid in part with the BLOOD, SWEAT AND TEARS of disenfranchised citizen soldiers of Puerto Rico.

A control board that would use austerity to help hedge funds lock in those profits, no matter the human cost, is not the answer.

But we cannot ignore the fact that the status issue has to be resolved, and resolved once and for all.

Puerto Rico and its creditors are on the same ship. We are going to sail safely to shore together, or we are going to sink together.

There is actual fear of the future. The payments which are coming due--$400 million on May 1, $2 billion on July 1--no one knows where the money will come from to fund those payments.

At this juncture, I am convinced that Puerto Rico cannot either cut its way out of this crisis or tax its way out of this crisis. The only way out for Puerto Rico is to grow out of this crisis.

We need to make sure that Puerto Rico has the necessary access to the markets to comply with its payment obligations in the markets.