Rubén Hinojosa: “Today I rise in support of H.R. 5278, the ``Puerto Rico Oversight, Management, and Economic Stability Act'' (PROMESA)--a…”

“Today I rise in support of H.R. 5278, the ``Puerto Rico Oversight, Management, and Economic Stability Act'' (PROMESA)--a bipartisan bill providing short-term relief to respond to the humanitarian crisis facing the people of Puerto Rico. Mr. Chair, Puerto Rico's faltering economy and the well-being of its more than 3.4 million people are of great concern to may colleagues and me. The island's $70 billion debt has made it extremely difficult for the Commonwealth to provide adequate health care, education and public safety for the people of Puerto Rico. As a result, its people are struggling to access basic public services--as schools and hospitals face daily electricity and water shortages. I am deeply concerned that the island's health care systems have been adversely affected by Puerto Rico's debt crisis, making it increasingly difficult to handle a Zika outbreak or other health crises. As a senior member of the Financial Services Committee, I support giving Puerto Rico all the tools necessary to restore its access to credit markets and restructuring its outstanding debt. These critically important measures will help restore its financial footing. I do not support certain provisions in the bill, including sections undermining a minimum wage and protections for pension benefits.…”