Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. I rise today in support of the Senate amendment to H.R. 1192, the Puerto Rico Recovery Accuracy in Disclosures Act of 2021. In 2016, Puerto Rico was experiencing severe financial pressure from significant debt and related obligations. In response to Puerto Rico's financial distress, Congress enacted the Puerto Rico Oversight, Management, and Economic Stability Act of 2016. That 2016 law created a bankruptcy process for Puerto Rico. Like existing bankruptcy law in 2016, the law permitted certain professionals working on Puerto Rico's bankruptcy, like lawyers and accountants, to apply to get paid for their services pending judicial approval. But the 2016 law lacked certain disclosure requirements for these professionals that would typically apply to restructuring professionals in other bankruptcy cases. The gap in the 2016 law created the potential for undisclosed conflicts of interest for professionals involved in Puerto Rico's bankruptcy. This bill fills the gap by mandating the necessary disclosure requirements. The bill also establishes a process for overseeing and policing disclosures that bankruptcy professionals make. H.R. 1192 passed the House unanimously in February of 2021. In December, the Senate passed H.R. 1192 with a few minor amendments to improve the bill's administrative abilities.…”