Congressman Serrano Applauds Oversight Board’s Actions Under Title III of PROMESA

Washington, DC –Congressman José E. Serrano today applauded the actions taken by Governor Ricardo Rosselló and the Financial Oversight and Management Board for Puerto Rico for taking the formal steps to restructure Puerto Rico’s debt under Title III of PROMESA:

“After months of trying to negotiate in good faith, the government of Puerto Rico has not been able to reach an agreement with its creditors. The actions taken today by the Oversight Board under Title III of PROMESA will allow Puerto Rico to restructure its debt under the auspices of a federal judge in a bankruptcy-like setting.  This is the crucial step in allowing the island to get out from under the mountain of debt it has accrued, and move towards sustainable economic growth.  This mechanism was the primary reason so many Democrats voted for this bill in Congress last year- and I believe it’s use was urgently necessary to allow the island to recover.  The only ones suffering the effects of not being able reach an agreement to successfully tackle the debt and economic crises are the people of Puerto Rico.  I applaud both the Governor and the Board for recognizing the need for immediate action-  the people of Puerto Rico were unable to wait any longer.”  

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