Congressman José E. Serrano

Representing the 15th District of New York

Congressman Serrano’s Statement on U.S. Treasury Department, Health and Human Services Proposal to Help Puerto Rico Address Financial Crisis

Oct 22, 2015
Press Release

Washington, DC – U.S. Congressman José E. Serrano today released the following statement on the legislative proposal unveiled last night by the U.S. Treasury Department and the Department of Health and Human Services to help Puerto Rico pay its debt and get on the path of economic recovery:

“This is encouraging news for all of us who have been calling on the Administration and Congress to take action to help Puerto Rico address its debt and fiscal crisis. The Administration’s comprehensive proposal will serve as a roadmap for Congress as it considers a legislative package to provide the island with the tools to deal with a dire debt and fiscal crisis, and to reignite its economy. The proposal focuses on key areas, including providing the island with mechanisms to restructure its financial liabilities, addressing the healthcare disparities that are hurting so many people and the economy, and extending the earned income tax credit (EITC) coverage to Puerto Rico. It also makes it clear that passing Chapter 9 bankruptcy protection, which I fully support, is the right first step for Puerto Rico to restructure its debt. Puerto Rico is running out of options. I applaud the Administration for fully engaging on this issue; now it is time for Congress to do its job and take action.  This is a crisis that Congress can no longer ignore.”