Marino Statement on Puerto Rican Financial Woes
Washington D.C.—Congressman Tom Marino (PA-10) issued a statement regarding a meeting among Members of the House Judiciary Committee and Subcommittee on Regulatory Reform, Commercial and Antitrust Law to discuss Puerto Rico’s financial hardships. The meeting was planned as a follow-on discussion regarding February’s hearing on H.R. 870, the Puerto Rico Chapter 9 Uniformity Act of 2015 and a congressional delegation earlier this spring during which Puerto Rico was among the destinations visited.
Congressman Marino issued the following statement regarding his take on the meeting and the views expressed therein:
“Puerto Rico must make serious, timely and demonstrable steps towards righting its fiscal ship before anything moves legislatively. It should also be abundantly clear that we are not discussing a bailout or even the specifics of what Chapter 9 bankruptcy may look like for Puerto Rican municipalities. We are going to continue our diligent examination of including Puerto Rico in Chapter 9 bankruptcy, including any potential economic impacts on bondholders in the U.S. as well as the larger municipal bond market. Puerto Rico’s problems did not occur overnight and neither will a solution, especially from Washington.”