Velázquez, Grijalva Call for Puerto Rico Oversight Board to Reject Electric Authority Debt Agreement

Washington, DC – Rep. Nydia M. Velázquez (D-NY) and Raúl M. Grijalva (D-AZ) today wrote to the Financial Oversight and Management Board of Puerto Rico, arguing that the Board should not certify the current Puerto Rico Electric Power Authority’s (PREPA) Restructuring Support Agreement (RSA), which the lawmakers say would benefit wealthy creditors at the expense of the Island’s residents.

“Higher electricity costs are detrimental to the local economy, causing businesses both large and small to operate with reduced margins, leaving them less able to expand and hire new employees.  As currently drafted, the RSA will only accelerate the outmigration of residents and businesses.  This downward spiral will deplete what is left of the Island’s economic foundation,” the lawmakers wrote.

Velázquez is the first Puerto Rican woman elected to Congress. Grijalva is the top Democrat on the House Natural Resources Committee, which has jurisdiction over Puerto Rico.

The full text of the letter is available here.

Press Contact

Alex Haurek (Velázquez), 202-225-2361                                          

Adam Sarvana (Grijalva), (202) 225-6065