House Natural Resources Committee Ranking Member Raúl M. Grijalva (D-Ariz.) and Congressional Hispanic Caucus Chairwoman Michelle Lujan Grisham (D-N.M.) held a joint forum on Puerto Rico’s fiscal and humanitarian crisis. The forum examined the human cost of the financial crisis and addressed options for recovery that lift people out of poverty, protect and restore worker rights, and promote economic growth.  The event is open to media and the public.

The forum comes on the heels of a looming deadline on debt restructuring negotiations between the Government of Puerto Rico and creditors. On May 1, 2017, an automatic stay on creditor lawsuits against Puerto Rico expired. Given the predatory nature of vulture funds, an avalanche of lawsuits could turn Puerto Rico’s recession into a depression.  A 2015 Committee report explains how certain hedge funds are attempting to capitalize on the island’s financial difficulties at the expense of the 3.4 million U.S. citizens in Puerto Rico.

Media Coverage

• El Nuevo Dia, Calls to audit debt made / Demócratas del Congreso y sindicatos piden auditar la deuda (5/3)
• Legislators, individuals urge Puerto Rico to use restructuring provision under PROMESA (5/2)
• Toma fuerza en Washington el reclamo por la reestructuración de la deuda (5/3)