Warren presents relief program to help storm-ravaged Puerto Rico "regain its dignity"

Most of Puerto Rico's debt is held by Wall Street, which is trying to melt every penny of profit. Congress had the opportunity to break Wall Street's hold. Instead, they adopted PROMESA, imposing a supervisory board that slashed services, thereby hampering recovery.

– Elizabeth Warren (@ewarren) May 2, 2019

If passed, according to a survey provided by Warren's office, the bill would cancel the island's debt, create a fund for those who suffer losses as a result of debt cancellation and create an audit committee on the genesis of the debt and the consequences of the crisis. out of control.

The assembly version of the bill is presented to the lower house by the representative Nydia Velázquez (D-N.Y.).

"Puerto Rico needs all the possible tools to recover economically and physically from Hurricane Maria," said Velázquez.

The same cohort of senators and Velázquez introduced the bill in 2018. It was ultimately unsuccessful.

Puerto Rico's debt problems are not new, as reported by Common Dreams – but the situation has worsened since the hurricanes of 2017 and the only legislation in force is outdated and insufficient to solve the current problems.

A 2016 bill on Puerto Rican debt, the Puerto Rico Law on Economic Monitoring, Management and Stability (PROMESA), was passed by law by former President Barack Obama before the storm. PROMESA has been criticized by Sanders and others even before the current crisis.

"In recent years, Puerto Rico has been living with the economic knot because of the debt crisis and the devastation caused by Hurricane Maria," said Hispanic Foundation president, José Calderón, in a statement. press release to Warren's bill.

Puerto Rican activists questioned members of the island's Financial Supervisory and Management Board (FOMB) about predatory practices encouraged by PROMESA on Thursday. They managed to convince the FOMB to sue the banks that illegally took advantage of the Puerto Rican debt.

Jesus Gonzalez, an organizer of the Center for Popular Democracy, pointed out in a statement that tougher measures against predatory creditors would not have been taken without "Puerto Rican families on the island and the diaspora who are are beaten tirelessly for a just recovery, "he said. said more than it remained to be done.

"Although the FOMB has decided to take legal action," said Mr. Gonzalez, "we still have to analyze a lot of information to ensure that appropriate measures are taken against every person who has benefited from the debt. illegal. "

Sanders, in a statement, attacked banks and hedge funds that used debt to earn billions of dollars.

"The greedy Wall Street vulture funds should not allow to reap huge profits from the suffering and misery of the Puerto Rican people for another second," said Sanders.

The debt has also created an impossible situation for Puerto Ricans who are struggling to recover from hurricanes Irma and Maria in 2017, said Calderón of the Hispanic Foundation.

"In recent years, Puerto Rico has been living with an economic knot because of its overwhelming debt crisis and the devastation caused by Hurricane Maria," Calderón said. "The island government simply can not afford to repay its debt and give priority to the well-being of its people."

Warren recalled Calderón's reminder of the difficulties faced by Puerto Ricans in their long quest for financial justice.

"Puerto Rican families were watching debt-crunched debt long before Hurricane Maria hit," Warren said, "and this administration failed in its response."