WASHINGTON, DC – Today, the U.S. House of Representatives passed the Puerto Rico Recovery Accuracy in Disclosures Act (H.R. 1192) to avoid conflicts of interest in Puerto Rico’s debt restructuring process by amending PROMESA. The bill brings greater transparency to the island’s debt restructuring by requiring that all professionals and contractors hired by the federal Fiscal Control Board, or Junta, disclose any potential conflict of interest with creditors.
“The Power 4 Puerto Rico Coalition has worked hard to make this day a reality. We need transparency, and, above all, the well-being of Puerto Ricans must be the priority, not allowing conflicted firms to profit out of the island’s misery. Thank you to the bill’s chief sponsor, our champion Congresswoman Nydia Velazquéz for taking this critical piece of legislation to the finish line,” said Erica González, Director of Power 4 Puerto Rico. “Moving forward, Congress must take steps to abolish the unelected, undemocratic, imperially imposed Junta and once and for all address the root cause of these crises and pass the Puerto Rico Self Determination Act (H.R. 2070).
Among the conflicts that prompted PRRADA were revelations that McKinsey, contracted by the Junta, had a subsidiary with investments in Puerto Rico debt, while advising the Junta on restructuring that same debt.
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ABOUT POWER 4 PUERTO RICO
Power 4 Puerto Rico is a coalition of diaspora leaders and allied organizations that works in Washington and throughout the nation to pressure for policy changes that will help Puerto Rico and its displaced families.