The Democrats in the United States House of Representatives are applying pressure to the Republican majority so that formal talks to craft the legislation that will address the Puerto Rico crisis begin soon.
House Democrats, from Minority Leader Nancy Pelosi (D-Calif.) on down, are pushing Republicans to draft legislation with them, and are making clear that granting Puerto Rico the power to declare bankruptcy on some of its $72 billion in debt has to be part of any legislation.
“Only Congress can empower Puerto Rico with the meaningful tools to restructure its public debt and restore the economic stability necessary to create jobs and a brighter economic future,” said Pelosi. “I urge my Republican colleagues to act expeditiously in enacting a comprehensive and bipartisan solution that brings urgent relief to the people of Puerto Rico.”
The House Committee on Natural Resources will have another hearing on the issue tomorrow, hearing from Antonio Weiss from the US Department of the Treasury. Expect legislation soon that will likely, include a financial control board.