Senators Elizabeth Warren, Kamala Harris, and Bernie Sanders along with other leading Democrats came together to reintroduce U.S. Territorial Relief Act making a pathway for Puerto Rico and other US territories hit by natural to rebuild. The legislation gives territories the option to terminate their debt obligations if they meet certain stringent eligibility criteria of a population having decreased 5 percent over 10 years; having received major federal disaster assistance and a debt exceeds $15,000 per capita.
Puerto Rico was in crisis long before Hurricanes Maria & Irma tore through the island. For years, Puerto Rico has been at the mercy of Wall Street vulture funds that snapped up the island’s crushing debt to squeeze the Puerto Rican people for every penny they can get. pic.twitter.com/AHCx44cOI3
— Elizabeth Warren (@SenWarren) May 2, 2019
"Puerto Rican families were watching debt crush their futures long before Hurricane Maria hit, and this administration has failed in its response," said Senator Warren, one of the five Senators who led the reintroduction. "Our bill gives Puerto Rico and other struggling territories a route to comprehensive debt relief and a chance to recover with dignity. It's time for Congress to pass this bill."
"More than a year and a half after Hurricane Maria, our fellow Americans in Puerto Rico and throughout other U.S. territories still do not have the resources they need to get back on their feet and restore their communities to full strength," said Senator Harris. "We must do more to fulfill our obligation to provide assistance to these territories."
The same group of senators originally introduced the legislation in 2018. Representative Nydia M. Velázquez introduced similar legislation in the House in 2018 and is expected to reintroduce alongside the Senate legislation."After Maria, Puerto Rico needs every tool possible to recover physically and economically." Rep. Velázquez said. "This legislation provides another path for the Island to get back on its feet and begin the journey toward a brighter future."
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