Blumenthal Welcomes Passage of Puerto Rico Legislation

[WASHINGTON, DC] – Just two days before a critical bond payment deadline, U.S. Senator Richard Blumenthal (D-CT) welcomed Senate passage of bipartisan legislation – referred to as PROMESA – that would help Puerto Rico restructure its current debt and avoid further defaults. The bill cleared a critical procedural hurdle this morning by a vote of 68-32 and is expected to be approved by the Senate shortly.

“Today the Senate voted to avert fiscal and humanitarian catastrophe in Puerto Rico.  PROMESA is far from perfect, but it will very literally help keep the lights on in banks and hospitals and schools across Puerto Rico,” Blumenthal said. “Today’s vote will help ensure that Puerto Rico’s financial crisis is addressed in an orderly and productive way—instead of allowing it to descend into a sea of chaos. The people of Puerto Rico are Americans. I am proud that today the Senate voted to offer a remedy to avoid disaster for the island’s deserving Americans, but it is only a beginning. I will continue to fight for justice and prosperity for the people of Puerto Rico.”

Blumenthal has taken a leadership role in shepherding this legislation through the Senate. He spoke on the Senate Floor yesterday to call on his Senate colleagues “to act on behalf of the people of the United States who have a powerfully important stake in the people of Puerto Rico and the welfare of that island.” Blumenthal added, “the choice is hope or disaster for the Americans who live in Puerto Rico.”

Video of Blumenthal’s full remarks on the Senate Floor is available here.