HOUSE
JUDICIARY COMMITTEE UNLIKELY TO ACT ON PUERTO RICO BANKRUPTCY BILL
ALABAMA USA- July 12, 2015. In July 8, 2015 Mr. Jack Casey wrote the fallowing
news in Washington. “The Judiciary
Committee is unlikely to pass legislation that would give Puerto Rican
municipalities and utilities the ability to file for bankruptcy protection
under Chapter 9, committee chair Rep. Bob Goodlatte, R-Va., suggested on
Wednesday.
"Today, we met with our Republican colleagues on
the Judiciary Committee to discuss the issues facing Puerto Rico,"
Goodlatte said in a joint statement with Rep. Tom Marino, R-Pa., chair of the
subcommittee on regulatory reform, commercial and antitrust law. "While no
consensus was reached, a general concern was expressed that to provide Puerto
Rico's Municipalities’ access to chapter 9 of the Bankruptcy Code would not, by
itself, solve Puerto Rico's difficulties, which are associated with underlying,
structural economic problems."
Goodlatte added that the committee will continue to
monitor the economic situation in Puerto Rico and consider potential
congressional responses.
The statement was issued as the subcommittee is
considering H.R. 870, which would give the territory the power to permit its
municipalities and public corporations to file for bankruptcy under Chapter 9.
Puerto Rico currently has approximately $72 billion in
public debt, which Gov. Alejandro Garcia Padilla said last week is not payable.
Proponents of extending Chapter 9 bankruptcy powers to
Puerto Rico argue it is a logical step to help the struggling island.
Sens. Chuck Schumer, D-N.Y., and Richard Blumenthal,
D-Conn., are preparing to propose companion legislation to H.R. 870 in the
Senate. Several presidential candidates including former Florida governor Jeb
Bush, former Secretary of State Hillary Clinton and Sen. Bernie Sanders, I-Vt.,
have also called for congressional action on the issue.”. Fotos by Noemi Cardona.
Edited by Ramon Luis Vazquez Collazo of the Independent Press and
Noticiasillescanos.com (VAZCORP Corp.).
