Statement on Puerto Rico Restructuring Public Debt in Federal Court

Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement after Puerto Rico entered a federal court-supervised public debt restructuring process:

"For far too long, our fellow Americans in Puerto Rico have endured a crushing debt burden that has weighed on their economy, their communities and their future.  Last year, Congress took bipartisan action to provide Puerto Rico the tools to restructure its unsustainable debt.  We are glad to see the Financial Oversight and Management Board for Puerto Rico exercising those authorities to begin to heal the island's economy.

"The board's unanimous vote to file for comprehensive debt restructuring and the support of Puerto Rico Governor Ricky Rosselló are a sign of the urgent need for action for Puerto Rico's families.  Now, the court must recognize that a just and successful restructuring must protect the pensions of retirees and hard-working Puerto Ricans.

"We are hopeful the debt restructuring process, coupled with the Medicaid funding in the omnibus, will lay a foundation for renewed economic growth on the island.  The more than 3 million fellow U.S. citizens in Puerto Rico – many of who serve in our military, all of who strengthen our country – deserve swift and respectful action."