In a speech on the Senate floor, Finance Committee Chairman Orrin Hatch (R-Utah) said that, given the lack of other options, the Senate should act in the best interest of Puerto Rico and support the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA).
“I have made clear all along that my main objective has been to serve the interests of the people of Puerto Rico, not the politicians on the island or here in Washington, DC,” Hatch said. “The Puerto Rico Oversight, Management, and Economic Stability Act, or PROMESA is certainly not something that I would have written, and in many areas leaves a lot to be desired. Nonetheless, I voted to invoke cloture on the bill, because, thanks to the stubbornness of the Treasury Department and lack of transparency from the government of Puerto Rico, it is the only option on the table, and delaying action would only hurt the Americans who reside on the island.”
Hatch went on to criticize the Obama Administration’s handling of Puerto Rico’s debt and economic crisis, and the Puerto Rican government, for failing to provide verifiable financial information needed to formulate a long-term solution, and noted that without more pro-growth reforms, the island’s financial and economic problems will continue.
The complete speech as prepared for delivery can be found here.