Skip to main content

Newsroom

October 22, 2015

Elizabeth Warren: We Helped the Big Banks. Why Not Puerto Rico?

“Elizabeth Warren had a message for the Obama administration today: Be as creative in finding a solution for the 3.5 million American citizens in Puerto Rico as you were in protecting bank profits after the 2008 crisis.

“The issue arose in a Senate Energy and Natural Resources Committee hearing on Thursday morning about the island commonwealth, which owes $73 billion in debt it cannot repay. A large chunk of the debt is owned by so-called “vulture funds” that picked it up at a discount. The creditors want Puerto Rico to find the funds to pay them off by drastically cutting services and selling assets, guaranteeing continued economic recession for the island’s inhabitants.

“Late Wednesday, the Obama administration released a “Roadmap for Congressional Action” to deal with the debt crisis. It included allowing Puerto Rico to obtain bankruptcy protection, which is currently barred by U.S. law. But the report adamantly stated that, while administration officials are working closely with the Puerto Rican government, “there is no set of administrative authorities that can fully address and resolve this crisis… only Congress can provide the critical tools Puerto Rico needs to restructure its debt.”

Read the full “The Fiscal Times” column by David Dayen here.

Op-Eds
Share

MEDIA REQUESTS

For media inquiries, please contact us at
press@bettermarkets.org or 202-618-6433.

Contact Us

For media inquiries, please contact press@bettermarkets.org or 202-618-6433.

To sign up for our email newsletter, please visit this page.

Name(Required)
This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact press@bettermarkets.org or 202-618-6433.

Donate

Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today