WASHINGTON D.C. – Recently, Representative Alexandria Ocasio-Cortez (NY-14) released the following statement on the ten year anniversary of the passage of the Puerto Rico Oversight, Management, and Economic Stability Act of 2016 (PROMESA).
“Ten years ago today, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act of 2016 (PROMESA) to address the island’s $74 billion debt by establishing the unelected Financial Oversight and Management Board (FOMB), otherwise known as la Junta. Ever since, La Junta has functioned as the primary administrator of Puerto Rico’s colonial state, facilitating the erosion of public infrastructure, healthcare, and schools to enrich Wall Street vulture funds and foreign investors on an unaudited debt.
“The current crises on the island cannot be separated from PROMESA, FOMB, and the Board’s mismanagement of Puerto Rico’s budget. Right now, tens of thousands of Puerto Ricans do not have access to running water because of failing and underinvested infrastructure. Puerto Ricans suffer frequent blackouts and increasing energy costs while FOMB and the New Progressive Party cede public funding to corrupt energy contracts with NFEnergía, LUMA Energy, and Genera PR. Puerto Ricans are facing the widespread closure and privatization of K-12 public schools, increased university tuition costs, and diminishing accessibility of healthcare by leaving medical professionals with no other choice than to pursue opportunities off the island.
“There have been bad-faith attempts to co-opt the hurt caused by PROMESA and return FOMB’s authorities back to the government of Puerto Rico while still saddling the island with debt. These attempts to codify illegitimate debt should be resisted. The affirmative path forward for Puerto Rico must include:
- Overturning PROMESA and ending the Financial Oversight and Management Board.
- Terminating corrupt tax policies like Act 60 that allow U.S. and foreign investors to exploit Puerto Rico and burden its public systems without contributing to them.
- Eliminating corrupt energy contracts driving record-high prices and investing in public and renewable power.
- Protecting our elders from attacks on their pensions and healthcare.
- NO A Esencia – protecting the constitutional right of public ownership of beaches and public land for all Puerto Ricans.
- Providing robust funding to restore the island’s public health and education systems.”