Puerto Rico's debt is more than $72 billion, nearly 100% of its economic output. Double digit unemployment, hundreds of schools closing and a healthcare crisis have triggered the exodus of 1K+ Puerto Ricans per week.
Congress has declined to extend debt-restructuring powers to Puerto Rico, instead yielding to vulture funds and powerful Wall Street interests. According to the draft of the PROMESA Act, an Oversight Control Board will have the power to act on behalf of the Governor and gov. agencies. These decisions are not subject to judicial review.
Puerto Rico rejects a federal control board and attempts against our democracy. The Executive Branch should use the tools at its disposal to help Puerto Rico, as it has done in the past when big banks came calling for help.
Obama, ACT NOW!