Puerto Rico faces an unprecedented fiscal emergency. Today the government defaulted on $56 million in bond payments, which promises to be only the first of many millions or even billions in defaults to come. Section 936 spurred industrial development and job creation in Puerto Rico. Since its phasing out in 1996-2006, the Island has seen a collapse in the manufacturing sector, mass unemployment, and disastrous emigration. 100 schools closed this summer as families vanish.
Though the Obama administration has publicly supported letting the Estado Libre Associado de Puerto Rico seek bankruptcy relief under Federal bankruptcy law, this will not address the structural collapse of the Puerto Rican economy due in large part to the end of Section 936. Please advocate for a restoration.