Repeal and Replace the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA)

The people of Puerto Rico have been targeted by creditors and hedge fund owners for over a decade, yet they have no means to do anything. A new plan should replace PROMESA, a plan in which the PEOPLE of Puerto Rico decide how to restructure debt and a Puerto Rican figurehead, not a partisan Washington crony, is appointed to oversee funds and infrastructure projects. The "Oversight Board" must work in unison with the Revitalization Coordinator and a Puerto Rican Board to Restructure Debt, each one checking the other to iron out the biased interests of all sides. This compromise could work, or the U.S. could simply bail Puerto Rico out and add to the cumulative national debt. An alternative option would be to simply allow the state to declare bankruptcy; the bill itself cannot be retained.