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Bernier Backs Amendments to Moratorium Act Proposed by Co-ops

By on April 18, 2016

SAN JUAN – The gubernatorial candidate for the Popular Democratic Party (PDP), David Bernier, urged lawmakers in the House of Representatives to pass the amendments proposed by the cooperative movement to the Puerto Rico Emergency Moratorium & Financial Rehabilitation Act. The amendments seek to integrate in the local code provisions set out in federal legislation that recognize the role played by institutions such as commercial banks and credit unions.

PDP gubernatorial candidate, David Bernier, is urging lawmakers to approve a moratorium on debt service.

PDP gubernatorial candidate David Bernier

House Bill 2866, which contains amendments to Act 21 of April 6, 2016, and the Organic Law of the Government Development Bank was filed on April 11.

“I support the amendments contained in H.B. 2866, as depositary institutions are part of the essential infrastructure of any economy. Depositary institutions are those that perform the function of converting deposits into loans for individuals and businesses. These functions are vital to enhance productive activity and economic recovery,” Bernier said in a statement Monday.

“I hope the bill goes to the floor for consideration and is approved by the House of Representatives and that the Senate considers it this week,” added Bernier, while recognizing cooperatives’ contributions, such as their “Entry Point” proposal, which seeks to settle negotiations with bondholders.

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