Sunday, May 22, 2022

PDP Reiterates Rejection of Fiscal Control Board

By on May 1, 2016

SAN JUAN – The secretary of the Popular Democratic Party (PDP), Javier Echevarría, reiterated Sunday that the party’s board approved a resolution on April 18 rejecting the imposition of a fiscal control board by the U.S. Congress to address the Puerto Rico government’s fiscal crisis.

“For the Democratic Party, and as clearly expressed in the resolution adopted by our board, the imposition of a fiscal control board usurps the powers of the government of Puerto Rico, which was elected by the people through a vote. Clearly, the H.R. 4900 bill, which proposes the imposition of this fiscal control board, ignores Acts 600 of 1950 and 447 of 1952, in which ‘fully recognizing the principle of government by consent,’ Congress entered into an agreement with the people of Puerto Rico, for the latter to exercise self-government under a constitution adopted by the people themselves,” Echevarría said in a statement Sunday.

Javier Echevarría

Javier Echevarría

For the party leader, the resolution, which has been sent to U.S. House Natural Resources Committee Chairman Rob Bishop, specifies the “urgent need for whichever mechanism created to address this fiscal crisis to provide effective job-creation measures that generate the economic growth Puerto Rico needs.

“We cannot overlook that the decline in revenue and loss of jobs in [Puerto Rico] began following the U.S. Congress’ removal of Section 936 of the federal internal revenue code, which provided Puerto Rico a tool for the constant flow of investment and job creation.”

The party’s resolution states that any legislation or mechanism implemented to deal with Puerto Rico’s fiscal crisis must “not infringe” on the powers of the commonwealth government; must address “the humanitarian crisis”; must “authorize a debt moratorium”; and provide mechanisms to restructure the debt and the “financial and operational reorganization of the government by adopting a consensual fiscal plan for which compliance will be mandatory for the validity or suspension of the moratorium….”

 

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