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Rep. Hernández Insists on Amendments to Moratorium Law

By on April 26, 2016

SAN JUAN – House Treasury Committee Chairman Rafael Hernández Montañez rejected that the amendments he plans to introduce to the Puerto Rico Emergency Moratorium & Financial Rehabilitation Act are aimed at undermining the powers of Gov. Alejandro García Padilla.

Hernández Montañez reiterated that his differences with the government are not general in nature but on how the fiscal crisis and the moratorium should be handled.

“Neither what is being amended in the Senate nor what is being amended at the House have anything to do with what the Government Development Bank [GDB] will address in the coming days with it its due date May 1,” Hernández Montañez said in a radio interview with WUNO.

Rafael “Tatito” Hernández

Rafael “Tatito” Hernández

“The executive [branch], through the GDB’s management, can implement the public policy already presented to the markets and establish a moratorium,” he added.

Hernández Montañez insisted that his amendments do not affect the moratorium presented to the markets, but aim to resolve the fiscal problems of the public corporations. He added that although he doesn’t know which amendments the Senate will introduce to the bill amended last week in the House, the language of final piece of legislation should pass be constitutional and not affect the government’s credit for the next four years.

“Our differences are in other future transactions aimed at resolving the problem of the Puerto Rico Electric Power Authority, aimed at solving the problems of the Puerto Rico Aqueduct and Sewer Authority, and obviously aimed at resolving the General Fund’s capacity to fulfill its obligations,” he said, confident that the priorities of the Senate and the House can be harmonized with inclusive language.

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