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U.S. House committee to hold hearing on Promesa’s implementation amid pandemic

By on June 10, 2020

SAN JUAN — On Thursday, June 11, at 3:30 p.m., the U.S. House of Representatives’ full Committee on Natural Resources will hold a virtual, fully remote oversight hearing, entitled “PROMESA Implementation during the Coronavirus Pandemic.”

The committee Democrats said they want “to hear from leaders in Puerto Rico about how the coronavirus pandemic has affected” the implementation of the Puerto Rico Oversight, Management and Economic Stability Act (Promesa), the federal law enacted in 2016 that established the Financial Oversight and Management Board (FOMB) for Puerto Rico, a process for restructuring debt, and expedited procedures for approving critical infrastructure projects to address the island’s debt crisis.

The hearing will take place via online videoconferencing and will also be streamed on Facebook Live and YouTube.

Committee Chairman Raúl M. Grijalva invited the executive director of the FOMB, Natalie Jaresko, and the executive director of the Puerto Rico Fiscal Agency & Financial Advisory Authority, Omar Marrero, to testify.

“The residents of Puerto Rico need and deserve public debt relief; good jobs; a prosperous economy; clean, affordable and reliable electricity; and an efficient public sector,” reads the caption for the upcoming hearing to help “prioritize economic improvement in Puerto Rico.”

Oct 22, 2019 (CB File)

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