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Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) released the following statement on House passage of H.R. 5278, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA):

“Puerto Rico’s challenges have been years in the making because of bad local decisions, but if it falls further into insolvency, it will face a humanitarian crisis. However, American taxpayers can’t be on the hook for Puerto Rico’s bad choices, which is why a bailout has never been on the table. The PROMESA Act rejects the false choice between insolvency and a bailout by establishing an oversight board to help responsibly manage Puerto Rico’s finances and budget while also instituting a way for Puerto Rico to restructure its debt without going bankrupt. Long-term fiscal reforms and debt restructuring have always been the key to solving Puerto Rico’s fiscal crisis, and I thank the House Natural Resources Committee, especially Chairman Rob Bishop (UT-01) and Representative Sean Duffy (WI-07,) for crafting a bill that delivers these solutions.”