Press Releases

WASHINGTON – Congressman Scott Perry (PA-4) today voted against H.R. 5278, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), legislation passed by the House that addresses the fiscal crisis in Puerto Rico.

Perry issued the following statement:

“The Puerto Rican government has racked up $118 billion dollars in debt in the form of bonds and unfunded pension liabilities due to misguided liberal policies. It has neither the ability nor intention of paying this back.

“Unfortunately, PROMESA falls short in getting Puerto Rico back on track through pro-growth reforms. According to the International Monetary Fund, only 40 percent of Puerto Rico’s adult population is employed or looking for a job — compared to an already anemic U.S. labor force participation rate of 63 percent. Without instituting major economic reforms, Puerto Rico has little chance to grow, making it more likely that Puerto Rico will be back again soon asking for a bailout.

“We need to go back to the drawing board and enact pro-growth policies that will allow Puerto Rico to escape its decade long depression. We can’t keep passing laws and hoping for the best. We need to move Puerto Rico’s economy from assistance to success.