Religious leaders: “In the absence of Congress extending bankruptcy protection to Puerto Rico, we must call for greater involvement from the Federal Reserve to act and arbitrate our debt.”
Religious leaders from Puerto Rico have asked the US Federal Reserve to re-structure the island’s $73 billion debt, in order to avoid drastic austerity measures.
On Monday, August 31, eighteen Christian leaders cited the biblical concept of “jubilee” to call for debt relief. They also advocated for HR 870 – a congressional bill that would confer some limited bankruptcy powers to Puerto Rico.
HISTORY OF HR 870
Pedro Pierluisi, the Resident Commissioner of Puerto Rico, submitted HR 870 to the US Congress on Feb. 11, 2015. It remained unread and untouched, and was not assigned to any committee, until five weeks later on March 16.
The bill then sat in that committee until July 31, when Congress broke for a six-week summer vacation.
In other words, HR 870 went nowhere.
HAIL MARY PASS
Since Pres. Obama and the US Congress both refused to take any action on…
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