Reps. Tom MacArthur, R-N.J., and Sean Duffy, R-Wis., were appointed by House Speaker Paul Ryan on Friday to the Congressional Task Force on Economic Growth in Puerto Rico, which will attempt to find solutions for the Puerto Rico debt crisis.
The task force is part of the Puerto Rico Oversight, Management and Economic Stability Act, called PROMESA, that President Obama signed into law last month.
“PROMESA is simply good, bipartisan legislation and I’m proud that it is now law. It puts Puerto Rico on a path to fiscal health, and does so without a bailout from taxpayers,” Ryan said.
“It’s crucial that the Puerto Rican government enacts common-sense, pro-growth reforms. Reps. Duffy and MacArthur are the leaders we need to make the right recommendations so Puerto Rico can create jobs and reboot its economy.”
Currently, the Puerto Rican government has a total of $118 billion dollars in debt through bonds and unfunded pension liabilities.
PROMESA is aimed at preventing a taxpayer bailout by creating an oversight board aimed at recommending ways for Puerto Rico to restructure its debt.
The task force is made up of eight lawmakers, two Republicans and two Democrats each from the House and Senate. Other members are Sens. Orrin Hatch, R-Utah, Marco Rubio, R-Fla., Bill Nelson, D-Fla., and Robert Menendez, D-N.J., Reps. Nydia Velazquez. D-N.Y., and Pedro Pierluisi, D-PR.
