House lawmakers reached a deal with the Obama administration late Wednesday on a bill that would help Puerto Rico deal with $72 billion in debt.
“Tonight we introduced legislation to responsibly address the crisis in Puerto Rico,” said House Natural Resources Committee Chairman Rob Bishop, R-Utah. “The revised bill incorporates technical refinements and input from all stakeholders. Any future changes will be done in public committee meetings.”
House lawmakers and the White House had been negotiating for weeks on the plan, which would establish a control board that would have the power to restructure the U.S. territory’s debt.
House Speaker Paul Ryan has been pushing lawmakers to come up with a legislative deal. He called the bill, “the most responsible solution to the crisis because it gives Puerto Rico a path to real reform while protecting taxpayers.”
House Minority Leader Nancy Pelosi, D-Calif., praised the bill and said it removed provisions that her party opposed, including the transfer of land to the Puerto Rican government for possible development.
“After long bipartisan negotiations, we believe we have achieved a restructuring process that can work,” Pelosi said. “We will do our part to act expeditiously in providing President Obama with a list of qualified candidates for appointment to the oversight board.”
Still, some conservatives are opposed to the deal because they fear it will become a taxpayer bailout.
Bishop said the bill will institute fiscal and economic reforms that promote growth and stem a looming humanitarian crisis on the island.
