Puerto Rico’s Government Development Bank recently defaulted on hundreds of millions of dollars in payments due to its bondholders, marking the third default by Puerto Rico in the last several months.
No doubt this will increase the urgency with which observers are calling on Congress to address the crisis. Yet, the so-called “Puerto Rico Oversight, Management, and Economic Stability Act,” or “PROMESA,” contradicts the most basic principles conservatives believe in. It then begs the question: Why is Speaker Paul Ryan trying to impose another Washington-concocted boondoggle to address the island’s fiscal crisis on the U.S. citizens of Puerto Rico?
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