Alexander Votes to Establish Fiscal Discipline for Puerto Rico, Prevent Federal Taxpayer Bailout

Posted on June 29, 2016

WASHINGTON, D.C., June 29, 2016 – U.S. Sen. Lamar Alexander (R-Tenn.) today released the following statement on his vote in favor of a bipartisan plan to establish a path for Puerto Rico to avert financial disaster:

“This bill establishes fiscal discipline for Puerto Rico without a federal taxpayer bailout. A vote against the bill would have paved the way for a federal taxpayer bailout.”

On June 9, the U.S. House of Representatives passed the legislation by a vote of 297 to 127. The bill will now be sent to the president’s desk.

The legislation would establish a seven-member fiscal oversight board that would control Puerto Rico’s finances. The legislation would also establish a process to adjust Puerto Rico’s debts in federal court.

Puerto Rico has accumulated $70 billion in debt and is facing an approximately $2 billion debt payment due on July 1.

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For access to this release and the senator’s other statements, click here.

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