Jun 26, 2016
Puerto Rico is in trouble and only the U.S. Congress can help the island of U.S. citizens. Does the bill quickly moving through Congress actually help Puerto Rico?
Executive Producer: Kevin
Thank you for supporting truly independent media!
Purpose: "To provide a method for a covered territory to achieve fiscal responsibility and access tot he capital markets."
Constitutional Justification for the Board
Seven unpaid members appointed by the President. Six of the selections will be from lists created by Congress.
Only one person on the board has to be a territory resident or "have a primary place of business in the territory"
The Governor, or his designee, will be an "ex officio member" with no voting rights.
Term of service: 3 years
Removal: Can be done by the President "only for cause"
Expired terms: The member can serve until someone else is appointed.
Rules for the Oversight Board
The Oversight Board can change the territory's laws "with the greatest degree of independence practicable"
The Oversight Board may conduct their business behind closed doors.
Oversight of the Oversight Board
Approval of debt restructuring plans
Termination of Oversight Board
No Full Faith & Credit of the United States
Limited Access to Courts
TV Episode: Last Week Tonight with John Oliver: Puerto Rico (HBO), April 17 2016.
TV Episode: Last Week Tonight with John Oliver: U.S. Territories (HBO), March 8, 2015.
Hearing: H.R. 5278 Full Committee Markup, House Committee on Natural Resources, May 25, 2016.
Hearing: H.R. 5278 Full Committee Markup, House Committee on Natural Resources, May 24, 2016.
Hearing: Puerto Rico’s Debt Crisis and Its Impact on the Bond Markets, House Financial Services Subcommittee on Oversight and Investigations, February 25, 2016.
Hearing: Puerto Rico’s Fiscal Problems: Examining the Source and Exploring the Solution, United States Senate Committee on the Judiciary, December 1, 2015.
Hearing: The Broken State of Puerto Rico, Senate Judiciary Committee, December 1, 2015.
Article: Democrats Could Slow Passage of Puerto Rico Rescue Bill By Mary Clare Jalonick, Associated Press, ABC News, June 21, 2016.
Article: Hedge Funds Sue Puerto Rico in N.Y. Over Fiscal Crisis Law By Erik Larson, Bloomberg, June 21, 2016.
Article: Supreme Court Says No to Puerto Rico’s Bankruptcy Law By Rachel Greszler, The Daily Signal, June 13, 2016.
Article: Supreme Court rules Puerto Rico can't restructure debt By Lydia Wheeler, The Hill, June 13, 2016.
Article: Congress’ Proposal to Restrict Legal Proceedings in Puerto Rico Debt Crisis Could Trigger Chaos By Rachel Greszler and Salim Furth, The Daily Signal, June 8, 2016.
Article: Bernie Sanders leads liberals’ fight against Puerto Rico rescue bill By Mike DeBonis, The Washington Post, May 23, 2016.
Articles: News about Tea Party Movement, including commentary and archival articles published in The New York Times, The New York Times, Last Updated May 23, 2016.
Article: The Vultures’ Vultures: How A New Hedge-Fund Strategy Is Corrupting Washington By Ryan Grim and Paul Blumenthal, The Huffington Post, May 13, 2016.
Articles: News about Mutual Funds and E.T.F.'s, including commentary and archival articles published in The New York Times, The New York Times, Last Updated May 7, 2016.
Article: Mystery: Strom Thurmond, Puerto Rico and bankruptcy protection By Jon Greenberg, Politifact, April 27, 2016.
Article: Puerto Rico woos US investors with huge tax breaks as locals fund debt crisis By Rupert Neate, The Guardian, February 14, 2016.
Article: The Price Of Inequality For Puerto Rico By Maria Levis, Health Affairs Blog, December 29, 2015.
Article: Inside the Billion-Dollar Battle for Puerto Rico’s Future By Jonathan Mahler and Nicholas Confessore, The New York Times, December 19, 2015.
Article: Is this 1917 law suffocating Puerto Rico’s economy? By Chris Bury, PBS, August 13, 2015.
Article: For Puerto Rico, There is a Better Way A Second Look at the Commonwealth’s Finances and Options Going Forward, By Jose Fajgenbaum, Jorge Guzman, and Claudio Loser, Centennial Group International, July 2015.
Article: Here Are the Winners and Losers of Puerto Rico's Debt Crisis By Michelle Kaske, Bloomberg, May 19, 2015.
Article: Puerto Rico Fighting to Keep Its Tax Breaks for Businesses By Larry Rohter, The New York Times, May 10, 1993.
Documentary: THE LAST COLONY: A Close Look At Puerto Rico's Unique Relationship With The United States
Website: House Natural Resources Committee Puerto Rico Legislation, May 25, 2016.
OpenSecrets: Career Profile for Rep. Mick Mulvaney of South Carolina's 5th disctrict
OpenSecrets: Career Profile for Rep. Sean P Duffy of Wisconsin's 7th District
OpenSecrets: Lobbyists lobbying on H.R.4900: PROMESA
House Natural Resources Section by Section Summary of H.R. 5278
Foraker Act, April 12, 1900, Establishing the initial government structure of Puerto Rico.
Jones Act of 1917, provided Puerto Ricans with American citizenship and established maritime laws that Puerto Rico would be ruled by, among other things.
Constitution of the Commonwealth of Puerto Rico, February 6, 1952.
Design by Only Child Imaginations