CLLA Newswire | From the CLLA Newswire
Share |

Hispanic Lawmakers say Puerto Rico needs Bankruptcy Options

Sharon Edmondson, Washington Legislative Team Member | September 28, 2015

Today the Senate Finance Committee held a hearing on Puerto Rico’s fiscal crisis showing partisan divisions over how to address the island territory’s potential default.

Republicans sought to cast the island’s problems as a parable of the ills of runaway government spending and Democrats advocated for extending Chapter 9 bankruptcy protections to the territory.

Finance Committee Chairman Hatch (R-UT) noted that increased federal spending since the recession has not helped to slow Puerto Rico’s slide into deeper debt. Senator Schumer (D-NY) believes S. 1774, the bill to amend title 11 to treat Puerto Rico as a state for purposes of chapter 9, would help the territory get back on the road to recovery.

Go back


    Commercial Law League of America

    1000 N. Rand Rd., Suite 214
    Wauconda, IL 60084

    Phone: (312) 240-1400    |   Fax: (847) 526-3993