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Hurricanes Irma and Maria devastated Puerto Rico and the millions of U.S. citizens who live there. The Trump Administration's response was slow and ineffective—but one of the biggest constraints holding back the recovery has been Puerto Rico's debt.
If Puerto Rico were a big company or an American city in this kind of financial trouble, it could file for bankruptcy, pay some of its debts, discharge the rest, then start rebuilding. But because of its unique status, those legal options aren’t available.
Much of Puerto Rico’s debt is held by Wall Street, which is trying to squeeze out every last penny of profit. Congress had a chance to break Wall Street's grip. Instead, they passed PROMESA, imposing an oversight board which has slashed services, hindering the recovery.
Wall Street executives see the island’s desperation as just another opportunity to make a profit—and it makes me sick. That’s why I’m re-introducing the U.S. Territorial Relief Act to provide Puerto Rico with a path to comprehensive debt relief. medium.com/@teamwarren/my…
