Warren Introduces Relief Package to Help Storm-Ravaged Puerto Rico 'Recover With Dignity'

By Eoin Higgins
A group of Democratic Senators, led by Elizabeth Warren, are again pushing to have Puerto Rico's debt forgiven in the wake of dual hurricanes that hit the island in 2017 — an announcement that came as activists from the U.S. territory were on Capitol Hill to find a solution to the island's economic woes.
The United States Territorial Relief Act of 2019, as Warren's bill is known, would offer comprehensive debt relief to the American territory. Warren was joined by fellow Sens. Kirsten Gillibrand (D-N.Y.), Kamala Harris (D-Calif.), Edward Markey (D-Mass.) and Bernie Sanders (I-Vt.). All but Markey, Warren included, are running for the Democratic nomination for president.
"Our bill gives Puerto Rico and other struggling territories a route to comprehensive debt relief and a chance to recover with dignity," Warren said in a statement. "It's time for Congress to pass this bill."
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.
— Elizabeth Warren (@ewarren) May 2, 2019
If passed, according to an overview provided by Warren's office, the legislation would forgive the island's debt, establish a fund for those who suffer losses from the debt cancellation, and create an auditing commission on the genesis of the debt and how the crisis got so out of control.
The House version of the legislation is being introduced in the lower chamber by Rep. Nydia Velázquez (D-N.Y.).
"Puerto Rico needs every tool possible to recover economically and physically from Hurricane Maria," Velázquez said.
The same cohort of senators and Velázquez introduced the legislation in 2018. It was ultimately unsuccessful.
Puerto Rico's debt issues are nothing new, as Common Dreams has reported — but things have gotten worse since the 2017 hurricanes and the only legislation in place is outdated and insufficient to address the current problems.
A 2016 bill addressing Puerto Rican debt, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), was signed into law by former President Barack Obama before the storms hit. PROMESA came in for criticism from Sanders, and others, even before the current crisis.
"Over the past several years, Puerto Rico has been living with an economic noose around its neck due to its crippling debt crisis and the devastation created by Hurricane Maria," said the Hispanic Foundation's president José Calderón in a statement supporting Warren's bill.
Puerto Rican activists confronted members of the island's Financial Oversight and Management Board (FOMB) about the predatory practices encouraged by PROMESA on Thursday. They were successful in convincing FOMB to take legal action against banks that profited off of Puerto Rican debt illegally.
The @FOMBPR has not helped #PuertoRico recover. It has sided with bondholders at the expense of our people. Its time for congress to hold them accountable. #cancelthedebt @popdemoc @Vamos4PR @diasporaresiste pic.twitter.com/RDyuCxNzoW
— CASA (@CASAforall) May 2, 2019
Jesus Gonzalez, an organizer with the Center For Popular Democracy, pointed out in a statement that tougher action on predatory creditors would not have happened without "Puerto Rican families on the island and of the diaspora who have fought tirelessly for a just recovery," he said more still needed to be done.
"While the FOMB has decided to pursue legal action," Gonzalez said, "there is much information we still need to analyze to ensure that proper action is taken against every single person who profited from the illegal debt."
Sanders, in a statement, took aim at the banks and hedge funds that used the debt to make billions of dollars.
"Greedy Wall Street vulture funds must not be allowed to reap huge profits off the suffering and misery of the Puerto Rican people for a second longer," said Sanders.
The debt also created an impossible situation for Puerto Ricans struggling to recover after Hurricanes Irma and Maria in 2017, said Hispanic Foundation's Calderón.
"Over the past several years, Puerto Rico has been living with an economic noose around its neck due to its crippling debt crisis and the devastation created by Hurricane Maria," Calderón said. "The island government simply does not have the means to pay off its debt and prioritize the well-being of its people."
Warren echoed Calderón's callback to the difficulties faced by Puerto Ricans in their long pursuit of financial justice.
"Puerto Rican families were watching debt crush their futures long before Hurricane Maria hit," said Warren, "and this administration has failed in its response."
Since the American government will no longer do its job! -- Oprah Winfrey Donates $2 Million to Help Puerto Rico's Recovery From Hurricane Maria https://t.co/Dt5ShuCROa. #MAGA20 @foxandfriends @seanhannity @CNN @SenateGOP @GOPLeader
— Dana Ivey (@hekasia) April 10, 2019
Reposted with permission from our media associate Common Dreams.
- Study: Feds Response to Hurricane Maria Slower, Less Generous ... ›
- 'Transformation Blueprint' for Puerto Rico and Virgin Islands ›
Producer of 'My Octopus Teacher' Launches New Streaming Network to Help Save Our Natural World
"Watch. Connect. Take Action."
These words are the invitation and mandate of the WaterBear Network, a free film-streaming platform that launched in November of 2020. Its goal is to turn inspirational images of the natural world into actions to save it.
WaterBear CEO Ellen Windemuth uses films to inspire planet-positive actions. WaterBear
- 'My Octopus Teacher' Stuns Audiences, Reinforces Power of Nature ... ›
- 3 New Environmental Docs to Watch This Fall - EcoWatch ›
- Ahead of UN COP26, Survey Finds International Support for Greater ... ›
EcoWatch Daily Newsletter
By Kenny Stancil
Amid the ongoing climate emergency and the devastating coronavirus pandemic that has resulted in more than 500,000 deaths in the U.S. alone as well as an economic meltdown that has left millions of people unemployed, the Sunrise Movement on Thursday launched its "Good Jobs for All" campaign to demand that lawmakers pursue a robust recovery that guarantees a good job to anyone who wants one and puts the country on a path toward a Green New Deal.
<div id="c7fe3" class="rm-shortcode" data-rm-shortcode-id="5664692fdfd187db01eff5ac2787c564"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1367650177436311562" data-partner="rebelmouse"><div style="margin:1em 0">We’re coming together to fight for each other and guarantee #GoodJobsForAll Join us: https://t.co/MoJhmlzoaS https://t.co/IAPa8DeeLR</div> — Sunrise Movement 🌅 (@Sunrise Movement 🌅)<a href="https://twitter.com/sunrisemvmt/statuses/1367650177436311562">1614908186.0</a></blockquote></div>
- Climate Leader Alexandria Ocasio-Cortez Joins Hundreds of ... ›
- Sunrise Movement Rallies at Texas Capitol for Green New Deal ... ›
- 1,000+ Youth Activists Storm Capitol to Demand Green New Deal ... ›
Trending
bpperry / Getty Images
By Tara Lohan
Each year the amount of plastic swirling in ocean gyres and surfing the tide toward coastal beaches seems to increase. So too does the amount of plastic particles being consumed by fish — including species that help feed billions of people around the world.
Blue shark at Cape Point, South Africa, 2016. Steve Woods / CC BY-NC-ND 2.0
Butterflies across the U.S. West are disappearing, and now researchers say the climate crisis is largely to blame.
- New Clues Help Monarch Butterfly Conservation Efforts - EcoWatch ›
- Monarch Butterflies Will Be Protected Under Historic Deal - EcoWatch ›
California faces another "critically dry year" according to state officials, and a destructive wildfire season looms on its horizon. But in a state that welcomes innovation, water efficacy approaches and drought management could replenish California, increasingly threatened by the climate's new extremes.
- Remarkable Drop in Colorado River Water Use Sign of Climate ... ›
- California Faces a Future of Extreme Weather - EcoWatch ›