The US Senate passed a bill to financially rescue Puerto Rico, which is mired in debt. President Barack Obama’s signature is all that is now needed for the legislation to become law.
The bipartisan Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) passed the Senate Wednesday, according to the Associated Press. It now heads to the White House.
“This bipartisan legislation addresses the fiscal crisis in Puerto Rico while protecting American taxpayers from a bailout of the territory,” Speaker of the House Paul Ryan (R-Wisconsin) said Wednesday evening. “Congress has fulfilled our constitutional obligation and I urge President Obama to sign PROMESA immediately.”
Among the provisions of PROMESA is the creation of a seven-person committee, appointed by the congressional Republicans, that would have free rein to restructure the island territory’s debt by any means necessary, including budget and pension cuts, privatization of public assets, and exempting Puerto Rico from US Department of Labor rules that would allow the US territory to lower its minimum wage to $4.25 per hour.
PROMESA had bipartisan support in Congress, as well as the backing of the White House and the presumptive Democratic presidential nominee Hillary Clinton.
Via RT. This piece was reprinted by RINF Alternative News with permission or license.