Let’s be thankful there are some sane conservatives remaining in Washington, DC when it comes to the bailout-by-another-name Puerto Rico legislation: H.R. 5278, the Puerto Rico Oversight, Management and Economic Stability Act (“PROMESA”). When the House Resources Committee held its full committee vote on May 25th, the vote was 29-10. All the “no” votes were courageous conservatives who would not be bullied by their leadership.
On June 6, the always reliable Heritage Action issued a press release announcing they were key voting the bill and urged a “no” vote (See here: Heritage Action Key Vote Press Release). Thank God. KSE admits that this legislation isn’t a traditional cash bailout, but the changes it makes to bondholders’ rights to legal credit claims is just as bad, if not worse because it rearranges long-held standards in which creditors purchased PR’s debt. Heritage Action lays it out perfectly in their statement:
“The…
