The MORE You Read Paul Ryan’s Puerto Rico Bill, The LESS You Like It

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:




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