07.15.16

Leader McConnell Announces Puerto Rico Task Force Senate Appointees

McConnell Appoints Senators Hatch and Rubio

WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell announced today his Senate appointments to the newly created Congressional Task Force on Economic Growth in Puerto Rico. The Task Force was created as part of the Puerto Rico Oversight, Management and Economic Stability (PROMESA) Act recently signed into law after passing Congress with overwhelming bipartisan support. It will operate separately from the seven-member Financial Oversight and Management Board that President Obama will appoint.

The Task Force’s mission is to identify impediments to economic growth in Puerto Rico and recommend changes to promote growth. The Task Force will consist of eight members; two each appointed by the Senate Majority Leader, House Speaker, Minority Leader of the Senate and Minority Leader of the House.

Leader McConnell has appointed Senate Finance Committee Chairman Orrin Hatch (R-UT) and Senator Marco Rubio (R-FL) to the Task Force.

“The PROMESA Act was an important first step to help Puerto Rico reform its operations and restructure its debt. But economic growth and opportunity for Puerto Rico and its citizens are critical if the island is truly going to prosper,” said Leader McConnell.

“That is why I’ve appointed Senators Hatch and Rubio to these vital positions. I’m confident they will use their common-sense approach and deep policy backgrounds to help Puerto Rico and its citizens achieve long-term prosperity with a thriving economy,” Leader McConnell added.

“A variety of fiscal and economic challenges coupled with Puerto Rico’s opaque government financing has put a real strain on the financial security of the territory,” said Senator Hatch. “By examining effective pro-growth policies, I’m confident that with bipartisan cooperation this Task Force will be able to identify a viable plan that will help bring relief to the people of Puerto Rico, promote better job growth, and help build a stronger economy for the future."

“Puerto Rico’s debt crisis is very severe, and it’s clear they will not only have to cut their way out of this mess, they are going to have to grow their way out of it. While much of Puerto Rico’s current problems stem from poor leadership in San Juan, there has been neglect from Washington. Congress has a responsibility to create the conditions that will spur job creation, reduce poverty and drive investment in the island. This is one of the first steps in the process of turning Puerto Rico around, and I’m eager for the opportunity to share my pro-growth agenda for Puerto Rico as a part of this task force,” said Senator Rubio.