Following Hurricane Milton’s catastrophic landfall, Governor Ron DeSantis has requested an Expedited Major Disaster Declaration to support Florida's response and recovery efforts. U.S. Senator Marco Rubio (R-FL), U.S. Representative Vern Buchanan (R-FL), and members...
Following Hurricane Milton’s catastrophic landfall in Florida, U.S. Senator Marco Rubio (R-FL) joined the U.S. Coast Guard to survey impacted areas across the State. Photos are courtesy of Senator Rubio’s office. Senator Rubio joins the U.S. Coast Guard for a flyover...
U.S. Senator Marco Rubio’s (R-FL) office will host in-person Mobile Office Hours next week to assist constituents with federal casework issues in their respective local communities. These office hours offer constituents who do not live close to one of Senator Rubio’s...
Major Hurricane Milton is expected to make landfall in Florida, bringing with it devastating storm surge, winds, and inland flooding. The Seminole Tribe of Florida should have access to the federal resources required for emergency response and recovery preparations on...
Major Hurricane Milton is forecasted to potentially hinder or obstruct the Port of Tampa Bay, which receives more than 40 percent of Florida’s petroleum products. It’s crucial for the federal government to expedite all requested measures to protect Florida’s economy...
Major Hurricane Milton is forecasted to impact Florida with devastating storm surge, winds, and inland flooding. After just being hit by Hurricane Helene, it’s crucial for the State of Florida to have the support of the federal government. U.S. Senators Marco Rubio...
Washington, D.C. — U.S. Senator Marco Rubio (R-FL) joined Senator Bob Menendez (D-NJ), Debbie Stabenow (D-MI), Mazie Hirono (D-HI), and Richard Blumenthal (D-CT) in reintroducing the Puerto Rico Recovery Accurate in Disclosures Act (PRRADA). This bipartisan and bicameral legislation would impose robust disclosure requirements on all of the Puerto Rico Financial Oversight and Management Board’s advisers and consultants, closing a loophole in existing law that currently disadvantages the people of Puerto Rico. PRRADA would require vendors to disclose potential conflicts of interests, ensuring that the people of Puerto Rico have access to the same transparency and disclosure practices required by law in U.S. mainland bankruptcy cases.
In 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) to set up an orderly bankruptcy process to restructure the island’s debts, pay off creditors, approve infrastructure projects, and stimulate economic development. At the time, the law failed to add a requirement for advisers and consultants to disclose their own conflicts of interests with the variety of creditors to whom Puerto Rico owes $123 billion.
Companion legislation, H.R. 1192, was introduced in the House of Representatives by Rep. Nydia Velazquez (D-NY), Andy Biggs (R-AZ), Pramila Jayapal (D-WA), Raul Grijalva (D-AZ), David Cicilline (D-RI), Jamie Raskin (D-MD), and Jenniffer González-Colón (R-PR). The House passed H.R. 1192 on February 24, 2021 by a vote of 429-0.
“I’m proud to re-join this bicameral and bicameral effort to fix this existing loophole,” Rubio said. “Under PRRADA we will ensure that our fellow Americans living in Puerto Rico have both transparency and accountability, which is critical to ensuring that the island’s restructuring process is successful.”
RUBIO JUNTO A MENÉNDEZ Y COLEGAS RE-INTRODUCEN LEY PARA GARANTIZAR QUE LOS PUERTORRIQUEÑOS TENGAN ACCESO A LAS MISMAS PRÁCTICAS DE TRANSPARENCIA Y DIVULGACIÓN EN CASOS DE BANCARROTA QUE EL RESTO DE EE.UU.
Washington, DC – El senador estadounidense Marco Rubio (R-FL) se unió a los senadores Bob Menendez (D-NJ), Debbie Stabenow (D-MI), Mazie Hirono (D-HI) y Richard Blumenthal (D-CT) en re-introducir la ley Puerto Rico Recovery Accuracy in Disclosures Act of 2019 (PRRADA), por sus siglas en inglés). Esta legislación bipartidista y bicameral, impondría requisitos de divulgación a todos los asesores y consultores de la Junta de Supervisión y Administración Financiera de Puerto Rico. Cerrando así una brecha en la ley existente que pone en desventaja al pueblo puertoriqueño. La ley PRRADA requeriría que los proveedores revelen los posibles conflictos de intereses, asegurando que los puertoriqueños tengan acceso a las mismas prácticas de transparencia y divulgación requeridas por la ley en los casos de quiebras en el territorio de EE.UU.
En el 2016, el congreso aprobó la Ley de Estabilidad Económica, Administración y Supervisión de Puerto Rico (PROMESA), por sus siglas en inglés) para establecer un proceso de quiebra ordenado para reestructurar las deudas de la isla, pagar a los acreedores, aprobar proyectos de infraestructura y estimular el desarrollo económico. En este momento, la ley no agregó un requisito para que los asesores y consultores revelen sus propios conflictos de intereses con la variedad de acreedores.
La legislación fue presentada en la Cámara de Representantes por la representante Nydia Velázquez (D-NY), Andy Biggs (R-AZ), Pramila Jayapal (D-WA), Raul Grijalva (D-AZ), David Cicilline (D-RI), Jamie Raskin (D-MD) y Jenniffer González-Colón (R-PR). La Cámara aprobó la ley H.R. 1192 el 24 de febrero del 2021 por un voto de 429-0.
“Me enorgullece el volver a unirme a este esfuerzo bipartidista y bicameral para solucionar este vacío legal existente”, Rubio dijo. “Bajo la ley PRRADA se asegurará que nuestros compatriotas estadounidenses que viven en Puerto Rico tienen tanto la transparencia y la rendición de cuentas, que es fundamental para garantizar que el proceso de reestructuración de la isla sea un éxito.”