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Washington, D.C. — U.S. Senator Marco Rubio (R-FL) applauded the Senate Committee on Energy and Natural Resources’ passage of the Puerto Rico Recovery Accurate in Disclosures Act (PRRADA) (H.R. 1192). This bipartisan 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 owed $123 billion.
In addition to Rubio, the PRRADA Act is cosponsored by Senators Bob Menendez (D-NJ), Debbie Stabenow (D-MI), Mazie Hirono (D-HI), and Richard Blumenthal (D-CT). Companion legislation, H.R. 1192, was introduced in the House of Representatives by Reps. 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).
“There should be absolutely no difference between the level of transparency practiced both in the U.S. mainland and Puerto Rico,” Rubio said. “I’m pleased to see this important bill advance to the full Senate for consideration, so that we can fix this loophole.”