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Washington, D.C. — Today, U.S. Senators Marco Rubio (R-FL), Bob Menendez (D-NJ), Richard Blumenthal (D-CT) and John Kennedy (R-LA) today introduced the Puerto Rico Recovery Accuracy in Disclosures Act of 2019 (PRRADA).The bipartisan legislation would provide robust disclosure requirements to all of the Puerto Rico Financial Oversight and Management Board’s advisers and consultants, closing a loophole in the existing law. PRRADA would require vendors to disclose their relationships, guaranteeing to the people of Puerto Rico the same transparency and disclosure practices required by law in U.S. mainland bankruptcies. Companion legislation was introduced in the House of Representatives by Rep. Nydia Velazquez (D-NY).
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.
“Transparency and accountability are critical to ensure Puerto Rico’s restructuring process is successful,” Rubio said. “I’m proud to have worked with Senator Menendez to introduce this important bill to extend the disclosure requirements that apply on the mainland to professionals seeking compensation under title III of PROMESA.”
“Although I opposed PROMESA vehemently, I still believe that the cadre of advisors and consultants created as a result of that law must be held accountable to the same transparency standards required by law in the mainland,” Menendez said. “Our legislation will close the current loophole, establishing robust disclosure requirements for bankruptcy advisors, and allowing the courts to deny payment to any bad actors with conflicts therefore making it more transparent for Puerto Ricans.”
“Our bill will give the people of Puerto Rico the same transparency and accountability that corporate shareholders already enjoy to ensure that the people and companies making decisions for them are free of conflicts of interest,” Blumenthal said. “It is a crucial, common sense step to protect the more than 3 million American citizens on Puerto Rico from corrupt and conflicted practices.”
Washington, D.C. — Hoy los senadores estadounidenses Marco Rubio (R-FL), Bob Menendez (D-NJ), Richard Blumenthal (D-CT) y John Kennedy (R-LA) presentaron hoy el proyecto de ley Puerto Rico Recovery Accuracy in Disclosures Act of 2019 (PRRADA), por sus siglas en inglés). La legislación bipartidista proporcionaría estrictos requisitos de divulgación a todos los asesores y consultores de la Junta de Supervisión y Administración Financiera para Puerto Rico, cerrando el vacío legal en la ley actual. El PRRADA requeriría que los proveedores divulguen sus relaciones, garantizando a los puertorriqueños las mismas prácticas de transparencia y divulgación de información requeridas por la ley de bancarrota en los Estados Unidos. Una legislación similar fue introducida en la Cámara de Representantes por la Congresista Nydia Velázquez (D-NY).
En 2016, el Congreso aprobó la Ley de Supervisión, Administración y Estabilidad Económica de Puerto Rico (PROMESA) para establecer un proceso de bancarrota para reestructurar las deudas de la isla, pagar a los acreedores, aprobar proyectos de infraestructura y estimular el desarrollo económico. En ese momento, la ley no incluyó un requisito para que los asesores y consultores divulguen sus propios conflictos de intereses con la variedad de acreedores a quienes Puerto Rico debe $123 mil millones.
“La transparencia y la rendición de cuentas son fundamentales para garantizar que el proceso de reestructuración de Puerto Rico sea exitoso,” Rubio dijo. “Me enorgullece haber trabajado con el Senador Menéndez para presentar esta importante legislación que extenderá los requisitos de divulgación a los profesionales quienes buscan una compensación bajo el Título III de PROMESA.”
“Aunque me opuse con vehemencia a PROMESA, sigo creyendo que el cuadro de asesores y consultores creados como resultado de esa ley debe rendir cuentas ante los mismos estándares de transparencia exigidos por la ley en el continente,” Menéndez dijo. “Nuestra legislación cerrará el vacío legal actual, estableciendo requisitos de divulgación sólidos para los asesores de bancarrota y permitiendo a los tribunales denegar el pago a cualquier actor con conflictos, lo que hace el proceso más transparente para los puertorriqueños.”