Statement from Former Senator Judd Gregg on House Legislation to Address Puerto Rico's Fiscal Crisis

WASHINGTON, May 19, 2016 /PRNewswire/ -- Senator Judd Gregg (R-NH), a Senior Advisor to the COFINA Senior Bondholders Group, made the following statement in support of the "Puerto Rico Oversight, Management, and Economic Stability Act," legislation introduced today by the House Natural Resources Committee to address Puerto Rico's fiscal crisis and stabilize the Commonwealth's economy.

"Chairman Bishop and Speaker Ryan should be commended for advancing revised legislation that will aid the Puerto Rican people, honor creditors' legal rights and safeguard U.S. taxpayers against funding a bailout. This territories-clause bill, which will bring all creditors to the table and establish a strong and independent fiscal oversight board, should appeal to conservatives who were concerned about a 'bailout' or 'contagion.'

"We are especially pleased to see that the updated draft has addressed the concerns highlighted by numerous conservative voices. The onus is now on Congress to act before Puerto Rico slips into economic cardiac arrest on the heels of missing its massive July 1 debt payment."

About Senator Judd Gregg

Gregg served as a United States Senator from 1993 to 2011.  He was Chairman and Ranking Member of the Senate Budget Committee and also Chairman and ranking member of the Health, Education, Labor and Pension Committee.  He was a senior member of the Senate Banking Committee and chaired the Appropriation's subcommittees on Foreign Operations; Homeland Security; and Commerce, State and Justice.   He also served on President Obama's National Commission on Fiscal Responsibility and Reform (Simpson-Bowles) and worked to produce a comprehensive plan to reduce the national debt. Prior to his tenure in the Senate, Gregg served as Governor of New Hampshire and as a U.S. Representative. As Governor, Gregg steered New Hampshire through one of its most difficult economic times leaving it with a balanced budget and a strong infrastructure, which included reorganizing the State's major utilities and banking system.

About the COFINA Senior Bondholders Ad Hoc Group

The Group is a coalition of creditors made up of retirees and individual investors in Puerto Rico and throughout the United States, as well as asset managers GoldenTree Asset Management LP, Merced Capital LP, Tilden Park Capital Management, Whitebox Advisors LLC, and others.

The COFINA Senior Bondholders Ad Hoc Group has come out in support of many of the components of the "Puerto Rico Oversight, Management, and Economic Stability Act," legislation released by the House Natural Resources Committee. The framework ensures that creditors are treated fairly and equitably based on their legal standing and provides a strong foundation for federal legislation to address the Commonwealth's economic crisis.

Media Contacts

Sean Neary
Edelman
202-350-6675
[email protected]

Greg Marose
Edelman
201-936-4126
[email protected]

SOURCE COFINA Senior Bondholders Ad Hoc Group