Puerto Rico Gov. Alejandro García Padilla on Thursday said he wants to see Congress act on a debt restructuring bill that at the very least provides the island with a reprieve from debt litigation before a financial control board starts overseeing the commonwealth’s finances, the Morning Consult reported yesterday. “We need that power now,” García Padilla said in a press call, referring to restructuring authority. “But there’s more than one way to address this issue. For example, Congress can legislate a stay on any legal action until that oversight board kicks in.” He said House Speaker Paul Ryan’s commitment to have a legislative solution to the crisis before this month ends would be demonstrated by enacting legislation that gives Puerto Rico’s government what it believes are the necessary tools to restructure its debt. García Padilla also reiterated his view that any federally mandated control board needs to respect Puerto Rico’s autonomy, and he argued that quick action on legislation to address the island’s debt crisis will be less costly to U.S. taxpayers than delayed action.
