[Congressional Record Volume 161, Number 121 (Wednesday, July 29, 2015)]
[House]
[Pages H5596-H5597]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              PUERTO RICO

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Illinois (Mr. Gutierrez) for 5 minutes.
  Mr. GUTIERREZ. Mr. Speaker, yesterday I spoke about Puerto Rico's 
debt crisis and how there must be a sense of urgency because, without 
action, bondholders will be paid, but teachers, cops, and nurses won't.
  I want to continue today and make two points. Number one, let's not 
let bondholders bleed Puerto Rico at a discount. Number two, let's work 
together on what unites us, not what divides us.
  Because the only way we will make any progress is if the people of 
Puerto Rico come together to make a plan and demand that the Congress 
of the United States work with Puerto Rico on Puerto Rico's plan.
  Without consistent and persistent pressure from Puerto Rico, 
Washington will do nothing, as both the administration and the Congress 
are content to let the bondholders on Wall Street call the tune.
  We all know Washington should start with H.R. 870, the bankruptcy 
bill. It is simply a bill that will allow Puerto Rico to declare 
bankruptcy and restructure its debt within the U.S. legal system.
  This would allow an orderly and fair restructuring of the debt in a 
court of law. It is an important step, but will not solve all of Puerto 
Rico's problems.
  What Puerto Rico should do right now is demand to know what Wall 
Street vulture capitalists are paying for the bonds.
  We hear a report that the bonds are selling for 15 and 20 cents on 
the dollar, yet the bond owners want a full dollar's worth of interest.
  I say Puerto Rico should pay interest based on the price the 
billionaires actually paid and that they should disclose this amount, 
just as a congressman does in this Congress every time we make an 
investment.
  Then Puerto Rico can service its debt based on what was paid to buy 
the debt. I came here to protect people, not the profits of 
billionaires on Wall Street.
  Secondly and most importantly, for the time being, we must set aside 
politics and get away from the smokescreen of the status issue in 
Puerto Rico.
  Whether Puerto Rico should be a State, an independent nation, or 
remain a commonwealth cannot be the priority right now before this 
Congress.
  If everyone leaves Puerto Rico--and they are leaving by 5,000 a 
month--it will not matter what kind of government is left behind.
  Mr. Speaker, nobody should use the current debt crisis as an 
opportunity to score political points for their party.
  At a time when the people of Puerto Rico must be clear, precise, and 
unified, the status issue divides Puerto Ricans.
  I read in The New York Times the argument of the Resident 
Commissioner of the Statehood Party that the only solution to Puerto 
Rico's problems is to make it a State.
  Really? That is going to solve the debt crisis? The power crisis? The 
public employees' pension gap crisis? The Medicare Advantage budget 
crisis?
  We should be working together to figure out how Puerto Rico is going 
to pay teachers and honor their pensions, how we will make sure health 
care is delivered to all and bridges do not collapse. A statehood bill 
is not going to provide housing, create a job, or heal a sick child.
  When Members of Congress ask me about Puerto Rico, they ask me: Which 
is it? Is it statehood? Do you want a bankruptcy bill? Do you want more 
Medicaid?
  We have to prioritize. We have to be clear and put aside the status 
issue. Please, we need to work together.
  I would like to use my remaining minute to restate my call to action 
in Spanish.

[[Page H5597]]

  (English translation of the statement made in Spanish is as follows:)
  Politics and divisions could destroy the chances of forcing 
Washington to help resolve Puerto Rico's debt crisis.
  Puerto Rico must have a common plan that has support across all of 
the parties, and most importantly, across the Island.
  The Governor must find a way to work with the Resident Commissioner 
and the Resident Commissioner cannot view this crisis as a campaign 
tool for higher office.
  Puerto Rico will only be helped by this Congress if and when there is 
a consistent and persistent call on Congress by Puerto Ricans to act. 
And Puerto Ricans need to specify what they expect Congress to do.
  The Bankruptcy Bill is only part of it. If we still have the Jones 
Act and the same economy and economic prospects as we have now, we will 
not advance.
  The people must tell Wall Street that Puerto Rico is not some store 
to be looted and that the Puerto Rican people will not sit and starve 
as Wall Street counts its profits.
  If Wall Street is buying bonds at a discount, they should be paid at 
a discount.
  But most importantly, we have to work together for the betterment of 
Puerto Rico. And we cannot let political divisions over statehood 
divide us.
  I commit to putting aside my own passionate feelings about Puerto 
Rico's status and working with other Puerto Ricans in the Congress and 
other leaders in both Parties who will help us. But we must first come 
together, begin helping ourselves, and have a clear plan.
  La politica y las divisiones podrian destruir las posibilidades de 
obligar a Washington a ayudar a resolver la crisis de la deuda de 
Puerto Rico.
  Puerto Rico debe de tener un plan comun que cuente con el apoyo de 
todos los partidos y sobre todo, a traves de la Isla.
  El Gobernador debe encontrar una manera de trabajar con el 
Comisionado Residente y el Comisionado Residente no puede ver esta 
crisis como una herramienta en sus campanas para un puesto mas alto.
  El Congreso solo ayudara a Puerto Rico siempre y cuando haya un 
llamado constante y persistente de los puertorriquenos exigiendo que el 
Congreso cumpla. Y los puertorriquenos tienen que indicar lo que 
esperan de parte del Congreso.
  La Legislacion de Bancarrota es solo una parte. Pero si todavia 
tenemos la Ley Jones y la misma economia y perspectivas economicas que 
tenemos ahora no avanzaremos.
  El pueblo debe decirle a Wall Street que Puerto Rico no es una tienda 
para ser pirateada y que el pueblo de Puerto Rico no esperara a morir 
de hambre mientras Wall Street cuenta sus ganancias.
  Si Wall Street esta comprando bonos con descuentos, deben ser pagados 
con descuentos.
  Pero sobre todo, tenemos que trabajar juntos por el bien de Puerto 
Rico. Y no podemos dejar que las divisiones politicas sobre la 
estadidad nos dividan.
  Me comprometo como siempre lo he hecho a poner a un lado mis propios 
sentimientos sobre el estatus de Puerto Rico y a trabajar con otros 
puertorriquenos en el Congreso y otros lideres en los dos Partidos que 
esten dispuestos a ayudarnos. Pero primero tenemos que unirnos, empezar 
a ayudarnos a nosotros mismos, y tener un plan claro.
  The SPEAKER pro tempore. The gentleman from Illinois will provide a 
translation for the Record.

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