WASHINGTON – U.S. Sen. Jim Inhofe (R-Okla.) today voted for the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), H.R. 5278, legislation to establish a Republican-majority financial oversight board to take control of the territory’s finances and push economic reform. The bill would also stay creditor litigation temporarily to allow the island to get a handle on its finances, and it authorizes Puerto Rico to restructure its debt in a court-supervised bankruptcy. The legislation passed the Senate by a vote of 68 to 30 and now goes to the president’s desk to be signed into law.
“I voted for PROMESA because it is common-sense, conservative legislation to help ensure that American taxpayers will never have to bailout Puerto Rico for their fiscal irresponsibility,” Inhofe said. “Puerto Rico has demonstrated it is willing to default on its debts in order to avoid real reform. PROMESA will require Puerto Rico to accept fiscal responsibility and accountability for its debt by creating a Republican-controlled financial oversight board to oversee the country’s economic turnaround. It provides no federal money to Puerto Rico and ensures creditors bear the burden for their bad investments.”
H.R. 5278 has the support of a number of conservative organizations because it would block the need for a federal bailout of Puerto Rico. Those organizations include: American Action Forum, Americans for Tax Reform, Council for Citizens Against Government Waste, and National Taxpayers Union.
On June 27, Inhofe spoke on the Senate floor about the strategic importance of reopening the military range on the island of Vieques and the economic benefits that the military range provides to the island.