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Washington, D.C. – The bipartisan Congressional Task Force on Economic Growth in Puerto Rico today released its final report with policy recommendations that aim to promote economic growth and long-term prosperity in the territory. The report, issued to comply with section 409 of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), lays out a number of potential policies that could be implemented to enhance the territory’s economic prospects.
“The Task Force is of the view that Puerto Rico’s best days lie before it, not behind it.” the Task Force members wrote. “The members of the Task Force have worked across party lines to identify steps that can be taken to help Puerto Rico’s economy stabilize and grow. The Task Force hopes that its work will serve as a platform for continued bipartisan efforts to support the American citizens in Puerto Rico.”
In drafting the report, the Task Force sought input from a variety of stakeholders and received 450 submissions from the public. Submissions to the Task Force can be found in Appendix 1.
The final report can found here.
Background:
Established by Section 409 of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), Public Law 114-187, the Task Force is chaired by Senate Finance Committee Chairman Orrin Hatch (R-UT) and is comprised of U.S. Senators Marco Rubio (R-FL); Bill Nelson (D-FL); and Robert Menendez (D-NJ) as well as U.S. Representatives Sean Duffy (R-WI); Tom MacArthur (R-NJ); Nydia Velázquez (D-NY); and Pedro Pierluisi (D-PR).
Under the law, the Task Force was charged with writing a report by December 31, 2016, that identifies impediments to growth and recommends changes to: promote long-term economic growth and stability; spur new job creation; reduce child poverty; and attract investment in the territory.