Cancel the Debt.
Give Puerto Ricans a clean slate for relief and rebuilding.. A preliminary and partial audit of Puerto Rico's $74 billion public debt found as much as half of the debt was likely acquired illegally.
After Hurricane Maria and other natural disasters suffered between 2019 and 2020, the island's scarce resources have to be dedicated to Puerto Rico's people, not to pay back to Wall Street banks and millionaires.This debt has burdened Puerto Rico's economy and has led to the implementation of austerity measures that negatively affect public services many of which are being privatized. Canceling most of Puerto Rico's debt would bring much-needed relief amid the ongoing debt restructuring process. The administration should support congressional cram down legislation to make possible significant reductions in privately held Puerto Rican debt, using the Territorial Relief Act as a starting point. Introduced by Senator Elizabeth Warren (D-MA). the act includes provisions that would terminate certain debts if they meet eligibility criteria.