Say NO to (Promesa)
In 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) into law.28 In addition to establishing a process for restructuring Puerto Rico's debt, PROMESA created a Financial Oversight and Management Board (aka La Junta) with considerable power over Puerto Rico to oversee the debt restructuring process, the extent of which has been a subject of controversy since its inception.
In response, House Natural Resources Committee Chairman Raúl Grijalva (D-AZ) introduced the Amendments to PROMESA Act of 2020 to establish provisions ensuring transparency in all matters related to the FOMB and its members and reduce the austerity measures that have hampered the delivery of essential services. The issue of Puerto Rico's status as a U.S. colony cannot be divorced from emergency response and recovery initiatives.