Hatch objects to passage of S.1774, Puerto Rico Chapter 9 Uniformity Act
Senator Hatch objected.
Unofficial Transcript:
SCHUMER: I AM GOING TO ASK FOR A UNANIMOUS CONSENT REQUEST
BUT SPEAK FOR A COUPLE OF MINUTES AND ENGAGE IN SOME DISCUSSION
WITH MY DEER FRIEND, THE SENIOR -- MY DEAR FRIEND, THE SENIOR
SENATOR FROM THE STATE OF UTAH. I WANT TO THAIPG HIM FOR COMING
TO THE FLOOR TODAY ON THIS ISSUE. I'M -- ON PUERTO RICO. I AM
HEARTENED HE HAS EXPRESSED INTEREST IN WORKING WITH US TO GET
DOES ON TO HELP OUR FELLOW CITIZENS IN PUERTO RICO. I ALSO WANT
TO THANK MY FRIENDS, THE SENATORS FROM CONNECTICUT, NEW JERSEY,
OREGON, WASHINGTON, ILLINOIS, AND MY COLLEAGUE FROM NEW YORK
WHO IS HERE FOR THEIR STEADFAST SUPPORT FOR HELPING PUERTO RICO
IN THIS TIME OF CRISIS. I RISE TODAY DEEPLY TROUBLED BY THE
DIRE ECONOMIC, FINANCIAL, AND HEALTH CARE SITUATION IN PUERTO
RICO. THE ISLAND IS FACING A FINANCIAL CRISIS, A HEALTH CARE
SYSTEM ON LIFE SUPPORT, AND THE SITUATION GROWS DIRE EACH
MONTH. PUERTO RICO IS $73 BILLION IN DEBT ALREADY AND LARGE
BOND PAYMENTS WILL CONTINUE TO COME DUE NEXT MONTH AND IN THE
MONTHS TO COME. SADLY, AS PUERTO RICO'S ECONOMY AND HEALTH CARE
SYSTEM HAS FLOUNDERED, RESIDENTS HAVE STARTED TO FLEE THEIR
HOMELAND. AS THE ECONOMIC SITUATION WORSENS, THE POPULATION
SHIFT FROM THE ISLAND TO THE MAINLAND WILL CONTINUE UNTIL THE
ONLY ONES LEFT ARE THOSE WITHOUT THE RESOURCES TO MOVE. WE WILL
HAVE A HUMANITARIAN CRISIS ON OUR HANDS. THERE ARE 3.5 MILLION
PEOPLE, PUERTO RICANS, LIVING ON THE ISLAND TODAY AND ANOTHER
5.2 MILLION LIVING IN THE UNITED STATES, INCLUDING OVER 1
MILLION IN MY STATE OF NEW YORK. WE HAVE A BASIC AMERICAN
RESPONSIBILITY TO AID ALL AMERICAN CITIZENS IN TIME OF CRISIS,
NO MATTER WHERE THEY LIVE. AND BEYOND THAT BASIC IMPERATIVE, IF
WE FAIL TO OFFER PUERTO RICO ASSISTANCE NOW, THE PROBLEM WILL
NOT BE CONTAINED TO THE ISLAND. SO WE NEED TO BE CONCERNED WITH
THESE ISSUES, NOT ONLY BECAUSE BRAINS ARE PART OF THE AMERICAN
-- PUERTO RICANS ARE PART OF THE AMERICAN ECONOMY, BECAUSE OUR
FAILURE COULD RESULT IN A PUERTO RICAN FINANCIAL CRISIS. I WANT
TO UNDERSCORE THIS POINT, MR. PRESIDENT. CONGRESS MUST
INTERVENE BEFORE THE CRISIS DEEPENS AND WIDENS. WE HAVE THE
TOOLS TO FIX THIS PROBLEM. THEY'RE SITTING IN THE TOOLBOX. THE
PROBLEM IS PUERTO RICO ISN'T ALLOWED TO USE THEM. LIKE CHAPTER
9 PROTECTIONS OWRCHEDZ THE BANKRUPTCY CODE. EVERY STATE IN THE
UNITED STATES CAN ACCESS CHAPTER 9 PROTECTIONS BUT PUERTO RICO,
BECAUSE IT IS A TERRITORY, CANNOT. PROVIDING PUERTO RICO THE
ABILITY TO RESTRUCTURE ITS DEBT IS ABSOLUTELY NECESSARY IF
PUERTO RICO IS GOING TO GET OUT FROM THIS FINANCIAL CRISIS. SO
SENATOR BLUMENTHAL AND I HAVE INTRODUCED LEGISLATION, WITH MANY
OF MY COLLEAGUE COLLEAGUES WHO WILL JOIN US TODAY, THAT WOULD
PUT PUERTO RICO ON ON EQUAL FOOTING WHEN THIS COMES TO CHAPTER
- AND AT THE VERY LEAST WE SHOULD PASS IT A WAY. THERE ARE
PROTECTIONS AS WELL. I WANT TO STRESS TO MY COLLEAGUES THAT
GIVING PUERTO RICO THE RESTRUCTURING AUTHORITY IN OUR BILL
ISN'T A BAILOUT AND WON'T REQUIRE ANY ARE ADDITIONAL SPENDING.
IT WON'T COST THE TAXPAYERS ONE PLUG NICKEL BUT IT'LL DO A
WHOLE LOT OF GOOD FOR OW FRIENDS IN PUERTO RICO. ON THE HEALTH
CARE FRONT, I'VE INTRODUCED A BILL WITH MANY OF MY SAME
COLLEAGUES TO ADDRESS SEVERAL ASPECTS OF THE HEALTH CARE CRISIS
LIKE ISSUES LIKE MEDICAID FUNDING AND FAIRNESS, APPROPRIATE
REIMBURSEMENT RATES AND EQUITABLE PHYSICIAN PAYMENTS. THE
DISPARITIES IN HOW THE MEDICARE AND MEDICAID PROGRAMS TREAT
PUERTO RICO AND OUR OTHER TERRITORIES ARE SIGNIFICANT AND NEED
TO BE ADDRESSED. NOW, I'M GOING TO BE -- IN CONCLUSION, I'M
GOING TO BE THE FIRST TO ADMIT THAT NEITHER OF THESE BILLS IS
THE SILVER BULLET TO SOLVE ALL OF PUERTO RICO'S PROBLEMS, NOR
ARE THEY THE ONLY POTENTIAL SOLUTIONS. WE'RE MORE THAN WILLING
TO WORK WITH, AGAIN, THE CHAIRMAN OF THE FINANCE COMMITTEE AND
A GOOD FRIEND WHO I KNOW CARES ABOUT THE PUERTO RICAN ISSUE, TO
FIND OTHER SOLUTIONS AND CRAFT BIPARTISAN LEGISLATION SO LONG
AS IT PROVIDES HELP TO PUERTO RICO. BUT THE CLOCK IS TICKING.
WE'RE RUNNING OUT OF TIME. CONGRESS MUST ACT NOW TO ADDRESS
THESE ISSUES THAT ARE STIFLING PUERTO RICO'S ECONOMY AND WAY OF
LIFE. WE MUST GIVE THESE TOOLS -- WE MUST GIVE THEM THE TOOLS
THEY NEED TO SOLVE THESE PROBLEMS.
