Main Street Bondholders Launches New Ad Campaign Warning about Treasury's Plan for Puerto Rico Bankruptcy Contagion

07 Mar, 2016, 17:43 ET from Main Street Bondholders

WASHINGTON, March 7, 2016 /PRNewswire-USNewswire/ -- Tomorrow, Main Street Bondholders launches a new advertising campaign exposing the Obama Administration's radical restructuring plan for Puerto Rico headed by Treasury Secretary Antonio Weiss, which would harm the ability of states to borrow.

The campaign will run throughout the week in various outlets in Washington, D.C. and New York, NY, including the Wall Street Journal, The Hill and Politico.

"Antonio Weiss' reckless 'Super Territories Restructuring' plan is unprecedented and will raise borrowing costs for states," said 60 Plus Association Vice-President Matthew Kandrach.

As the advertisement points out, several governors also voiced concern over the imminent threat posed by the Treasury's "Super Territory Restructuring" through a join letter to Speaker Paul Ryan and Majority Leader Mitch McConnell.

"Of most concern to us as governors, granting Puerto Rico such unprecedented bankruptcy authority would likely raise the borrowing costs of our states, reducing our ability to invest in vital services and eroding investor confidence in the whole notion of full faith and credit debt," said Governors Bentley (AL), Ducey (AZ), LePage (ME,) Ricketts (NE), Martinez (NM) and Daugaard (SD).

View the ad on the Main Street Bondholders website.

Main Street Bondholders Coalition is a project of the 60 Plus Association, and is comprised of small bondholders from across America who are committed to a policy process that returns Puerto Rico to sound financial management, respect for the rule of law, and the protection of their retirement savings.

 

SOURCE Main Street Bondholders



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