Main Street Bondholders Launches New Ad Campaign: Who Owns Puerto Rican Debt?

Feb 01, 2016, 18:30 ET from Main Street Bondholders

WASHINGTON, Feb. 1, 2016 /PRNewswire-USNewswire/ -- Tomorrow, to coincide with the House Natural Resources Committee's hearing on Puerto Rico's financial stability and economic growth, Main Street Bondholders launches a new educational advertising campaign that calls on Congress to defend the laws that protect America's savers and retirees.

The campaign, which will run in several outlets including Politico, the Wall Street Journal, and the Washington Post, among others, features Main Street Bondholders members Teresa Garcia of San Juan, Puerto Rico; George Carroll of Red Bank, New Jersey; and Mel Feder of Long Island, New York.

In the ad, bondholders remind Congress that they – individual bondholders – are not the cause of Puerto Rico's financial problems and that their savings and retirement funds, which are backed by the Puerto Rico's Constitution, should be protected. 

"Congress should remember that bondholders are real people who invested their life savings in Puerto Rican bonds," said 60 Plus Association Vice-President Matthew Kandrach.  "Congress should reject attempts to violate Puerto Rico's Constitution, and the bonds that are protected by it."

Teresa Garcia, San Juan, PR
"Puerto Rico's bondholders are not the enemy; we are not the cause of Puerto Rico's financial problems. We've worked hard, saved money for our families, and have invested in supposedly safe bonds backed by our government."

George Carroll, Red Bank, NJ
"Puerto Rico's leaders have created this mess by failing to control spending. Stiffing individual bondholders like me won't fix this problem. Puerto Rico needs to get spending under control and identify new policies to create growth."

Mel Feder, Long Island, NY
"Letting Puerto Rico declare bankruptcy is a betrayal of its Constitution. A better course would be to give Puerto Rico the same rights other states have under regular Chapter 9."

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