WASHINGTON, April 5, 2016 /PRNewswire-USNewswire/ -- Today, Main Street Bondholders launched ReadTheBishopBill.org, which allows viewers to read Representative Rob Bishop's PROMESA Super Chapter 9 legislation, and clearly highlights the precedent-setting Super Chapter 9 language contained within.
"Given the Committee's misleading rhetoric about this legislation, we want people across America to be able to easily see for themselves the true nature of Representative Bishop's Super Chapter 9 bill," said Vice President of the 60 Plus Association Matthew Kandrach. "This legislation is nothing more than a retroactive application of Super Chapter 9 to Puerto Rico combined with an unprecedented suspension of bondholders' legal rights, and it has the potential to devastate the retirement savings of Puerto Rico bondholders everywhere."
The PROMESA Super Chapter 9 bill contains an astounding 85 provisions taken directly from Chapter 9 of the bankruptcy code, with entire sections taken from or modeled after Chapter 9. The bill wipes away decades of established bankruptcy law by making these provisions available not only to Puerto Rico's public corporations and municipalities, but also to the Commonwealth itself, making it possible for heavily indebted states across the country to ask Congress for the same power.
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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/main-street-bondholders-launches-readthebishopbillorg-300246635.html
SOURCE Main Street Bondholders