National Puerto Rican Coalition Denounces July 1st Fear Mongering by Treasury Secretary Jack Lew

WASHINGTON, June 28, 2016 /PRNewswire-USNewswire/ -- The National Puerto Rican Coalition (NPRC) released the following statement denouncing Treasury Secretary Jack Lew's alarmist rhetoric about the Administration's July 1^st deadline for PROMESA:

"Secretary Lew's letter to Senate Majority Leader McConnell is filled with misleading and inflammatory rhetoric about the administration's July 1^st deadline, which is being used to push Senators from both parties to hastily pass this deeply flawed legislation.

"The reality is that on July 1^st, with or without legislation, Puerto Rico will likely default on some bond payments. On July 2 lawsuits will be filed, and those will work their way through the process.   However, this is not Armageddon.  Fires won't burst out on the streets of San Juan and chaos will not ensue. Yes, eventually the State government will not have the money to pay the lenders, however, this will happen whether this legislation passes or not.  There is time for Congress to get this right. A bad bill is worse than no bill. If Congress does NOT pass this poorly drafted legislation, the Federal executive branch has many tools at its disposal. Regardless of the alternatives to PROMESA, and there are several, a flawed bill that deprives Puerto Rico of their right to self-government must NOT be an acceptable alternative.

"Puerto Rico does not need fear mongering from the Obama Administration, particularly when they have been ignoring this issue for so long. What Puerto Rico needs is a good legislation, which balances the need for debt restructuring authority with respect for the basic civil rights that every single Puerto Rican is endowed with as an American citizen.

"President Obama was twice elected leader of this country because he ran on a platform of equality for all Americans, and we call on him now to live up to that promise."

For more information about NPRC's efforts and the fundamental flaws with PROMESA, visit www.NoPROMESA.org.

In the past 32 years, the National Puerto Rican Coalition, a non-profit organization, has emerged as one of the most respected and effective organizations advocating for the concerns of the Puerto Rican community. NPRC's mission is to systematically strengthen and enhance the social, political, and economic well-being of Puerto Ricans throughout the United States and in Puerto Rico with a special focus on the most vulnerable.

SOURCE National Puerto Rican Coalition