WASHINGTON, April 21, 2016 /PRNewswire-USNewswire/ -- Today, the Center for Individual Freedom (CFIF) released its latest television ad in its campaign to educate Americans about Puerto Rico's economic crisis and Congress's maneuvers to provide the Commonwealth a bailout at the expense of American savers (including many in Puerto Rico) and retirement investors.
"It's important for Americans and U.S. lawmakers to hear from actual individuals whose savings will be depleted should Congress pass the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) in current form," said CFIF Senior Vice President of Legal and Public Affairs Timothy Lee. "Puerto Rico's government got itself into this crisis and providing it a Super Chapter 9 bankruptcy-style bailout at the expense of individuals is not only unfair, it undermines the rights of bondholders protected by Puerto Rico's own constitution."
In the ad, Puerto Rican bondholder Teresa Garcia explains that she, like many other people, bought Puerto Rican bonds for her retirement.
"I bought Puerto Rican bonds for my retirement. We believed these investments were safe," says Garcia. "My life savings will be crushed," she adds.
Mrs. Garcia is one of the Puerto Rican bondholders featured in a CNN report published here.
"It would be irresponsible for Congress to push through the PROMESA bill currently before the House Committee on Natural Resources and risk individual Americans' livelihoods," said Lee. "Instead of retroactively changing constitutionally backed general obligation bond contracts, Congress should focus on ensuring stringent fiscal reforms for the Commonwealth and encouraging the Puerto Rican government to negotiate in good faith with its bondholders."
The ad will air on national cable networks beginning today.
Watch the television ad here.
SOURCE Center for Individual Freedom