WASHINGTON, April 12, 2016 /PRNewswire/ -- Main Street Bondholders launched a web video that demonstrates the facts of Representative Rob Bishop's Super Chapter 9 legislation, which the Committee on Natural Resources officially released today.
The video lays out the content of Representative Bishop's Super Chapter 9 bill, which he has sought to obfuscate through misleading statements since the introduction of the committee's initial "discussion draft." The bill was introduced by Representative Sean Duffy today and will be marked-up by the Houses Natural Resources Committee tomorrow.
"It is important that Americans everywhere and all Members of Congress know what is really in this supposedly new draft legislation," said Vice President of the 60 Plus Association Matthew Kandrach. "No matter how Representative Bishop frames it, or how much he attempts to distance himself from it, the facts are the facts: this is his bill, and it is still Super Chapter 9."
Representative Bishop's bill goes further than Chapter 9 by allowing Puerto Rico itself to declare bankruptcy, something that no state can do. The bill draws on nearly every provision of Chapter 9 of the U.S. Bankruptcy Code, and gives a federally-appointed "Oversight Board" the authority to apply them retroactively to the Commonwealth. The bill also revokes the rights of seniors and retiree bondholders across America by imposing an unprecedented stay on bondholder legal action.
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.
Video - http://youtu.be/L3wbkzrj2Ko
SOURCE Main Street Bondholders