Puerto Rican Member of Main Street Bondholders Calls on Resident Commissioner to Oppose the False PROMESA

WASHINGTON, May 24, 2016 /PRNewswire-USNewswire/ -- Ahead of the mark-up of the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), Main Street Bondholders member Carlos Ponce de Leon, a resident of Puerto Rico, urges Resident Commissioner Pedro Pierluisi to protect Puerto Rico's credibility and Constitution, and oppose the bill.

"In Washington, thousands of miles away from my home in San Juan, Congress is debating a bill that threatens my wellbeing and my retirement," said Carlos Ponce de Leon, a retired electrical engineer and current small business owner. "It is clear that Congress needs to help the Puerto Rican Government reform its broken policies, but PROMESA is a false choice that hurts the retirement savings of thousands of Puerto Ricans like me to pay for the government's irresponsible actions.  PROMESA will only encourage the Puerto Rican government to default, and damage Puerto Rico's good name. It also fails to uphold the Constitution of Puerto Rico.  Resident Commissioner Pierluisi knows that PROMESA is a false promise, and he should oppose the bill."

The current version of PROMESA does not clearly establish the prioritization and protections that should be in place for holders of Puerto Rican government bonds and could result in the Obama Administration-appointed Oversight Board prioritizing Puerto Rico's more than $46 billion in pension liabilities over government obligation bondholders.

"In finding a solution for the Puerto Rican debt crisis, Congress must ensure legislation explicitly protects the seniors and retirees throughout the United States who entrusted the Puerto Rican government with their hard-earned savings," said Vice President of the 60 Plus Association Matthew Kandrach. "The current form of PROMESA does not establish sufficient protections."

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