Washington, D.C. — On July 1, the Puerto Rican government is set to default on nearly $2 billion in debt payments. Despite a range of austerity measures, including closing hundreds of schools and dramatically reducing the funding of government services, the commonwealth simply lacks the funds to satisfy the upcoming payment. Earlier this month, the U.S. House of Representatives, in a bipartisan vote, approved the Puerto Rico Oversight, Management, and Economic Stability Act—or PROMESA—to avert the effects of this rapidly approaching default.
On Thursday, June 23, the Center for American Progress Action Fund will host Puerto Rico Gov. Alejandro García Padilla, Counselor to the U.S. Treasury Secretary Antonio Weiss, Puerto Rico Resident Commissioner Pedro Pierluisi, and Massachusetts Institute of Technology Economist Simon Johnson for a discussion on the pros and cons of PROMESA and the economic and humanitarian consequences of a failure by Congress to act.
While imperfect, PROMESA contains tools and protections that would provide immediate relief for Puerto Rico. The Senate is expected to consider the legislation next week, just ahead of the July 1 deadline. Congress is the only body with oversight to prevent the additional crises Puerto Rico will face without immediate action.
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WHO:
Featured panelists:
Gov. Alejandro García Padilla, Commonwealth of Puerto Rico
The Honorable Pedro Pierluisi, Commonwealth of Puerto Rico
Antonio Weiss, Counselor to the Secretary, U.S. Department of the Treasury
Simon Johnson, Ronald A. Kurtz (1954) Professor of Entrepreneurship, Sloan School of Management, Massachusetts Institute of Technology
Moderator:
Marc Jarsulic, Vice President, Economic Policy, Center for American Progress Action Fund
WHEN:
Thursday, June 23, 2016, 10:00 a.m.-11:00 a.m. ET
WHERE:
Center for American Progress Action Fund
1333 H Street NW, 10th Floor
Washington, D.C. 20005
For more information or to speak with an expert, contact Allison Preiss at [email protected] or 202.478.6331.