Memo from a Working Group of the CNE Growth Commission to the Congressional Task Force on Economic Growth in Puerto Rico
Devising economic development opportunities should be one of the most pressing goals for both U.S. and local policy makers. In the following memo, a Working Group of the CNE Growth Commission charts a preliminary vision for addressing the deeper, structural constraints to economic advancement and for spurring economic growth.
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Staff Briefing by Sergio M. Marxuach for the U.S. House of Representatives Committee on Natural Resources on April 28, 2016.
- On behalf of the Center for a New Economy I want to thank the staff of the Committee on Natural Resources for the invitation to share with you some of the things we have learned over the last decade or so with respect to Puerto Rico’s complicated capital structure.
- We recognize the Committee has devoted a considerable amount of time, effort, and resources to this issue and understand progress has been made in developing a comprehensive legislative solution to Puerto Rico’s debt crisis.
- In spite of this progress, we believe that work remains to produce a bill that addresses the concerns of all stakeholders—both in Puerto Rico and in the mainland—in a balanced, equitable, and fair manner.
- We look forward to continue working with you as the Committee adjusts the legislative text currently under consideration.
Puerto Rico’s current crisis has been years in the making and is not solely limited to the public debt overhang. At the core of the current predicament is a deteriorated development model and institutions that have hindered growth. Thus, any solution enacted by the federal government must recognize the multifaceted nature of the crisis. Following are the Center for a New Economy’s key recommendations regarding the proposed Puerto Rico Oversight, Management, and Economic Stabilization Act. READ MORE