Bipartisan Congressional Task Force on Economic Growth in Puerto Rico Releases Status Update

WASHINGTON — The bipartisan Congressional Task Force on Economic Growth in Puerto Rico today released a status update regarding its work in crafting policy recommendations to promote economic growth and long-term prosperity in the U.S. territory. The interim update, issued to comply with Section 409 of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), details information the Task Force has collected to date and outlines other matters the Task Force is considering.

“Residents of Puerto Rico and their families face numerous challenges to economic growth along many dimensions affected by Federal law and programs, including health care, government finances, economic stagnation, population loss, and sectoral inefficiencies,” the Task Force members wrote in the update. “[We] are actively working to arrive at a consensus in order to provide Congress with findings and recommendations as called for under PROMESA.”

Specifically, the report outlines the following information collected and steps undertaken by the Task Force:

·       Data from the Federal Reserve Bank of New York and the Puerto Rico Institute of Statistics.
·       Submissions to the Task Force email portal.
·       Outreach to Federal agencies, including the U.S. Department of Health and Human Services, the Centers for Medicare and Medicaid Services, the U.S. Department of Commerce, the U.S. Department of Labor, the U.S. Department of the Treasury, and the U.S. Small Business Administration.
·       Congressional support from the Joint Committee on Taxation (JCT), the Congressional Budget Office (CBO), and the Library of Congress’s Congressional Research Service (CRS).
·       Outreach to government and non-government entities in Puerto Rico including the Legislative Assembly, the Puerto Rico Department of Economic Development and Commerce, and the private sector.

The complete interim update can be found here. A Spanish translation of the interim update can be found here.

Background:

Established by Section 409 of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), Public Law 114-187, the Task Force is chaired by Senate Finance Committee Chairman Orrin Hatch (R-Utah) and is comprised of U.S. Senators Marco Rubio (R-Fla.); Bill Nelson (D-Fla.); and Robert Menendez (D-N.J.) as well as U.S. Representatives Sean Duffy (R-Wis.); Tom MacArthur (R-N.J.); Nydia Velázquez (D-N.Y.); and Pedro Pierluisi (D-Puerto Rico).

Under the law, the Task Force is charged with writing a report by December 31, 2016, that identifies impediments to growth and recommends changes to: promote long-term economic growth and stability; spur new job creation; reduce child poverty; and attract investment in the territory.

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