Bipartisan Congressional Task Force on Economic Growth in Puerto Rico Welcomes Input on Territory’s Economic Outlook, Extends Deadline for Submissions

WASHINGTON — Today, members of the bipartisan Congressional Task Force on Economic Growth in Puerto Rico welcomed responses to their call for stakeholder input on ideas to identify reforms needed to grow the territory’s economy and announced an extension of the deadline for submissions to October 14, 2016. The Task Force, which is charged with making recommendations that will promote economic growth in Puerto Rico, has received over 300 submissions from interested stakeholders to date. In response, the Task Force members issued the following statement:

“We greatly appreciate the time so many took to write us with their thoughtful ideas on how to improve the Puerto Rican economy for its residents. In order to cast the widest net possible and to work with stakeholders on providing input in a usable form, we are extending the deadline. At the same time, we urge stakeholders to submit their recommendations as soon as possible,” the Task Force members said in a joint statement. “We look forward to reviewing the responses as we work to produce our final report to Congress later this year.”

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. A status update identifying information the Task Force has collected and matters considered to be urgent will be provided to Congress in September.

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