Hatch to Hold Finance Hearing on Puerto Rico Debt Crisis

WASHINGTON – Senate Finance Committee Chairman Orrin Hatch (R-Utah) will convene a hearing on Tuesday, September 29, to examine Puerto Rico’s current economic conditions and long-term fiscal health.  The hearing, titled “Financial and Economic Challenges in Puerto Rico,” will take place at 10:00 a.m. in Room 215 of the Dirksen Senate Office Building.

“The dire financial situation facing Puerto Rico’s economy and its citizens underscores the alarming consequences of crippling debt,” Hatch said.  “With outstanding debt greater than its economic output, the territory faces default unless a responsible long-term fiscal path forward is found. With this hearing, members of the Committee will have the opportunity to explore how the territory manages its finances and government-backed borrowing entities as well as the interplay between federal entitlement and tax programs and Puerto Rico.”

The witnesses at Tuesday’s hearing are:

• The Honorable Pedro R. Pierluisi, Congressman for Puerto Rico, United States House of Representatives, Washington, DC
• Ms. Melba Acosta, President, Government Development Bank for Puerto Rico, San Juan, PR
• Dr. Douglas Holtz-Eakin, President, American Action Forum, Washington, DC
• Mr. Sergio M. Marxuach, Public Policy Director, Center for a New Economy, Old San Juan, PR

For media inquiries and additional information, including webcast and testimony details, please visit: http://finance.senate.gov/hearings.

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