The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) established the Congressional Task Force on Economic Growth in Puerto Rico. On July 14th Democratic Leader Nancy Pelosi appointed Congresswoman Nydia Velázquez and Resident Commissioner Pedro Pierluisi to the taskforce.
“I want to sincerely thank Leader Pelosi for appointing me to the Task Force. Through its restructuring provisions, PROMESA provides the mechanisms to stabilize Puerto Rico’s economy. However, it did not provide any tools or resources to promote long-term economic growth on the island. That will be the focus of this Task Force and I look forward to working with my colleagues in the House and Senate to build consensus in this area. PROMESA is a start and will help stem Puerto Rico’s crisis, but Congress must do more to promote long term growth on the island. I hope this Task Force provides the momentum to do just that,” said Velázquez
In her press release, Leader Pelosi listed some of her reasons for this appointment, “Congresswoman Nydia Velázquez’s advocacy on behalf of Puerto Rico and the more than 100,000 people of Puerto Rican descent in her New York district has been unwavering and resolute. Born in Yabucoa, she has deep roots in, and cares deeply about, Puerto Rico. Nydia’s leadership has been pivotal in focusing congressional attention on urgent action to assist Puerto Rico in emerging from the current fiscal and public debt crisis. As Ranking Member of the Small Business Committee, she brings extensive expertise on economic development and job creation, both essential to restoring economic growth in Puerto Rico.