(Long Island, NY) Attorney General Eric T. Schneiderman wrote an op-ed in City and State on the need for New Yorkers to weigh in on the Puerto Rican debt crisis, and the steps that should be taken to remedy the situation. Highlights from the op-ed are below:
ON THE IMPORTANCE OF THE PUERTO RICAN DEBT CRISIS TO NEW YORKERS:Puerto Rico and New York have long had a close, almost familial relationship. Nearly one in ten New York City residents is Puerto Rican or of Puerto Rican descent. The fiscal crisis there is deeply personal for the people of New York. That is why it is so important for New Yorkers to weigh in to make sure that the federal government’s financial decisions over the next few months balance the needs of Puerto Ricans and their families with the need for the commonwealth’s long-term fiscal help.
ON GRANTING PUERTO RICO THE SAME BANKRUPTCY RIGHTS AS OTHER STATES: Congress should immediately grant Puerto Rico the same rights as states to allow distressed government entities to declare Chapter 9 bankruptcy and restructure their debts.
ON LESSONS LEARNED FROM NEW YORK’S 1970S FISCAL CRISIS: The simple threat of bankruptcy itself may help Puerto Rico weather the crisis by forcing all parties back to the negotiating table to stave off bankruptcy. New Yorkers know this from our own experience because it worked for us in the 1970s.
The full op-ed can be read here.
