Illinois HR 397: PUERTO RICO-FISCAL AUTONOMY

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HR0397LRB104 13737 MST 26459 r

1HOUSE RESOLUTION

2 WHEREAS, In 2016, the United States Congress enacted the 

3Puerto Rico Oversight, Management, and Economic Stability Act 

4(PROMESA), establishing the Financial Oversight and Management 

5Board for Puerto Rico to oversee the restructuring of Puerto 

6Rico's public debt and manage the island's fiscal plans; and

7 WHEREAS, Nearly a decade has passed since the Financial 

8Oversight and Management Board's inception, and during this 

9time, many Puerto Ricans have expressed deep concern over the 

10lack of local self-governance and the democratic process 

11resulting from its broad powers; and

12 WHEREAS, Puerto Rico has made progress in restructuring 

13its public debt, implementing fiscal reforms, and returning to 

14capital markets, yet the indefinite continuation of the 

15Financial Oversight and Management Board's presence threatens 

16to hinder the island's long-term economic recovery, 

17self-determination, and democratic accountability; and

18 WHEREAS, Residents of Puerto Rico are U.S. citizens who 

19deserve the same rights to self-governance and democratic 

20representation as those living in any other nation; and

21 WHEREAS, The indefinite operation of the Financial 

HR0397- 2 -LRB104 13737 MST 26459 r

1Oversight and Management Board continues to exacerbate public 

2distrust, while economic austerity measures have 

3disproportionately affected access to healthcare, education, 

4and public services; and

5 WHEREAS, As a result of prolonged austerity policies, the 

6University of Puerto Rico has seen its public funding slashed 

7by more than half, undermining access to higher education and 

8weakening one of the island's key institutions for economic