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house Bill H.R. 1192

Increasing Transparency in Cases Restructuring Puerto Rico’s Debt to Prevent Conflicts of Interest

Argument in favor

Disclosing and preventing conflicts of interest in bankruptcy proceedings is an accepted protection in bankruptcy proceedings on the U.S. mainland. The same standards should apply in the Puerto Rico government’s debt resolution proceedings.

jimK's Opinion
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02/23/2021
From what is presented here, this seems like a rational solution to a concerning problem. Transparency works as part of our bankruptcy process so why wouldn’t it apply as well to Puerto Rico - for the very same reasons it is done in DC or any of the states?
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burrkitty's Opinion
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02/24/2021
Close loopholes. Transparency good! Do it.
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Brian's Opinion
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02/23/2021
Corruption and financial mismanagement has plagued Puerto Rico for years, and since they cannot seek the same aid as US states, they need to have measures in place to increase transparency and help aid good government efforts. I support this bill, and I still support giving the people of Puerto Rico the opportunity to vote for statehood.
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Argument opposed

As currently written, this legislation’s disclosure requirements are too broad and would apply to too many people. The volume of disclosures that this legislation would require would be overwhelming; therefore, the disclosure requirements in this legislation should be refined before it is implemented.

Carina's Opinion
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02/23/2021
No, this should not be implemented. Puerto Rico is not a state and the United States is steeped in deep, deep debt. Like states within the United States must balance their own budgets and not overspend, it is important Puerto Rico and other countries whether territories of the US or not be responsible for their country and their budgets. The United States was in trillions of dollars of debt before Covid and now our country is in several trillions of dollars in debt more. It is poor budgeting and a poor decision to bail out Puerto Rico. I don’t believe any other country is helping the United States financially.
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Nick-Papagiorgio's Opinion
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02/23/2021
If this is even coming to a vote and it means all of the dirty dealing has already been done.
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Joshua's Opinion
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02/25/2021
Independence for Puerto Rico and cancel its debt!
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    From what is presented here, this seems like a rational solution to a concerning problem. Transparency works as part of our bankruptcy process so why wouldn’t it apply as well to Puerto Rico - for the very same reasons it is done in DC or any of the states?
    Like (55)
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    No, this should not be implemented. Puerto Rico is not a state and the United States is steeped in deep, deep debt. Like states within the United States must balance their own budgets and not overspend, it is important Puerto Rico and other countries whether territories of the US or not be responsible for their country and their budgets. The United States was in trillions of dollars of debt before Covid and now our country is in several trillions of dollars in debt more. It is poor budgeting and a poor decision to bail out Puerto Rico. I don’t believe any other country is helping the United States financially.
    Like (6)
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    Transparency is always needed when dealing with all aspects of financial management! No excuse not to!
    Like (29)
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    Close loopholes. Transparency good! Do it.
    Like (29)
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    Corruption and financial mismanagement has plagued Puerto Rico for years, and since they cannot seek the same aid as US states, they need to have measures in place to increase transparency and help aid good government efforts. I support this bill, and I still support giving the people of Puerto Rico the opportunity to vote for statehood.
    Like (25)
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    We have to support the people of Puerto Rico. But the corrupt government needs to be watched like a Hawk.
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    Transparency is always a good policy. Those who don’t want it, or want to circumvent it somehow, invariably have something to hide. The more transparency the better.
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    This is an issue that has been going on for many years. I have had friends passionately involved but as time passes and little changes they seem to have lost steam and turned their back on having hope for Puerto Rico. A quick trip to Wikipedia < https://en.wikipedia.org/wiki/Puerto_Rican_government-debt_crisis? > shows that corrupt financial institutions and politicians have been at it for decades. To be sure the perpetrators blame the victims. There are undoubtedly papers and books written. We need people with great knowledge and the highest integrity to straighten things out. The current proposed legislation seems feeble at best. Transparency? These days the criminals are comfortable committing crimes in public.
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    The people of Puerto Rico deserve the same transparency that people in the United States have. Transparency helps to avoid abuse of power.
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    Yes, more transparency means fairer decisions, how can you decide or evaluate something if you are obscured from information
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    If this is even coming to a vote and it means all of the dirty dealing has already been done.
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    You could make it a state which would solve some of the issue created by corporations.
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    They need full statehood
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    The transparency that works in the states should be afforded to U.S. territories.
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    Transparency in all things involving and using taxpayer money should be mandatory
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    Appears to make sense to close this loophole for not only transparency purposes, but to minimize the risk for corruption.
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    I am always in favor of transparency, especially when it involves how money is spent. To do anything less is to invite and condone corruption
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    Puerto Rico needs our help. And we are obligated to give it. The United States literally owns the island since it is a Territory. Peculiarly, no one living on the island is an American Citizen
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    Yep! Bipartisanship!
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    Absolutely, transparency is the corner stone of our democracy and preventitive of abuse.
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