Colonial Style Control Board Will Oversee Puerto Rico Debt
- 06/29/2016 by Linda Perry (WBAI News)
—On Wednesday evening, the Senate voted 68-30 on a House bill which creates a control board to oversee Puerto Rico’s finances and supervise debt restructuring. However critics say this amounts to nothing more than colonial rule.
Vermont Senator Bernie Sanders took the floor on Wednesday to say, "This is not how we should be treating territories." He says the $70 billion in debt is unpayable. "You can’t get blood out of a stone." He continues by saying the debt has to do with the greed of vulture funds who have purchased a significant amount of Puerto Rico’s debt.
Democratic Senator Bob Menendez of New Jersey argued against the bill for more than four hours Tuesday evening. According to the Senator, the bill adopts a colonial approach over the territory. "The control board would have broad overseeing powers to overrule decisions by Puerto Rico's Legislature, Governor and other authorities." Menendez says this would be harmful to U.S. citizens of Puerto Rico in many ways.
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