Cristian E. Martinez testifies on Resolution 28
Cristian E. Martinez, security director of Construyamos Otro Acuerdo, testifies in support of Resolution 28. He describes how the fiscal board has cut pensions and prioritized payments to Wall Street bondholders.
Gracias.
Next, we're going to have Cristian.
You may begin.
Good afternoon, Chair and members of the committee.
My name is Cristian E.
Martinez, and I serve as the Security Director of Construyamos Otro Acuerdo.
And thank you for the opportunity to be here and testify in support of the Resolution 28, which calls on the United States Congress to establish a dare certain for ending the financial over-server.
Oversight and management board for Puerto Rico, La Junta.
We strongly urge the council to pass the resolution.
Construyamos Otro Acuerdo is a community organization dedicated to developing community leadership and strengthening the collective power of communities in Puerto Rico.
Our mission is to train, support our communities impacted by economy and social challenges so that they can participate in an informed and effective manner in processes that affect their collective well-being.
Our work addresses key issues such as authority, pensions, unfair working conditions, and tax breaks that benefit a few at the expense of the majority.
Since its inception, the unelected and undemocratic Junta has put forward an agenda
that has prioritized payment to Wall Street over the people of Puerto Rico.
COA has seen the impact that Promesa and La Junta had in Puerto Rico for a hand.
Over the last 10 years, we have seen clear examples of this agenda.
The board has also overseen and supported the restructuring and privatization of Puerto Rico's electoral system, while Puerto Ricans continue to experience, as Julio mentioned, unreliable service.
and constant blackout.
During this time, COA membership has felt the impact of these actions and more.
Our members include thousands of government pension holders who were treated with cuts to their pensions.
After years of fighting, we were able to stop the cuts.
However, the debt adjustment process resulted in restrictions of future pensions increases, including eliminating the COLA adjustment,
including a prohibition on increasing defined benefit pensions payment time expired with the plan of adjustment for a period of 10 years.
While our members struggle, we have seen how Wall Street bondholders, including investors who acquired Puerto Rico debt in the distressed market, have litigated to secure substantial payments under claims.
In Puerto Rico, debt restructuring bondholders have received significant recoveries, including new bonds and other considerations.
While some claims also insult future payment tied to the performance of Puerto Rico revenues.
Those bondholders can receive payment for decades while our right to read struggle to keep up the rising cost of living.
That's why we support Resolution 28.
Because Congress should establish a clear and definite timeline for ending the Financial Oversight and Management Board, La Junta.
We further encourage policymakers to ensure that any transition away from the board includes a transparent public accounting of its
action, meaningful participation by the people in Puerto Rico in determining the island's fiscal future.
We respectfully urge the New York City Council to pass this resolution and stand with the people of Puerto Rico in advancing justice for our community.
After 10 years of federal fiscal control, Puerto Rico deserves a clear path back to all their accountability.
Thank you for your consideration.