Salaam explains each Puerto Rico resolution
Salaam provides an overview of Resolutions 28, 372, 494, and 27. He explains their focus on ending the fiscal board, repealing Act 22, stopping Project Esencia, and restricting predatory debt practices.
Resolution 20.
has been discussed, addresses the financial oversight and management board for Puerto Rico.
The board was created under Promicia.
In 2016, and under current law, its termination depends on conditions including access to credit markets and four consecutive years of balanced budgets.
This resolution asks Congress to establish a clear date for ending that federal oversight.
Resolution 372.
Addresses tax policy in Act 22.
Its focus is on creating a more progressive tax structure and limiting revenue losses.
For Puerto Rican New Yorkers, these questions can also become questions about housing costs, displacement, and whether economic growth creates opportunity broadly or primarily benefits those with the greatest resources.
In Resolution 494, concerns Project Essencia in Cabo Rojo.
The proposed development is a major tourism and residential project, and there are significant disagreements about its potential economic environment, its potential
economic, environmental, water, housing, and community impacts.
Those questions are currently being examined in Puerto Rico, including
through public hearings.
And finally, Resolution 27, which strengthened New York's restrictions on the purchase of distressed sovereign debt for the purpose of litigation
and require good faith participation in certain debt restructurings.