Resident Commissioner Pedro Pierluisi will consult with the leadership of the U.S. Congress

He asked to review the fiscal situation

Monday July 7th, 2014 at 11:07 AM

El Vocero De Puerto Rico

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THE SPOKESMAN / Archive

For Yennifer Álvarez Jaimes, EL Vocero - 4:00 am

Resident Commissioner Pedro Pierluisi consult with the leadership of the U.S. Congress their opinion on the possibility of evaluating some extent rescue the imminent insolvency and critical financial state of Puerto Rico.

This was confirmed yesterday, when asked by THE SPOKESMAN Pierluisi, while recalling that "Congress has the power to investigate government actions that impact the U.S. economy, including the health of its financial system, and to consider legislation to safeguard the economic well-being of the nation. "

"It remains to be seen, however, if congressional committees with jurisdiction over such matters as the Committees on Financial Services and the Federal Judiciary and House Committees on the Judiciary and Finance in the United States Senate, decide to investigate the possible impact of the Bankruptcy Act Creole in financial markets, "the resident commissioner.

Pierluisi back tomorrow to Washington, DC and said that "auscultaré feeling in the lead (congressional) regarding the need for Congress to intervene in the management of fiscal and economic crisis facing Puerto Rico."

Pierluisi had shown little optimistic about a possible rescue in an interview with Bloomberg last to declare "I see fertile ground" Thursdays.

In the same report, Bloomberg reporters and Brian Chappatta Michelle Kaske in New York concluded that "any bailout of Congress would be difficult due to anger against federal bailouts of Wall Street and the U.S. auto industry."

Meanwhile, Bloomberg reported that Republicans in the House of Reps in the federal Senate and introduced legislation that would prevent the Treasury Department or the federal rescue municipalities.

"They are intended to cover associations also said Luke Bolar, a spokesman for Republican Sen. David Vitter of Louisiana, who sponsored the measure.

"In no way should the federal government get into the business of bailing out state and local governments that are in red," Vitter said in the Senate in April. "These governments must make tough decisions," he said as reported by Bloomberg.

At the same time, seems to be ruled out a possible aid to the Federal Reserve.

Stephen Myrow, a partner at Beacon Advisors LLC and exoficial Policy Department of the U.S. Treasury, told Bloomberg, which is very little you can do this agency or the Federal Reserve.

"They are looking at the existence of programs to try to identify which funds are available, but the problem with this type of fund is the huge current deficit financing," he added. "The only federal aid available and able to avoid restructuring in theory would be a special federal program. But there is no indication that the federal have any appetite to do that, "said Myrow.

Meanwhile, Jen Friedman, spokesman for the National Economic Council in the White House said in a statement at the same specialized in economics and finance that the Obama administration is working with the government of Alejandro García Padilla medium. At the same time, he acknowledged that "in addition to the hard steps that have been made so far, economic development will be important in the long-term fiscal sustainability of the island."

THE SPOKESMAN tried to get a reaction from the Secretary of the Interior, Ingrid Vila Biaggi or some official García Padilla administration, but at press time no response was obtained. La Fortaleza or the Government Development Bank (GDB) have not answered what has stemmed the disbursement of funds to pay for the $ 417.6 million in bonds Electric Power Authority (PREPA).

While the insolvency of some public corporations such as the ESA, is discussed García Padilla took several free to share with your family days.

Stronghold announced Friday that García Padilla attend the summer meeting of the Association of Governors of the United States from 10 to 13 July in the city of Nashville, Tennessee, and before the conclave will take a few days to share with his wife and their children.

It was also reported that the Secretary of State, David Bernier, he serves as acting governor since last Friday through Sunday, July 13, with the exception of the period from Sunday 6th to Tuesday 8th July, during which the Attorney General Cesar Miranda, will be the acting governor.

Yennifer Álvarez Jaimes, EL VOCERO 

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