HR0397 104TH GENERAL ASSEMBLY

HR0397 LRB104 13737 MST 26459 r

HOUSE RESOLUTION

WHEREAS, In 2016, the United States Congress enacted the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), establishing the Financial Oversight and Management Board for Puerto Rico to oversee the restructuring of Puerto Rico's public debt and manage the island's fiscal plans; and

WHEREAS, Nearly a decade has passed since the Financial Oversight and Management Board's inception, and during this time, many Puerto Ricans have expressed deep concern over the lack of local self-governance and the democratic process resulting from its broad powers; and

WHEREAS, Puerto Rico has made progress in restructuring its public debt, implementing fiscal reforms, and returning to capital markets, yet the indefinite continuation of the Financial Oversight and Management Board's presence threatens to hinder the island's long-term economic recovery, self-determination, and democratic accountability; and

WHEREAS, Residents of Puerto Rico are U.S. citizens who deserve the same rights to self-governance and democratic representation as those living in any other nation; and

WHEREAS, The indefinite operation of the Financial Oversight and Management Board continues to exacerbate public distrust, while economic austerity measures have disproportionately affected access to healthcare, education, and public services; and

WHEREAS, As a result of prolonged austerity policies, the University of Puerto Rico has seen its public funding slashed by more than half, undermining access to higher education and weakening one of the island's key institutions for economic and social mobility; and

WHEREAS, More than 600,000 Puerto Ricans have migrated from the island since the creation of the Financial Oversight and Management Board, seeking opportunity and stability in the continental United States in the face of rising costs, reduced services, and a lack of economic opportunity; and

WHEREAS, Deep cuts to the municipal equalization fund (fondo de equiparación) have jeopardized the ability of towns and cities across Puerto Rico to provide basic services and maintain local infrastructure; and

WHEREAS, While Puerto Rico has received significant federal disaster and recovery funds, the disbursement process has often been slow, inadequate, and conditioned on board approval, delaying the island's recovery from hurricanes, earthquakes, and the COVID-19 pandemic; and

WHEREAS, The Financial Oversight and Management Board's prolonged existence undermines the possibility of achieving true fiscal self-sufficiency and restoring confidence in Puerto Rico's democratic institutions; and

WHEREAS, The communities of Illinois include a significant Puerto Rican population who maintain deep social, cultural, and economic ties to the island and are directly impacted by decisions made by the Financial Oversight and Management Board; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE HUNDRED FOURTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we urge the United States Congress to take immediate action to establish a definitive end date for the operation of the Puerto Rico Financial Oversight and Management Board, ensure a transition toward full fiscal autonomy and local democratic governance in Puerto Rico, and promote economic self actualization and just recovery efforts that are community-driven and accountable to Puerto Ricans on the island; and be it further

RESOLVED, That suitable copies of this resolution be delivered to the President of the United States, the U.S. Senate Majority Leader, the U.S. Senate Minority Leader, the U.S. Speaker of the House, the U.S. House of Representatives Minority Leader, and all members of the Illinois Congressional Delegation.