NYC to Feds: Help Puerto Rico

Local leaders are calling on the federal government to help save Puerto Rico from its looming $73 billion dollar debt crisis.

Speaking from the steps of City Hall on Tuesday, Council Speaker Melissa Mark-Viverito blasted President Obama for not doing more to help the U.S. territory.

“He needs to speak directly to the government of Puerto Rico and its people to explain why he is not taking action and even more, he needs to start acting,” said Mark-Viverito.

She listed specific steps federal lawmakers should take, like allowing the island to declare bankruptcy and amending the Jones Act, which contains costly shipping requirements that financially stress the island.

New York City is home to the largest Puerto Rican community outside the island, which was why Mayor de Blasio said he wanted to see more action in Washington, D.C.

“Pass H.R. 870, the Puerto Rico Chapter 9 Uniformity Act,” said de Blasio. “It simply allows Puerto Rico to restructure its debt, to do what so many other governments and so many other corporations have done in their times of trouble.”

The bill would allow Puerto Rico to declare bankruptcy. 

Mark-Viverito, who was born in Puerto Rico, also lashed out at hedge funds who invested in the struggling island and now are pressuring the government to adopt austerity measures in order to make debt payments.

“They are vultures,” she said. “They are feeding off the misery of the island and the people and it’s really dire.”