During his recent visit to Puerto Rico, possible presidential candidate Jeb Bush was asked his views about including Puerto Rico under Chapter 9 of the U.S. Bankruptcy Code, which allows bankruptcy filing for municipalities of states but not U.S. territories such as Puerto Rico.
Legislation to amend the U.S. Bankruptcy Code to include Puerto Rico is pending before Congress.
“I think that Puerto Rico ought to be treated as other states are treated as it relates to restructuring,” he said in response to the last question posed to him at a forum hosted by former Puerto Rican Governor Luis Fortuño.
Congress must pass H.R. 870 and extend to Puerto Rico the right to enable its municipalities to reorganize their debts in good faith under federal bankruptcy law. As part of the United States and home to more than 3.5 million U.S. citizens, government entities in Puerto Rico should be entitled to pursue the same routes to economic recovery, stability, and prosperity that are available to those in any U.S. state.
“I support your position on that,” Bush said.