National Puerto Rican Coalition Supports Bond Guarantee Bill

The National Puerto Rican Coalition (NPRC), a nonpartisan organization representing Puerto Ricans both on the Island and elsewhere, expressed support for Resident Commissioner Pedro Pierlusi’s new bill, the Puerto Rico Financial Improvement and Bond Guarantee Act of 2015.

The new bill asks the federal government to guarantee new bonds to be issued by Puerto Rico, under certain circumstances. Broadly, Puerto Rico must show progress in specific areas of financial responsibility  and must use the funds raised by the bonds to stimulate growth in the territory’s economy.

“NPRC supports this legislation,” said Rafael A. Fantauzzi, President and CEO of NPRC. “By no means should this congressional action be interpreted by the Administration as ‘passing the hot potato’ to Congress.”

NPRC is concerned that guaranteeing the bonds might be a gesture that would end federal involvement in the island’s financial crisis. “Already the lack of inaction by the Administration is sending a clear signal that the 3.5 million American citizens that live in Puerto Rico are not a priority. We are watching and will not remain silent, we will vote” said Fantauzzi.

According to the most recently released American Community Survey estimate from the U.S. Census Bureau, there are 1,006,542 Puerto Ricans in Florida. The state has a population of 19,893,297. This means that Puerto Ricans comprise 5.06% of Florida’s population. Puerto Ricans have a history of high rates of voter participation, so the growing Puerto Rican population on the mainland is poised to affect the results of upcoming elections.

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