Building Bridges: Your Community and Labor Report
National Edition
Produced by Ken Nash and Mimi Rosenberg
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US Imposing Junta to Rule Puerto Rico
with
Rafael Bernabe, candidate for Governor of Puerto Rico for
the Partido del Pueblo Trabajador (PPT) 2012; professor and
director of the Federico de Onís Hispanic Studies Center at
the University of Puerto Rico at Río Piedras; economist; and
who has published three books including âPuerto Rico:
Crisis y Alternativasâ

Just in time to celebrate the Declaration of Independence by the 13 colonies
which came together to form the USA,, Congress passed and Pres Obama
signed The Puerto Rico Oversight, Management, and Economic Stability
Act, or PROMESA, which established an independent control board or
Junta de Control Fiscal, as it is locally known. It will be responsible for
managing Puerto Ricoâs spending and debt recovery with sweeping powers
to run Puerto Ricoâs economy. It also imposes a retroactive stay on litigation
from the territoryâs creditors against Puerto Ricoâs government and includes a
provision that could lower Puerto Ricoâs minimum wage for workers 25 and
younger below the current federal minimum of $7.25. The bill was opposed by
progressives including Senator Bernie Sanders, who said â[W]e are taking
away virtually all of the political and democratic rights of the people of Puerto
Rico. We are treating them as an absolute colony.â While the legislationâs
supporters say it will help the island cope with its debt crisis by allowing an
orderly restructuring of its $72 billion debt, critics say it is a reversion to old-
style colonialism that removes democratic control from the people of Puerto
Rico. They say that this colonial junta is nothing but a glorified collection
agency for the hedge funds and the vulture funds and will call for further
austerity in an economy reeling from a long term depression rather than ways
to fix the broken economy which led to the debt in the first place. In Puerto
Rico, students, union members, politicians and environmentalists have
launched a series of protests against the bill, including marches and a protest
camp outside the U.S. Federal Court in Hato Rey, Puerto Rico.

Plus
Bernie Sanders speech against "colonial" Puerto Rico bill PROMESA
Sen. Bernie Sanders harshly condemned what he called the "colonial" Puerto Rico
bill PROMESA on the Senate floor on June 29
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