Rep. Ritchie Torres Wants to End La Junta and Let Puerto Rico Control Its Finances

The Congress member filed legislation that would speed up the disbandment of the Financial Oversight and Management Board of Puerto Rico.

Congress member Ritchie Torres (D-NY) introduced a bipartisan bill that paves the way for the dissolution of the Financial Oversight and Management Board of Puerto Rico.

Torres was joined by Resident Commissioner of Puerto Rico Jenniffer González-Colón, Rep. Nydia Velázquez (D-NY), Rep. Darren Soto (D-Fla.), and Natural Resources Committee Chair Rep. Raúl Grijalva (D-Ariz.) to introduce legislation called the TRUST for Puerto Rico Act 2022 (HR 7409).

The bill proposes terminating the Oversight Board no later than 90 days after the certification of two balanced budgets, and transfers all duties and responsibilities to the government of Puerto Rico after the Oversight Board is dissolved. 

If the bill is passed by Congress and signed into law by President Joe Biden, the Oversight Board could leave Puerto Rico as soon as late 2023 or early 2024, if the balanced budgets are certified. The bill was assigned to the House Natural Resources Committee and the House Judiciary Committee, and is expected to receive a hearing in Spring 2022.

“The Financial Oversight and Management Board represents a cardinal sin against the sovereignty and self-determination of Puerto Rico. It is the single most egregious example of modern-day colonialism in Puerto Rico and must be disbanded. The undemocratic, unelected Oversight Board has driven the island into fiscal mismanagement and has prevented Puerto Ricans from taking control over of their own destiny,” Torres said.

Since it was implemented in 2016, La Junta (as it is popularly known) has been criticized for the austerity measures put into place that have affected sectors such as pensions and worker benefits.

“The PROMESA board’s austerity cuts have gone on for long enough. We must ensure that the island’s budget is managed in a fiscally responsible way that doesn’t cut social programs and other vital services. I believe that our brothers and sisters in Puerto Rico deserve better, and this bill is a step in the right direction towards returning power to the people,” said Rep. Soto.