WASHINGTON--(BUSINESS WIRE)--Today the Council for Citizens Against Government Waste (CCAGW) began running radio ads targeting five members of the House of Representatives urging their support of H.R. 4900, the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The ads will run through May 12 in the districts of Reps. Gosar (R-Ariz.), Hardy (R-Nev.), Labrador (R-Idaho), Mooney (R-W.Va.), and Zinke (R-Mont.).
The ads counter the misleading claims that PROMESA is somehow a bailout. In truth, without the enactment of H.R. 4900, taxpayers will inevitably be forced to bailout Puerto Rico in the near future.
PROMESA would establish an oversight board to assist the government of Puerto Rico, including instrumentalities, to manage public finances. The legislation provides reforms that will allow the territory to fulfill its debt obligations responsibly and efficiently. It will also help the citizens of Puerto Rico prosper from a growing economy. The bill is designed to address problems related solely to Puerto Rico and will not have any impact on existing bankruptcy provisions that govern states or their municipalities. On April 19, 2016, CCAGW sent a letter to all members of the House urging their support for PROMESA.
The Council for Citizens Against Government Waste is the lobbying arm of Citizens Against Government Waste, the nation’s largest nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government.