Sec. 2. Purpose and sense of Congress
208 words·~1 min read·
/bill/114/hr/3725/ih/section-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The purpose of this Act is to empower the Secretary of the Treasury to facilitate access of the government of Puerto Rico to capital markets for— immediate short-term financing needs, capital expenditures, and debt refinancing, by guaranteeing the principal and interest payments on bonds issued by the government of Puerto Rico upon determination by the Secretary that certain conditions relating to financial accountability in Puerto Rico have been met. It is the sense of Congress that— Puerto Rico, as a territory, is treated inequitably and inconsistently by Federal law and policy, and that such treatment has contributed significantly to the current financial distress of the government of Puerto Rico; consequently, there exists a Federal responsibility and need to help the government of Puerto Rico gain access to the capital markets on reasonable terms; stronger financial controls, budgeting processes, and accountability measures should be implemented by the government of Puerto Rico in order to improve its financial standing and creditworthiness; and it is in the national interest of the United States to reduce the risk of default by the government of Puerto Rico on its bond payments, to ensure essential public services can be provided in the territory, and to promote economic growth and responsible borrowing in the territory.