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conservative Pedro Pierluisi Tonight sign House Bill 1003 that enables the debt settlement plan to become law.
In written statements, the president said: “Despite the significant hurdles, today we have taken a huge step forward to put an end to bankruptcy and get out of supervision platform. That is why we do not give in in our struggle to defend our pensioners, to provide the funds our university needs and to ensure that our municipalities can serve their citizens. There is still a long way to go and I have no doubts that we are heading in the right direction. We will continue to fight until we can restructure the debt, make our economic development sustainable and improve the quality of life of our people.”
Pierluisi thanked lawmakers after approving tonight at Senate and the Parliament.
“I tell our people that we are on the way to recovery and they can always trust that we will give everything for everything for Puerto Rico,” he said.
The Senate approved the measure 14-13, while the House got a final vote of 34, 12 against, two abstaining, and three not.
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Various sections of Puerto Rico staged another demonstration in front of the Capitol on the afternoon of Tuesday, October 26, 2021, in refusal to pass the Debt Settlement Scheme Enabling Act (PAD), better known as Project 1003. (Teresa Canino Rivera)
Trade unions, students, members of various political parties, and citizens have come together to demand the disapproval of the measure that would direct the payment of Puerto Rico’s government debt. (Teresa Canino Rivera)
Bill 1003 received several amendments, but the legislature did not reach the necessary consensus to secure its passage in the Senate. (Teresa Canino Rivera)
One of the points of contention is the inclusion of legislation that ensures and obliges the Financial Supervisory Board not to make cuts to government employees’ pensions. (Teresa Canino Rivera)
Another divisive aspect concerns guarantees that the University of Puerto Rico’s budget will not continue to get cuts, as it has in the past four-year periods. (Teresa Canino Rivera)
Many students demonstrated against Project 1003. Many of these students also participated in a demonstration that took place last week. (Teresa Canino Rivera)
The Senate is expected to finally reach consensus and pass Bill 1003 later today. Governor Pedro Pierluisi said he will sign the measure as soon as it reaches his office. (Teresa Canino Rivera)
The legislature turned against the clock to approve Project 1003, as Federal Judge Laura Taylor Swain, who is presiding over the Puerto Rican government’s bankruptcy process, refused on Monday to extend the time period for approval of the law. (Teresa Canino Rivera)
Letters to the Financial Supervisory Board, the entity responsible for enforcing the principles of the Promise Act, did not wait. (Teresa Canino Rivera)
Currently, the House is preparing to send a new report from the conference committee outlining the changes made to Bill 1003. This new report is then evaluated by senators before moving on to the final vote. (Teresa Canino Rivera)
Bill 1003, the measure signed into law by Governor Pierluisi, must be passed by the legislature on or before November 8, 2021. (Teresa Canino Rivera)
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