Hatch Named as Chair of Congress' Economic Task Force for Puerto Rico

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WASHINGTON – House Speaker Paul Ryan, R-Wis., announced on Monday that Sen. Orrin Hatch, R-Utah, would serve as the chairman of the Congressional Task Force on Economic Growth for Puerto Rico.

Hatch's role became official during a pro forma session of the House that also formally announced Reps. Sean Duffy, R-Wis., and Tom MacArthur, R-N.J. as two other members of the task force. The congressional task force is a result of the PROMESA legislation passed in late June and is responsible for examining possible ways to boost Puerto Rico's struggling economy.

PROMESA gave Ryan the power to name two members as well as designate the chair. Senate Majority Leader Mitch McConnell, R-Ky., Senate Minority Leader Harry Reid, D-Nev., and House Minority Leader Nancy Pelosi, D-Calif., each named two additional members to the eight-member task force.

In addition to Hatch, Sens. Marco Rubio, R-Fla., Robert Menendez, D-N.J., and Bill Nelson, D-Fla., will serve on the task force. The House members, in addition to MacArthur and Duffy, include Pedro Pierluisi, Puerto Rico's sole member of Congress, and Rep. Nydia Velazquez, D-N.Y.

The task force will be responsible for examining current federal law and programs as they relate to Puerto Rico to find if there are any current impediments they put on economic growth or healthcare coverage for the territory. It also will explore, among other things, possible improvements that could bolster job creation, reduce child poverty, and attract investment.

It is required to provide a status update on its work at some point between Sept. 1 and Sept. 15 and to ultimately produce a full report on its findings by Dec. 31. It can hold hearings, though if it chooses to do so, at least one must be held in Puerto Rico.

Hatch was initially wary of PROMESA, which creates an oversight board that will have the power to require balanced budgets and fiscal plans, as well as to file debt restructuring petitions on behalf of the commonwealth and its entities in a federal district court as a last resort, if voluntary negotiations fail. However, he eventually supported the legislation while continuing his calls for Puerto Rico to make the details of its financial situation more transparent. Puerto Rico didn't release its financial statements for fiscal year 2014 until July 1.

"A variety of fiscal and economic challenges coupled with Puerto Rico's opaque government financing has put a real strain on the financial security of the territory," Hatch said in a statement after he was announced as a member of the task force.

Puerto Rico is struggling with nearly $70 billion in debt and $46 billion in unfunded pension liabilities.

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