WASHINGTON — The Congressional Task Force on Economic Growth in Puerto Rico has been meeting with government agencies and gathering input from roughly 335 groups and individuals as it works to develop recommendations on how to address the commonwealth's struggling economy.
The task force's update on its progress was sent to Congress to comply with the PROMESA law that established the group of eight legislators and required an update by the middle of the month.
The task force is additionally required to release a report no later than Dec. 31 on the impediments in current federal law and programs to economic growth in Puerto Rico along with recommended changes that would spur sustainable long-term economic growth, increase job creation, reduce child poverty, and attract investment in Puerto Rico.
"Residents of Puerto Rico and their families face numerous challenges to economic growth along with many dimensions affected by federal law and programs, including health care, government finances, economic stagnation, population loss, and sectoral inefficiencies," the task force members said in a joint release. "[We] are actively working to arrive at a consensus in order to provide Congress with findings and recommendations as called for under PROMESA."
Sen. Orrin Hatch, R-Utah, is chair of the task force and is joined by fellow Sens. Robert Menendez, D-N.J., Bob Nelson, D-Fla., and Marco Rubio, R-Fla. The task force's House members are Reps. Pedro Pierluisi, Puerto Rico's sole and nonvoting representative in Congress, as well as Tom MacArthur, R-N.J., Sean Duffy, R-Wis., and Nydia Velázquez, D-N.Y.
The task force will continue accepting submissions from individuals until Oct. 14, an extension from its previous deadline of Sept. 2.
The members also said in their update that they have been working with the Federal Reserve Bank of New York, which oversees Puerto Rico in the Federal Reserve System, to identify useful economic and financial developments in Puerto Rico and to analyze the commonwealth's economy and finances. They also are aiming to explore ways that federal statistical products used to measure economic and financial activity in the states could be applied to Puerto Rico.
The task force plans to have various discussions with officials in numerous government agencies with possible insights into solutions for the commonwealth. Its members have already contacted officials at the U.S. Department of Health and Human Services, as well as the Department of Commerce, Labor, and the Federal Housing Finance Agency. They have additionally contacted officials with the Departments of Energy and Treasury as well as the Environmental Protection Agency and the Small Business Administration, according to the update.
As part of their meetings with staff, they are asking the officials to recognize that the task force has a "relatively brief time period" to operate and is seeking bipartisan cooperation.
Members are also expecting help from the Joint Committee on Taxation (JCT), the Congressional Budget Office, and the Library of Congress's Congressional Research Service. JCT will provide a briefing in the near future to discuss federal tax policy as it applies to Puerto Rico.
The eight-member body will also consult with Puerto Rico's legislative assembly, its Department of Economic Development and Commerce, as well as representatives of the private sector on the island, according to the update.
