WASHINGTON – Two Democrats are urging Puerto Rico’s oversight board to reject the Puerto Rico Electric Power Authority’s restructuring support agreement one day after the chair of the House Natural Resources Committee demanded the board approve it.

Reps. Raúl Grijalva, D-Ariz., and Nydia Velázquez, D-N.Y., made their request in a letter addressed to José Carrión, the board’s chair. The two representatives said that PREPA’s current RSA includes a securitization of electricity revenues for the benefit of PREPA’s creditors that will put a large burden on Puerto Rican ratepayers. Both House members said the agreement runs counter to the PROMESA law Congress passed last year to help Puerto Rico address its fiscal crisis.

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