WASHINGTON, D.C. – U.S. Senator Bob Menendez (D-N.J.) issued the following statement upon the passage of the bipartisan, bicameral Puerto Rico Recovery Accuracy in Disclosures Act (PRRADA) of 2021 by the U.S. Senate Committee on Energy and Natural Resources:

“When Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act in 2016, I was vehemently opposed because it did not do enough to protect the people of Puerto Rico during the debt restructuring process. It included an unfair loophole that let bankruptcy advisers and consultants to get rich off of worsening economic inequalities in Puerto Rico without having to disclose their conflicts of interests with creditors to whom Puerto Rico owed money.

“I have fought alongside Congresswoman Nydia Velázquez for a long time to correct this injustice. The 3.2 million American citizens that call Puerto Rico home deserve the same transparency and disclosure practices required on the mainland. For too long they have paid the price for this lack of transparency. This legislation is long overdue. The House has already passed it twice unanimously, and today we take a key step forward in finally righting this wrong. I will not stop until it is passed in the Senate and signed into law.”