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Witnesses tell House subcommittee Puerto Rico’s exclusion from municipal code complicates PREPA process
Summary
Professor testimony to the House Judiciary subcommittee said Puerto Rico’s debt restructuring framework (PROMESA) and exclusion from chapter 9 municipal bankruptcy have complicated PREPA’s case; witnesses said using chapter 9 access historically would have been the simpler congressional approach.
Representative Jesús "Chuy" García and others asked witnesses about PREPA and Puerto Rico’s exclusion from conventional municipal bankruptcy protection.
Professor Melissa Jacoby summarized the legislative history: Congress earlier chose PROMESA, an oversight-and-exercise framework tailored to Puerto Rico’s sovereign and…
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