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Senators split on whether pension-protection bill strengthens or hinders negotiations with Fiscal Oversight Board
Summary
Senators debated whether House Bill 120 will give the Puerto Rico government stronger bargaining tools or risk legal invalidation because it could limit the government's ability to negotiate under PROMESA; AFAF said the bill’s objectives align politically but some technical drafting may be ‘píldoras venenosas’ that threaten viability.
A wide-ranging exchange among senators and AFAF highlighted strategic disagreement over the bill’s intended effect in negotiations with the Fiscal Oversight Board and in federal court.
Senador Rafael Bernabé argued the bill gives the Legislature and the executive "armas" — legal and political instruments — to resist cuts to pensions and to signal to the board and the judge that pension reductions are…
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