Florida Senate - 2016                                     SM 798
       
       
        
       By Senator Soto
       
       
       
       
       
       14-00889C-16                                           2016798__
    1                           Senate Memorial                         
    2         A memorial to the Congress of the United States,
    3         urging Congress to enact legislation to promote
    4         economic recovery in the Commonwealth of Puerto Rico.
    5  
    6         WHEREAS, the Commonwealth of Puerto Rico and the State of
    7  Florida share a strong cultural bond and are important trade
    8  partners, and
    9         WHEREAS, the Commonwealth of Puerto Rico has experienced a
   10  prolonged and difficult economic recession that has led to mass
   11  unemployment in Puerto Rico and decreased trade opportunities
   12  with the State of Florida, and
   13         WHEREAS, the Commonwealth of Puerto Rico has public debts
   14  in excess of $72 billion, which continue to cripple Puerto
   15  Rico’s ability to improve and sustain economic growth, and
   16         WHEREAS, the 1984 amendments to the United States
   17  Bankruptcy Code prohibit the Commonwealth of Puerto Rico from
   18  authorizing its municipalities and public utilities to file for
   19  bankruptcy relief under Chapter 9 of the code, and
   20         WHEREAS, the United States Bankruptcy Code amendments
   21  require Puerto Rico’s municipalities and public utilities to
   22  engage in piecemeal negotiations with each of their creditors,
   23  rather than consolidating debt and developing a comprehensive
   24  plan for repayment, and
   25         WHEREAS, the citizens of Puerto Rico are suffering greatly
   26  due to their government’s inability to renegotiate the terms of
   27  this debt under a comprehensive plan, and
   28         WHEREAS, the United States Government has an obligation to
   29  promote and assist the economic prosperity of the Commonwealth
   30  of Puerto Rico as an important territory of our nation, and
   31         WHEREAS, the United States Centers for Medicare & Medicaid
   32  Services will be implementing an 11-percent cut to Puerto Rico’s
   33  Medicare Advantage program reimbursements for 2016, further
   34  contributing to economic recession in Puerto Rico, and
   35         WHEREAS, the United States Congress eliminated a tax
   36  exemption for manufacturers from Section 936 of the Internal
   37  Revenue Code, greatly contributing to an increase in
   38  unemployment in the Commonwealth of Puerto Rico, and
   39         WHEREAS, the Commonwealth of Puerto Rico would greatly
   40  benefit from new ideas and programs that promote economic
   41  development to bring high paying jobs back to Puerto Rico, and
   42         WHEREAS, the Commonwealth of Puerto Rico and the State of
   43  Florida would both benefit from Puerto Rico’s renewed economic
   44  prosperity, NOW, THEREFORE,
   45  
   46  Be It Resolved by the Legislature of the State of Florida:
   47  
   48         That the Congress of the United States is urged to enact
   49  legislation to promote economic recovery in the Commonwealth of
   50  Puerto Rico, including:
   51         (1) Allowing the Commonwealth of Puerto Rico to authorize
   52  its municipalities and public utilities to file for bankruptcy
   53  relief under Chapter 9 of the United States Bankruptcy Code.
   54         (2) Allowing the Commonwealth of Puerto Rico to propose a
   55  comprehensive plan to pay municipal and public utility debts
   56  under Chapter 9 of the United States Bankruptcy Code.
   57         (3) Discontinuing the proposed 11-percent reduction in
   58  Puerto Rico’s Medicare Advantage program.
   59         (4) Establishing programs to encourage economic development
   60  to promote increased manufacturing, trade, and employment in
   61  Puerto Rico.
   62         BE IT FURTHER RESOLVED that copies of this memorial be
   63  dispatched to the President of the United States, to the
   64  President of the United States Senate, to the Speaker of the
   65  United States House of Representatives, and to each member of
   66  the Florida delegation to the United States Congress.