The Center for the New Economy (CNE) announced that they will have a physical presence in Washington, DC in order to influence the upcoming debates on the newly created Fiscal Control Board, the bipartisan Congressional Working Group on Puerto Rico’s economy, and other topics of concern. CNE President Miguel Soto Class said that the independence of the group, and the fact that they are on the ground in Puerto Rico, gives them the credibility needed to make the case for Puerto Rico. Soto Class said he was startled to see so many panels regarding Puerto Rico’s fiscal crisis in DC that did not include Puerto Ricans. CNE’s lead economist, Sergio Marxuach testified in Senate hearings last October and has also been involved in the group’s education efforts. CNE also recently announced that they will be creating an independent Economic Development Commission to chart a long term economic growth plan for the island.
The PROMESA law puts a stay in litigation that prevents judges from transferring public funds to pay bondholders.
Washington Watch is published weekly when Congress is in session. Published monthly during extended recess or adjournment.