NY elected officials call on Congress to abolish Puerto Rico's 'Promesa' law over debt fears
Some New Yorkers fear Puerto Rico is being pushed further into financial debt.
Elected officials and community members united on Moore Street Thursday calling to abolish La Junta, which is the financial oversight and management board of Puerto Rico. La Junta was established in 2016 when Congress passed a law called Promesa in order to provide relief to the island.
They say Promesa, which translates to promise, has only proven to be the opposite by failing to keep its promise to save Puerto Rico from financial instability. Now as the economic crisis grows, people are calling out for the abolishment of the board - which they say has failed to properly address the island's crisis by cutting pensions and allowing hedgefunds to buy out Puerto Rico's debt.
Elected officials say that if they are successful in abolishing La Junta, they are creating a bill to help offer financial relief to Puerto Rico instead.