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New: In a hotly contested Massachusetts primary where Puerto Rican support is critical, Rep. Richard Neal and progressive challenger Alex Morse take different approaches to resolving the Puerto Rican debt crisis. https://www.huffpost.com/entry/alex-morse-richard-neal-puerto-rico-debt-crisis_n_5f4b3cc5c5b64f17e13ecb06?ncid=engmodushpmg00000004 via @HuffPostPol
. @alexbmorse wants to abolish "la junta" -- the mainland-imposed fiscal oversight board with veto power over Puerto Rico's budget, and audit and cancel the island's debt.
@NealForCongress does not (or at least would not articulate a position on it one way or another).
@NealForCongress does not (or at least would not articulate a position on it one way or another).
“Alex understands the urgency of this moment for Puerto Rico, having served people migrating from the Island to Holyoke searching for economic stability,” @maxclermont, @alexbmorse campaign manager, said.
Asked about La Junta, Neal spox said, “Richie Neal believes that the fundamental issue of rebuilding & stabilizing the economy must be the highest priority, and without this resolved the debt will only grow exponentially without any hope for a sustainable future for Puerto Rico”
I thought to write this story because when I spoke to @LuisGutierrez, who voted against PROMESA, he told me, "There is no one who was clearer on reducing the debt in Puerto Rico and dismantling this terrible fiscal control board than Richie Neal.”
Whoops! Not actually true.
Whoops! Not actually true.
Apparently a number of prominent Puerto Rican Neal supporters are under the impression that he can be pushed to back debt restructuring.
State Rep. Carlos González: "That’s an issue that we will be addressing with the congressman as well." He hasn't gotten any assurances yet.
State Rep. Carlos González: "That’s an issue that we will be addressing with the congressman as well." He hasn't gotten any assurances yet.
As Ways and Means chairman, Neal does not have jurisdiction of Puerto Rico policy.
But presumably, given the influence he touts so much, his words would carry weight.
But presumably, given the influence he touts so much, his words would carry weight.
As Morse notes, the Puerto Rican debt crisis -- compounded by hurricanes and COVID -- is a local issue too: People leaving the island for a better life often end up in Western Mass.
But Neal has deep ties to Wall Street firms that hold Puerto Rican debt.
Just this cycle, the PAC of BlackRock, a firm with some of the greatest "exposure" to Puerto Rican debt, gave Neal $10k. https://www.fec.gov/data/disbursements/?data_type=processed&committee_id=C00479246&recipient_name=C00226522&two_year_transaction_period=2020
Just this cycle, the PAC of BlackRock, a firm with some of the greatest "exposure" to Puerto Rican debt, gave Neal $10k. https://www.fec.gov/data/disbursements/?data_type=processed&committee_id=C00479246&recipient_name=C00226522&two_year_transaction_period=2020
Neal “can be trusted to do what the bondholders tell him to do ... He cannot ― he absolutely cannot ― be trusted to fight for the best interests of the Puerto Rican people,”
San Juan, Puerto Rico, Mayor @CarmenYulinCruz, a Morse backer, told me.
San Juan, Puerto Rico, Mayor @CarmenYulinCruz, a Morse backer, told me.
Neal has maintained that donor money doesn't shape his views.
“If you contribute to my campaign, you buy into my agenda. I’m not buying into yours.”
“If you contribute to my campaign, you buy into my agenda. I’m not buying into yours.”
