Lew: Urgent Need for Congressional Action on Puerto Rico

The transcript discusses the need for effective restructuring in Puerto Rico, emphasizing the urgency due to the island's current economic and social crises. It highlights the importance of having a process that includes an oversight board and the potential for mandatory restructuring if voluntary agreements fail. The discussion also covers the impact of pension treatment on the economy and the necessity of a sustainable system to balance competing demands. The goal is to enable Puerto Rico to recover and grow, benefiting all stakeholders involved.

What is the primary reason for needing a restructuring plan for Puerto Rico?

• To improve education

• To build new infrastructure

• To prevent holdouts from stopping the process

• To increase tourism

What is one of the major issues currently facing Puerto Rico?

• An abundance of educational resources

• A booming economy

• A surplus of healthcare workers

• Hospital layoffs and school closures

Why is immediate action necessary in Puerto Rico?

• To increase the population

• To prevent further economic decline and chaos

• To build more hospitals

• To reduce tourism

What is a key consideration in the restructuring process regarding pensions?

• Pensions should be ignored

• Pensions should be treated fairly but not above other obligations

• Pensions should be treated above all other obligations

• Pensions should be eliminated

What role does the oversight authority play in Puerto Rico's restructuring?

• It promotes tourism

• It reduces the number of schools

• It increases taxes

• It balances competing demands and credit rights