An Oversight Board Can Work in Puerto Rico, But Not the One in Promesa Bill

This article originally appeared in the Hill. Click here to read the full article.

By Logan Albright

Congress has been trying to tread a very fine line on the path to rescuing Puerto Rico from the fiscal mess it’s gotten itself into. On the one hand, conservative Republicans will not tolerate anything resembling a bailout. On the other hand, left-wing Democrats want to see investors (whom they indiscriminately, and inaccurately, label “Wall Street”) take a haircut. A letter from Vermont socialist and quixotic presidential candidate Bernie Sanders to his colleagues implores them to “stand with the working people of Puerto Rico,” whatever that means.In an effort to walk this tightrope and appease both sides, House Speaker Paul Ryan (R-Wis.) and Minority Leader Nancy Pelosi (D-Calif.) have come up with a bill they claim will make both sides happy: It creates an independent oversight board that will assume control of the island’s finances until the crisis is resolved. This is a solution that has worked well in places like Washington and Detroit, and so it seems logical to extend it to Puerto Rico as well.

This article originally appeared in the Hill. Click here to read the full article.