Elizabeth Warren embraces bank bailouts at taxpayer expense for Puerto Rico creditors

June 29, 2016, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement blasting Sen. Elizabeth Warren (D-Mass.) for voting against legislation that restructures Puerto Rico’s $72 billion of debt:

“It is ironic that Elizabeth Warren, who made her name fighting against too big to fail and bank bailouts, voted no on the Puerto Rico debt restructuring that makes banks pay for betting poorly in the bond market. Apparently, Warren’s time in D.C. has already taught her it is better to be cozy with the hedge fund bond traders than with the American people.

“While no legislation is perfect, PROMESA protects American taxpayers by putting unsecured creditors at the bottom of the list for payment, and guarantees that those who bet poorly on Puerto Rico debt get a cramdown and not a bailout.”

Attachments:

U.S. Reps. Sean Duffy, Rob Bishop and Raul Labrador protect taxpayers from bailing out Puerto Rico creditors, Americans for Limited Government statement, June 10, 2016 at https://getliberty.org/u-s-reps-sean-duffy-rob-bishop-and-raul-labrador-protect-taxpayers-from-bailing-out-puerto-rico-creditors/

Interview Availability: Please contact Americans for Limited Government at 703-383-0880 ext. 106 or at media@limitgov.org to arrange an interview with ALG experts including ALG President Rick Manning.

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