Title
Promise Land: The Inside Story Of The Puerto Rico Debt Crisis
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Puerto Rico Is AmericaS Forgotten Island, And Since 2015, The Site Of The Largest Governmental Default In U.S. History. After The IslandS Governor Declared Its $70 Billion Of Debt Not Payable, House Minority Leader Nancy Pelosi Extracted A Promise From House Speaker Paul Ryan To Take Action On Puerto Rico In Return For The Democratic Votes He Needed For MustPass December 2015 Spending Legislation. This Handshake Led To A 2016 Law Called Promesa (Promise In Spanish), Which Subjected Puerto Rico To An Oversight Board, But Also Gave Puerto Rico The Power To File For Bankruptcy, A Right No State Has.Weaving Together His FirstHand Experience As A Member Of The BoardAnd During The Crucial Period, Its Chair With Astute Insight Into The Key Federal And Local Lawmakers, David Skeel Recounts The Epic Struggle To Restructure Puerto RicoS Debt And Restore Fiscal Stability, A Battle Protracted By The Most Destructive Hurricane In A Century, A Scandal In The GovernorS Office, Earthquakes, And The Pandemic. The Board Was Challenged Both By Protestors Furious At The Colonial Implications Of The Board And By Bondholders Unhappy With The Restructuring, One Of Which Enlisted Former New Jersey Governor Chris Christie In A Scheme To Derail SkeelS Reappointment.Promise Land Is A Riveting Story About The Island Theodore Roosevelt Urged AmericaS Leadership To Seize At The End Of The SpanishAmerican War, And About How Governmental Crises Are Handled In TwentyFirst Century America.
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