To Members of Congress, the US Treasury Department and the US Federal Reserve Board:
I am greatly concerned by the impact of Puerto Rico's economic crisis on the island's poorest people. Nearly half of Puerto Rico's population lives under the poverty line.
Puerto Rico's religious leaders are calling for a resolution to the crisis that includes debt relief, investments in people, increased budget transparency, increased public participation in economic decision making and halting austerity. I join the religious leaders in calling on the US government to intervene in a manner consistent with those principles. Specifically:
-Congress should immediately pass legislation to grant US municipal bankruptcy protection to Puerto Rico's public entities.
-The Federal Reserve should intervene, offer debt relief and prevent further austerity policies.
-The US Treasury Department should actively use all appropriate tools at its disposal to resolve the crisis.
These efforts will benefit Puerto Rico's people and people in the United States. Please take urgent action.