mr. pierluisi, ms. velazquez and mr. serrano. i know how difficult this vote as, how difficult it is to vote on a compromise that does not fully empower and fully acknowledge the self-governance of the puerto rican people. i know that. but your endorsement of this bill is very meaningful in that it ties us to a heritage of representation by the puerto rican people in this body and to the needs and insisting and demanding that needs of the people in puerto rico be recognized fully by this congress. we recognize them today, as mr. serrano said, but there's much, much more to do. and this vote, by the way, as i lose, is not about heritage. importantly, it's not about selling out one's heritage. it's about future generations and the opportunities they will have on the island. it's about stability for children, families and the derly with a fiscally stable economy and an accountable fiscal system on the island. while i can understand -- while i can understand the political expediency of voting no, i think the demands and the urgency t

mr. pierluisi, ms. velazquez and mr. serrano. know how difficult this vote as, how difficult it is to vote on a compromise that does not fully empower and fully acknowledge the self-governance of the puerto rican people. i know that. but your endorsement of this bill is very meaningful in that it ties us to a heritage of representation by the puerto rican people in this body and to the needs and insisting and demanding that needs of the people in puerto rico be recognized fully by this congress. we recognize them today, as mr. serrano said, but there's much, much more to do. and this vote, by the way, as i lose, is not about heritage. importantly, it's not about selling out one's heritage. it's about future generations and the opportunities they will have on the island. it's about stability for children, families and the derly with a fiscally stable economy and an accountable fiscal system on the island. while i can understand -- while i can understand the political expediency of voting no, i think the demands and the urgency to

mr. pierluisi. i would say most all of the people involved in this recognizes not everything -- it's not everything we would want. but the bill that can help puerto rico today and now. it is not a bailout. that's for some people who keep saying it's a bailout. it does not allow taxpayer dollars to be used for paying down the puerto rican debt. i held a hearing for this in february, the problem in puerto ico, and the oversight board concept was clear, that was needed, that was testified in favor of. i understand some reluctance in puerto rico. let's get this ship righted. once we get it righted, restacked, the sails full of wind, then puerto rico will have a chance. i do support the process. the bill combats the immediate yy sis. it will help -- immediate yy sis. it will help out -- immediate crisis. it will help out puerto rico. we need more long-term solutions, though, about the economic zones of puerto rico and how we improve the economy there so they can continue to grow. i want to compliment mr.

mr. pierluisi: thank you, congressman hastings. in the last year and a half this congress has held nine hear option puerto rico a u.s. territory home to 3.4 million american citizens. this hearing -- these hearings confirmed that puerto rico is in jeopardy right now. not next year, now. island residents are relocated -- relocating to the states in record number. the puerto rican government is on the brink of collapse. a victim of decades of inequality at the federal level and mismanagement at the local level. the government and its instrumentalities have $70 billion in debt, three public entities on the island have defaulted on payment os creditors and larger defaults appear imminent. puerto rico's three main pension systems are severely underfunded, placing at risk their retirement security of other 330,000 individuals. the government of puerto rico has lost access to the credit markets, so we cannot borrow money to meet current obligations. all objective observers, including virtually every major editorial board in the nation, un