FL H0601

Urges Congress to enact legislation promoting economic recovery in Puerto Rico, consistent with sound fiscal principles to reduce national debt.

Identifies Puerto Rico's $72 billion public debt as a major obstacle to economic growth and cites 1984 Bankruptcy Code amendments that prohibit municipalities and utilities from filing Chapter 9 bankruptcy.

Notes that piecemeal creditor negotiations required under current law prevent comprehensive debt restructuring plans and that Congress eliminated Section 936 tax exemptions for manufacturers, contributing to unemployment.

Emphasizes the cultural and trade partnership between Florida and Puerto Rico, and states the U.S. Government has an obligation to assist Puerto Rico's economic prosperity as an important territory.

Directs copies of the memorial be sent to the President, Senate President, House Speaker, and all members of the Florida Congressional delegation.