Wednesday, August 05, 2020
Hawai'i Free Press

Current Articles | Archives

Saturday, August 22, 2015
Jones Act Reform to be Part of Puerto Rico Relief Package?
By Michael Hansen @ 12:55 AM :: 2973 Views :: Jones Act

by Michael Hansen, Hawaii Shippers Council, August 21, 2015

Reuters reported on August 21st that U.S. Congressman Sean Duffy (R-WI, CD-7), Chairman of the House Financial Services Subcommittee on Oversight & Investigations, is seeking solutions to the Puerto Rico financial crisis. Cong Duffy is considering a wide set of reforms for Puerto Rico including a financial control board, extension of Chapter 9 bankruptcy to the Commonwealth, a Jones Act exemption for the Commonwealth.

Key Excerpts:

Puerto Rico's FDIC-insured banks are well capitalized but the Federal Deposit Insurance Corp stands ready to act if one should become insolvent, according to a letter sent to Congressman Sean Duffy, chairman of a Financial Services subcommittee who had inquired about their health.

"Our committee has jurisdiction over banks ... and we have been working on the safety and soundness concerns of Puerto Rico banks," said Duffy, who is separately working on a proposal to look for solutions to Puerto Rico's problems with possible ideas including using a financial control board.

Duffy, a Republican from Wisconsin, also said he is working on broader ideas for a draft proposal to address solutions for Puerto Rico.

Ideas could include a financial control board, an idea proposed in June by Republican Congressman Jeffrey Duncan, and Duffy is examining the possible impact of lifting the Jones shipping Act.

The Jones Act requires ships carrying goods from one U.S. port to another to be built in the United States.

He did not rule out supporting extending Chapter 9 bankruptcy protection for Puerto Rico entities, currently a Democrat-supported proposal, but would like to see it part of wider reforms.

"We have to come up with solutions that help the Puerto Rico people," said Duffy. "It's incumbent upon Republicans to engage on this issue."

LINK: FDIC ready to act on Puerto Rico banks if needed -letter

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

ACA Signups Hawaii

ALEC

Alliance Defending Freedom

Aloha Pregnancy Care Center

American Council of Trustees and Alumni

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Astronomy Hawaii

Ballotpedia Hawaii

Better Hawaii

Blaisdell Memorial Project

Broken Trust

Build More Hawaiian Homes Working Group

ChinaTownWatch.com

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

Coffee Break

DeedySupport.com

DVids Hawaii

E Hana Kakou Kelii Akina

FIRE

Fix Oahu!

Follow the Money Hawaii

Frank in Hawaii

Front Page Magazine

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii Coalition Against Legalized Gambling

Hawaii ConCon Info

Hawaii Credit Union Watch

Hawaii Crop Improvement Association

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Advocates

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii Future Project

Hawaii Gathering of Eagles

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii March for Life

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

Heritage Foundation

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

I Vote Hawaii

If Hawaii News

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

Iowa Meets Maui

Jackson v Abercrombie

Jihad Watch

July 4 in Hawaii

Kahle v New Hope

Kakaako Cares

Kau TEA Party

Kauai Co GOP

Keep Hawaii's Heroes

KeyWiki

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

Mauna Kea Recreational Users Group

MentalIllnessPolicy.org

Middle East Forum--The Legal Project

Mililani Conservatives for Change

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

Muslim Brotherhood in America

NAMI Hawaii

NARTH

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

National Wind Watch

New Hawaiian

New Zeal

NFIB Hawaii News

No GMO Means No Aloha

Northwest Economic Policy Seminar

Not Dead Yet, Hawaii

Now What I Really Think

NRA-ILA Hawaii

Oahu Alternative Transport

ObamaCare Abortion Hawaii

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Pacific Aviation Museum

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

Republican Party -- Hawaii State

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

Save Dillingham Airfield

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT