WASHINGTON, D.C. – The Center for Individual Freedom (CFIF) today announced a national media campaign in opposition to the "Super Chapter 9" bankruptcy legislation for Puerto Rico, which was recently released by the Committee on Natural Resources in the U.S. House of Representatives.

"We are deeply concerned about this draft legislation," said Timothy Lee, CFIF’s Senior Vice President of Legal and Public Affairs. "As written, it is an even more dangerous version of the Obama Administration’s unprecedented Super Chapter 9 proposal, and amounts to a bailout of Puerto Rico on the backs of American savers and retirees. We want to make sure that every American knows of the disastrous and far-reaching implications of this bill."

The campaign will feature national advertisements on television, radio and online which will highlight the contagion effect of this legislation. If Puerto Rico is allowed to declare bankruptcy and victimize its bondholders, high-spending states like Illinois may seek the same authority from Congress. This will raise borrowing costs for states, and will crush the value of retirement funds around the country.

Further, the legislation will remove any incentive that fiscally irresponsible states have to enact meaningful reform for the benefit of their own taxpayers, setting the stage for an onslaught of debt crises across the country.

CFIF implores all Americans to contact their representatives and tell them to oppose the House of Representatives’ Super Chapter 9 plan for Puerto Rico.

View the television ad below.

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