WASHINGTON, D.C. – The Center for Individual Freedom (CFIF) today is launching a new radio ad in Wisconsin exposing Representative Sean Duffy’s flip-flop on a Super Chapter 9 bankruptcy-style bailout for Puerto Rico.
In February, Representative Duffy spoke of the dangers of a Super Chapter 9 bailout, noting that it would raise borrowing costs for states and stating that “all of us will pay the price for the cost of borrowing” if Congress enacts Super Chapter 9. Now, Representative Duffy is sponsoring the “Super Chapter 9” PROMESA bill (HR 4900), despite his clear understanding of the dangers it poses and precedent it sets.
“We merely seek to educate Representative Duffy’s constituents on his evolving position regarding legislation that includes Super Chapter 9 bailout provisions for Puerto Rico,” said Timothy Lee, CFIF’s Senior Vice President of Legal and Public Affairs. “A Super Chapter 9 bankruptcy-style bailout will negatively impact the savings of Puerto Rico bondholders across the state, and all of Wisconsin could be forced to shoulder the increased costs of borrowing.”
This ad is CFIF’s latest in its ongoing campaign to educate Americans on the effects of a Super Chapter 9 bailout for Puerto Rico. The PROMESA Super Chapter 9 bill imperils the rule of law and undermines the rights of Puerto Rico’s bondholders. It will diminish retirement savings and drive up borrowing costs across America.
Listen to the ad here, and click here to see Representative Duffy highlight the dangers of Super Chapter 9 for yourself.