With only 4 days left in session, Senator Gustavo Rivera released the following statement in support of the Champerty Bill S5623 / A5290:
“As a Puerto Rican born and raised on the island, I know the damaging impact that vulture funds have on our community. New York has the power to close the legal loopholes that allow predatory “investors” to purchase debt for the sole purpose of litigating with the indebted nations and small islands like Puerto Rico to amass millions in wealth while austerity measures force schools and hospitals to close. That's why I’m calling on my colleagues in the state legislature to pass the Champerty Bill, sponsored by Senator Liz Kreuger and Assembly Member Jessica Gonzalez-Rojas before this legislative session ends. It would be a disservice to Puerto Ricans on the island and in the diaspora across New York if we delay legislation that would address the needs of millions of community members living under the predatory practices of vulture funds.
“The Champerty Bill is a critical first step to immediately combat unsustainable debt. The ‘Not a Game, It’s People’ campaign, led by Latino, immigrant, and community organizations of color, has been leading the fight to stop greedy vulture funds from preying on countries across the world by developing groundbreaking legislation like the Champerty Bill and my sovereign debt model law bill, S5542. New York has a responsibility to extend protections that would end the plundering of Puerto Rico and other countries by passing these bills and demanding full accountability for these predators on behalf of those directly impacted by this crisis.”
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