Governor signs bill making viable balanced budget for FY2015

June 17, 2014 - La Fortaleza – Governor Alejandro García Padilla signed House Bill 1922 creating the new Law of Fiscal Sustainability and Operational Government of the Commonwealth of Puerto Rico (Law Num. 66 of 2014) which will allow the adjustments needed to confront the crisis facing the country and help avoid laying-off public employees and reduce working hours.

"With this measure, the legal framework that will enable us to guarantee the continuity of governance in key areas of health, safety, education, social work and development is established. Thus, we adopted a plan to manage the consequences of degradation and establish structured credit management for compliance with the country's commitments without laying-off employees or reduce working time," said the chief executive.

The Governor commended the work done by the House of Representatives Speaker Jaime Perello and Senate President Eduardo Bhatia, as well as the rest of the legislative component.

He acknowledged that the union leaders have also been key part in the passage of this legislation, putting forth the country over special interests.