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Thursday, September 29, 2011

United Front in Support of the Puerto Rico Investment Promotion Act and the American Jobs Act

Resident Commissioner Meets With Labor and Business Leaders

San Juan, Puerto Rico-  Resident Commissioner Pedro Pierluisi met today with representatives from labor organizations and the Private Sector Coalition, with the purpose of crafting strategies to promote passage of the Puerto Rico Investment Promotion Act and the American Jobs Act, recently transmitted to Congress by President Obama. 

Participants at the meeting included representatives from approximately 10 labor unions and members of the Coalition, which consists of over 20 professional organizations and whose purpose is to promote economic and social development on the Island. 

“In light of the challenging economic times that confront Puerto Rico and the United States more broadly, urging Congress to enact the Puerto Rico Investment Promotion Act and the American Jobs Act is the correct step. As part of this effort, I am very pleased to have the support of labor officials, representatives from the private sector, and the leaders of other political parties on the Island. My office in Washington D.C. is at the disposition of all those leaders who recognize the importance of creating jobs and increasing economic investment in Puerto Rico. By presenting a united front in support of these measures, we are sending a strong message that they are important priorities for the people of Puerto Rico,” said Pierluisi. 

The Puerto Rico Investment Promotion Act—H.R. 3020—is a legislative initiative, designed with Governor Luis Fortuño, to attract investment to Puerto Rico with the goal of creating jobs and stimulating the Island economy. At the same time, the bill seeks to generate new revenue for the federal government and to promote job-creating investment in the 50 states.

The Resident Commissioner noted at today’s meeting that he had sent a letter to Thomas A. Barthold, chief of staff to Congress’s Joint Committee on Taxation (JCT), seeking a revenue estimate for H.R. 3020. In the letter, he also requested a meeting with the JCT to discuss the bill in further detail.

Moreover, thanks to the efforts of the Resident Commissioner, Puerto Rico is fully and fairly included in all major components of the American Jobs Act, from the social security payroll tax cuts for employers and employees, to the tax credits for businesses that hire certain workers, to the investments in transportation infrastructure and school construction and repair, to the extension in unemployment benefits, to the allocation of funds to state and local governments to prevent layoffs to teachers, police officer, firefighters, and other first responders.

“The full inclusion of Puerto Rico in President Obama’s initiative is a great achievement and I am pleased that the labor sector in Puerto Rico has pledged to fight for the bill’s passage in Washington,” said Pierluisi.