Pedro Pierluisi on Budget & Economy

	Pedro Pierluisi on Budget & Economy

Use federal funds to help rebuild the island

Infrastructure Reconstruction--Talked about the use of federal funds to help rebuild the island and invest in new infrastructure. Also noted efforts to increase road maintenance; improve the safety, infrastructure, and efficiency of public transportation; construct new medical facilities; install solar power systems; and increase the supply of affordable housing. Source: 2024 State of the State Address to Puerto Rico legislature , Apr 2, 2024

Puerto Rico still needs critical work to rebuild and recover

DHS Secretary Mayorkas spoke by phone with Puerto Rico Governor Pedro Pierluisi. FEMA Acting Administrator Bob Fenton also joined the call to discuss the devastating impact of Hurricanes Irma and Maria in 2017. They agreed that critical work still needs to be done for Puerto Rico to rebuild and recover. Secretary Mayorkas pledged his full support to help Puerto Rico strengthen its resilience to future natural disasters and other threats. Source: Press Release from DHS.gov on 2020 Puerto Rico governor race , Feb 5, 2021

Ban abusive credit practices & enhance consumer disclosure.

Pierluisi signed Credit CARD Act

Tile I: Amends the Truth in Lending Act to require advance notice of any increase in the annual percentage rate of interest (APR) pertaining to a credit card account under an open end consumer credit plan.
Imposes a freeze on interest rate terms and fees on canceled cards.
Sets limits on fees and interest charges, including a prohibition against penalties for on-time payments.
Allows imposition of an over-the-limit fee only once during a billing cycle. Prohibits its imposition in a subsequent billing cycle.
Requires fees for cardholder agreement violations and currency exchanges to be reasonable.
Prohibits a creditor from furnishing information to a consumer reporting agency concerning a newly opened credit card account until the credit card has been used or activated by the consumer.
Title II: Enhanced Consumer Disclosures: Requires the creditor to provide a toll-free telephone number at which the consumer may receive information about accessing credit counseling and debt management services.
Revises requirements relating to late payment deadlines and penalties.
Requires a periodic statement of account to disclose: (1) the date by which a payment must be postmarked, if paid by mail, in order to avoid the imposition of a late payment fee; and (2) any possible resulting increase in interest rates for late payments.
Title III: Protection of Young Consumers: Prohibits issuance of a credit card on behalf of a consumer under age 21, unless the consumer has submitted a written application meeting specified requirements.

Source: S.414 & H.R.627 2009-S414 on Feb 11, 2009

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