Rather than making life miserable for those who have invested in Puerto Rico, its leadership should change course and seek to make Puerto Rico a gateway to the U.S. With the right rules and protections for foreign investment, the government can attract companies to the island looking for a home to employ a well educated population, close to the mainland. Puerto Rico has it all — except a government willing to create these conditions.
What Puerto Rico needs is common sense reforms and leadership that will lead to a sustained investment strategy that will modernize its economy and bring jobs and growth backing to the island. The administration and Congress are prepared to provide appropriate assistance, but only if the will to reform is evident in Puerto Rico. It is up to the government of Puerto Rico to demonstrate that it is.
Nancy Soderberg is a former deputy national security adviser and ambassador to the United Nations under President Bill Clinton.
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.