House Speaker Paul Ryan on Tuesday said Puerto Rico's decision to put a moratorium on repaying debt is "a troubling new development" in the island's fiscal crisis.

He praised a bill crafted mostly by Republicans that aims to bring fiscal stability and oversight to the U.S. territory.

"Last week, the Puerto Rican government broke its fiscal obligations when it passed a moratorium on repaying any of its debt," Ryan said. "Congress has a constitutional and financial responsibility to bring order to the chaos that is unfolding in the U.S. territory — chaos that could soon wreak havoc on the American bond market."

The House Natural Resources Committee will vote Wednesday on whether to advance a GOP-led bill that would establish a control board to steer the U.S. territory out of fiscal insolvency. The bill would give the control board the authority to restructure Puerto Rico's $72 billion in debt.

The bill has been criticized by Democrats, who object to the oversight board, and Republicans who oppose any unilateral move resembling bankruptcy protection.

Ryan praised the legislation Tuesday and said it would protect taxpayers from having to cover the cost of a bailout.

The bill, Ryan said, "holds the right people accountable for the crisis, shrinks the size of government and authorizes an independent board to help get Puerto Rico on a path to fiscal health."