Federal officials are expected to announce incentives to boost Puerto Rico's economy in the next few months, a top legislator from the commonwealth said this week, responding to investor concerns about the island's rising debt costs and bleak growth, Reuters reported yesterday.
Puerto Rico in Distress
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Municipal-bond prices have fallen further than other debt amid rising U.S. interest rates this summer, exacerbating investor jitters spurred by Detroit's record-setting bankruptcy filing, the Wall Street Journal reported today. Bonds from some financially troubled issuers, like Puerto Rico and Chicago, have been particularly hard hit.
A Michigan county’s decision to postpone a $53 million bond sale highlights the difficulty fiscally strapped issuers everywhere may face in the wake of Detroit’s record bankruptcy filing, the Wall Street Journal reported today.
Guy G. Gebhardt has been appointed as Acting U.S. Trustee for Florida, Georgia, Puerto Rico, and the U.S. Virgin Islands (Region 21), and Judy A. Robbins, the U.S. Trustee for the Southern and Western Districts of Texas (Region 7), has been designated to serve as the U.S.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.