Lawmakers yesterday introduced new bipartisan legislation to make Puerto Rico the nation's 51st state by 2021, NBCNews.com reported. The bill, known as the Puerto Rico Admission Act of 2018 was presented by Puerto Rico’s resident commissioner, Jenniffer González-Colón, a Republican who authored the bill and is a nonvoting member of Congress.
Puerto Rico in Distress
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“If we build labor reform, the jobs will come” might be a guiding principle of the Financial Oversight & Management Board (FOMB), inspired by economists of the IMF ilk, but Puerto Rico’s path to sustainable economic growth is predicated on a far more complex formula, according to an editorial in Caribbean Business.
The bill passed to privatize the Puerto Rico Electric Power Authority (PREPA) does not address the utility’s fate under the bankruptcy process and would create a public energy measure separate from the utility’s proposed integrated resource plan (IRP) that is due in October, Caribbean Business News.
A group of holders of Puerto Rican general obligation bonds said it is not ready to support a proposed deal to settle a key dispute in the U.S. territory’s $120 billion bankruptcy, Reuters reported.
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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.