Puerto Rico Gov. Ricardo Rosselló said yesterday that he would put the island’s power utility up for sale, a watershed step toward dismantling a deeply indebted public monopoly that came under intense criticism for its response to Hurricane Maria, the Wall Street Journal reported. Gov.
Puerto Rico in Distress
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Puerto Rico’s federally appointed financial oversight board on Friday questioned island officials about how they planned to centralize financial control after the bankrupt U.S. territory discovered nearly $7 billion in previously unreported money, Reuters reported.
The U.S. government is refusing some of Puerto Rico’s requests for federal loan assistance, citing the U.S. territory’s “higher than expected” cash holdings since a devastating hurricane struck four months ago, WSJ Pro Bankruptcy reported. The Federal Emergency Management Agency said on Jan.
Puerto Rican Gov. Ricardo Rossello on Friday slammed the federal government’s response to Hurricane Maria, saying residents of the island, who are U.S. citizens, are being treated like “second-class citizens,” the Associated Press 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.