New leadership at Puerto Rico’s beleaguered electric utility may not be sufficient to compensate for missteps following Hurricane Maria that led to delayed work, recurrent blackouts and more than $500 million in contracts with untested companies now under federal investigation, according to a Reuters commentary.
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A bipartisan group of U.S. senators wants federal housing agencies to extend a moratorium on foreclosures in Puerto Rico into 2019 after the devastation on the island and a big surge in mortgage delinquencies, the New York Times reported.
Puerto Rico must keep paying pension bondholders while the judge overseeing the island’s bankruptcy case decides whether the investors also have a right to retirement contributions made to government workers, Bloomberg News reported. Puerto Rico, which has about $3 billion of pension bonds outstanding, owes about $13.9 million each month in interest to holders of the debt.
Puerto Rico’s government is running into resistance in Washington, D.C., on pending legislation affecting the island while its federal overseers try to tighten their grip over local policy decisions, WSJ Pro Bankruptcy reported. The Republican tax overhaul headed for a vote in Congress this week doesn’t grant any of Puerto Rico Gov.
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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.