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Puerto Rico in Distress

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A U.S. House of Representatives committee will take up a proposal next month to amend a 2016 federal law that created a financial oversight board for Puerto Rico with changes aimed at the board's funding and spending priorities in the island's budget, NBCNews.com reported.

A long-awaited plan to restructure Puerto Rico’s core government debt will finally be filed in court later this month, an attorney for the bankrupt U.S. commonwealth’s federally created financial oversight board told a federal judge yesterday, Reuters reported.

Supreme Court Justices have a challenge in deciding who will argue what, when and for how long in the five consolidated cases involving a constitutional challenge to the board created to oversee Puerto Rico's massive debt restructuring, according to a Law.com commentary.

Federal prosecutors indicted a high-ranking Federal Emergency Management Agency official and the former president of a Puerto Rico utility contractor, charging them with corruption in connection with repairs to the U.S. territory’s hurricane-ravaged electric grid, WSJ Pro Bankruptcy reported. 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.