After months of waiting for the U.S. Congress to act as Puerto Rico's economic crisis progressively worsened, the Caribbean island is on the verge of securing a relief plan from Washington, D.C., aimed at helping it address a hobbling $70 billion debt, Reuters reported yesterday.
Puerto Rico in Distress
Video Features
ABI Analysis
U.S. Treasury Secretary Jack Lew today called on the Senate to take immediate action this week to address Puerto Rico's debt crisis before the critical July 1 deadline for the island territory's next debt payments, Reuters reported. "The Senate should take up the matter immediately," Lew said in a letter to Senate Majority Leader Mitch McConnell.
Top Treasury Department and Puerto Rican officials are begging the Senate to move quickly on a bill to help the commonwealth handle more than $70 billion in unpayable debt, The Hill reported today.
Puerto Rico’s government-owned electricity provider won approval to impose a new surcharge on customers to repay bonds, a key step in the utility’s plan to restructure its $9 billion of debt, Bloomberg News reported yesterday.
Other Resources
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.