A House committee will hear Treasury's Antonio Weiss discuss an analysis of Puerto Rico on Feb. 25, as lawmakers coalesce around a bill that would give the territory's authorities bankruptcy access in return for creation of a financial stability council, Bond Buyer reported today. The exact language of the bill, sponsored by Rep.
Puerto Rico in Distress
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Puerto Rico’s debt-restructuring advisers appear willing to give creditors and lawmakers one of the key conditions demanded as part of any debt restructuring: a degree of federal oversight of the commonwealth’s finances, Bloomberg News reported on Friday.
Puerto Rico, already facing multiple battles over billions of dollars in debt, was in yet another courtroom yesterday, the New York Times reported today, locked in a legal dispute with its biggest sales-tax collector and its biggest private employer: Walmart.
Puerto Rico’s financial troubles are so complex and far-reaching that bankruptcy alone will not solve them, and might even make them worse, experts on financial distress told lawmakers yesterday, the New York Times reported today.
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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.