A broad plan being put forward by the Treasury Department to ease Puerto Rico’s financial crisis would put pension payments to retirees ahead of payments to bondholders, the New York Times reported today. The proposal was being driven by evidence that Puerto Rico’s pension system is nearly out of money, leaving retirees who are dependent on it financially vulnerable.
Two House committees will be holding hearings on Puerto Rico’s debt crisis tomorrow. The first hearing, entitled “Puerto Rico’s Debt Crisis and Its Impact on the Bond Markets,” will be held by the House Financial Services Subcommittee on Oversight and Investigations, at 10 a.m. ET.
Two House committees will be holding hearings on Puerto Rico’s debt crisis on Feb. 25, according to a press release from Rep. Pedro Pierluisi (D-P.R.). The first hearing, entitled “Puerto Rico’s Debt Crisis and Its Impact on the Bond Markets,” will be held by the House Financial Services Subcommittee on Oversight and Investigations, at 10 a.m. ET. The Subcommittee is chaired by Rep.
Puerto Rico may suspend principal and interest payments on its bonds in less than three months as the island struggles to cover health and safety programs, Bloomberg News reported yesterday. The potential halt on debt-service payments comes as the commonwealth’s Government Development Bank faces a $422 million debt payment May 1.
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.
