Legislation to create a financial control board for heavily indebted Puerto Rico will be filed on Thursday or Friday, the U.S. territory's government affairs secretary Jesus Manuel Ortiz said yesterday, Reuters reported. The financial control board, a key recommendation from a plan released in September to try and solve the U.S.
Puerto Rico in Distress
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Puerto Rico, at risk of running out of cash as soon as November, may be unable to pay investors as it looks to restructure $73 billion of debt, said Steven Rhodes, the former U.S. bankruptcy judge who is advising the island’s government, Bloomberg News reported on Friday. Puerto Rico faces a $354 million principal and interest payment on Dec.
Rep. Tom Marino (R-Pa.), who has balked at legislation that would let some Puerto Rico government agencies seek bankruptcy, said that he’s instead pushing for the creation of a federal board to advise the island on its finances, Bloomberg News reported yesterday.
The top Democrat on the U.S. House Natural Resources Committee is pushing for a congressional hearing into the role of hedge funds in Puerto Rico’s debt crisis, Bloomberg News reported yesterday. Making the request yesterday, Rep. Raul Grijalva (D-Ariz.) pointed to a Sept.
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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.