Puerto Rican officials pressed Senate lawmakers on yesterday to allow the island access to chapter 9 of the Bankruptcy Code as the U.S. territory wrestles with its debt, MarketWatch.com reported yesterday. They found support from Democrats at a Senate Finance Committee hearing but met skepticism from the Republican chairman of the panel.
Puerto Rico in Distress
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The Senate Finance Committee will be holding a hearing today at 10 a.m. ET titled “Financial and Economic Challenges in Puerto Rico.” Witnesses set to testify at the hearing include:
- Hon. Pedro R. Pierluisi, Congressman for Puerto Rico, U.S. House of Representatives
- Melba Acosta, President, Government Development Bank for Puerto Rico
The Senate Finance Committee will be holding a hearing tomorrow at 10 a.m. ET titled “Financial and Economic Challenges in Puerto Rico.” Witnesses set to testify at the hearing include:
- Hon. Pedro R. Pierluisi, Congressman for Puerto Rico, U.S. House of Representatives
- Melba Acosta, President, Government Development Bank for Puerto Rico
When the federal government set out to regulate mutual funds, investment firms in Puerto Rico were deemed too far off the beaten track to merit scrutiny so the mutual funds were excluded from regulation under the Investment Company Act of 1940, 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.