The Swiss bank UBS has agreed to pay about $34 million to resolve charges by federal financial regulators that the bank failed to adequately supervise the sale of investments in troubled Puerto Rico mutual funds, the New York Times reported today.
Puerto Rico in Distress
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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.
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
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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.