Puerto Rico in Distress

ABI Analysis

Hundreds of Puerto Ricans crowded into a convention center Saturday where federal legislators held a public hearing to decide the future of the island’s political status as the U.S. territory struggles to recover from hurricanes, earthquakes and a deep economic crisis, the Associated Press reported.

Puerto Rico Gov. Pedro Pierluisi (D) is hopeful that a House delegation due this weekend on the island will return to Washington, D.C., ready to quickly move on a bill to update the U.S. territory’s status, The Hill reported.

McKinsey & Co. is in the spotlight as the consulting giant faces a deadline to disclose potential conflicts of interest in advising Puerto Rico’s $120 billion restructuring, Bloomberg Law reported. A new law signed by President Biden on Jan.

A federal appeals court has upheld modifications to teachers’ pensions under Puerto Rico’s debt adjustment plan despite arguments from teachers’ associations that the changes violate commonwealth law, Reuters reported. The U.S.

Other Resources

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.