Puerto Rico in Distress

ABI Analysis

Guy G. Gebhardt has been appointed as Acting U.S. Trustee for Florida, Georgia, Puerto Rico, and the U.S. Virgin Islands (Region 21), and Judy A. Robbins, the U.S. Trustee for the Southern and Western Districts of Texas (Region 7), has been designated to serve as the U.S.

President Barack Obama on Friday signed into law bipartisan legislation designed to prevent a widespread shortage of bankruptcy judges by extending 29 temporary judgeships, Dow Jones DBR Small Cap reported today. The legislation extends by five years---through May 21, 2017---29 temporary judgeships in Puerto Rico and 14 states, including in California, Delaware, Florida and New York.

Congress sent a bill to the White House on Thursday that would extend 30 temporary federal bankruptcy judgeships for another five years, but Democrats fear an amendment attached to it could make it tougher to extend them again, the Legal Times reported on Friday.

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.