Puerto Rico in Distress

ABI Analysis

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.