The Senate Energy and Natural Resources Committee will hold a hearing on Thursday at 10 a.m. ET to receive testimony on Puerto Rico's economy, debt, and options for Congress moving forward. More information on witnesses and prepared testimony forthcoming.
Puerto Rico in Distress
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Puerto Rico bond prices suggest that investors are doubtful of a proposal being floated that would have the U.S. Treasury assist the commonwealth in the restructuring of its debt, Bloomberg News reported yesterday.
Puerto Rico and U.S. officials are discussing the issuance of a “superbond” possibly administered by the U.S. Treasury Department that would help restructure the commonwealth’s $72 billion of debt, the Wall Street Journal reported today. Under the plan, the Treasury or a designated third party would administer an account holding at least some of the island’s tax collections.
Legislation to create a financial control board for heavily indebted Puerto Rico will be filed on Thursday or Friday, the U.S. territory's government affairs secretary Jesus Manuel Ortiz said yesterday, Reuters reported. The financial control board, a key recommendation from a plan released in September to try and solve the U.S.