McKinsey & Co. has been a top government consultant since 2016 in Puerto Rico, helping the U.S. territory’s financial overseers manage its spending. In that time, corporate clients of the consulting firm have won tens of billions of dollars of government business, new disclosures show, the Wall Street Journal reported.
Puerto Rico in Distress
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Mutual funds are pouring back into Puerto Rico debt, a notable comeback for the U.S. commonwealth that’s exiting the biggest ever municipal bankruptcy after five years and that still struggles with an uncertain economy bled by population loss, Bloomberg News reported. Island officials are trying to make sure investors don’t leave.
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.
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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.