Two Democratic senators have agreed to co-sponsor a bill that would allow Puerto Rico's municipalities to use federal bankruptcy laws, the U.S. territory's representative in Congress, Pedro Pierluisi, said and Reuters reported yesterday.
Puerto Rico in Distress
Video Features
ABI Analysis
As a Puerto Rico agency veers toward a default as soon as Aug. 1, federal officials have echoed a refrain heard during recent state and local fiscal crises: Fix the problem on your own, Bloomberg reported today. President Barack Obama’s administration and the Federal Reserve have said it’s up to Congress to decide how to assist the island as it struggles with $72 billion of debt.
Trump International Golf Club Puerto Rico filed for bankruptcy as Donald Trump, the billionaire real estate mogul who licensed his name to the property, makes a bid for the White House, Bloomberg News reported yesterday.
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.