Puerto Rico’s financial oversight board said it will sign off on island lawmakers’ proposed changes to pensions if officials approve a plan to sell new bonds, a move that could enable the commonwealth to end its record bankruptcy, Bloomberg News reported.
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A coalition of progressive groups on Wednesday called for Congress to abolish Puerto Rico's Fiscal Control Board, which they say has deepened economic strain for the U.S. territory's residents, The Hill reported.
Judge Laura Taylor Swain rejected a proposed committee to represent retail holders in Puerto Rico's debt restructuring while she allowed parties representing Debt Recovery Authority bondholders to continue their efforts to protect their collateral from Oversight Board actions, The Bond Buyer 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.