U.S. Senate Democratic leader Harry Reid said yesterday that amendments were necessary to a Puerto Rico debt bill that Senate Majority Leader Mitch McConnell said would be voted on by next week, Reuters reported yesterday.
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House Financial Services Committee members unanimously approved a bill on Thursday that would put an end to a current legal loophole that a lawmaker contends allowed broker-dealers to defraud Puerto Rico investors.
The U.S. Supreme Court on June 13 ruled (5-2) in the case of Puerto Rico v. Franklin California Tax-Free Trust (No. 15-233) that Puerto Rico’s Recovery Act is preempted by § 903 of chapter 9 of the Bankruptcy Code — even though Puerto Rico is explicitly excluded from authorizing its municipalities to seek chapter 9 eligibility.
Bipartisan legislation that creates a federal oversight board to prevent Puerto Rico from falling into an economic abyss may have the added benefit of putting some distance between congressional Republicans and Donald Trump, their party's presumptive presidential nominee, whose mercurial outbursts attacking immigrants repulse many Latin American citizens, according to an editorial today from
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This wiki is a repository for members of the U.S. Congress, other policy makers, academics, investors, the media and the general public to understand the challenges facing Puerto Rico in 2016 and to provide data and information to begin crafting long term sustainable solutions. Click here to view.