Sen. Chuck Grassley (R-Iowa), who chairs the Senate Judiciary Committee, said yesterday that he will convene a hearing on Puerto Rico's financial turmoil on Dec. 1, Reuters reported yesterday.
Puerto Rico in Distress
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Moody's Investor Service said yesterday that Puerto Rico is likely to default on at least some of its $355 million in debt payments due Dec. 1, citing growing liquidity pressures, Reuters reported. The U.S. commonwealth, facing around $70 billion in total debt, is struggling to breathe life into a stalled economy with a roughly 45 percent poverty rate.
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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.