Rep. Tom Marino (R-Pa.), who has balked at legislation that would let some Puerto Rico government agencies seek bankruptcy, said that he’s instead pushing for the creation of a federal board to advise the island on its finances, Bloomberg News reported yesterday.
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The top Democrat on the U.S. House Natural Resources Committee is pushing for a congressional hearing into the role of hedge funds in Puerto Rico’s debt crisis, Bloomberg News reported yesterday. Making the request yesterday, Rep. Raul Grijalva (D-Ariz.) pointed to a Sept.
The Swiss bank UBS has agreed to pay about $34 million to resolve charges by federal financial regulators that the bank failed to adequately supervise the sale of investments in troubled Puerto Rico mutual funds, the New York Times reported today.
Puerto Rican officials pressed Senate lawmakers on yesterday to allow the island access to chapter 9 of the Bankruptcy Code as the U.S. territory wrestles with its debt, MarketWatch.com reported yesterday. They found support from Democrats at a Senate Finance Committee hearing but met skepticism from the Republican chairman of the panel.