Puerto Rico may receive less federal disaster money than expected, a potential drag on an island that was counting on post-Hurricane rebuilding to help it recover from a years-long recession, according to a report from the commonwealth’s financial oversight board, Bloomberg News reported.
Puerto Rico in Distress
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ABI Analysis
The Supreme Court heard oral argument yesterday in the case to decide whether the appointment of the members of the Financial Oversight and Management Board of Puerto Rico violated the Appointments Clause of the Constitution because they were not nominated by the President and confirmed by the Senate, according to an analysis of the oral argument by ABI Editor-at-Large Bill Rochelle.
The U.S. Supreme Court is poised to consider a challenge to the oversight board responsible for pulling Puerto Rico out of its record bankruptcy, hearing a case that could mean a new phase of uncertainty for an island still recovering from a devastating 2017 hurricane, Bloomberg News reported.
When Puerto Rico Governor Wanda Vazquez announced late last month that she was acceding to requests from the commonwealth’s Congressionally mandated fiscal oversight board to slash some government-worker pensions by as much as 8.5 percent, the reaction was swift, Bloomberg News reported.
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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.