As political chaos swirled outside, a federal court judge overseeing Puerto Rico’s bankruptcy in San Juan sought to impose order on dozens of legal fights that are adding to the island’s financial turmoil, Bloomberg reported. U.S.
Puerto Rico in Distress
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Puerto Ricans danced among the brightly colored houses of San Juan after Gov. Ricardo Rosselló capitulated to 12 days of protests and announced his resignation, but many in the crowd warned they would reject the person in line to succeed him, Reuters reported. Meanwhile, a former Puerto Rico representative to the U.S.
Puerto Rico Gov. Ricardo Rosselló announced his resignation, days after demonstrators at the island's largest protest in recent history called for his ouster over a scandal involving leaked private chats as well as corruption investigations and arrests, NBC News reported. His resignation, effective Aug.
Gov. Ricardo Rosselló’s looming resignation leaves Puerto Rico’s government in shambles and may strengthen the hand of federal overseers tasked with imposing austerity on the bankrupt island to pull it from a years-long financial crisis, Bloomberg 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.