Puerto Rico Gov. Ricardo Rosselló went to court on Thursday to challenge the budget imposed by the Oversight Board for the fiscal year that started this week, saying that the panel had overstepped its authority, The Bond Buyer reported. Rosselló filed an adversary complaint in the U.S.
Puerto Rico in Distress
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Puerto Rico will have significantly less money available for debt service because of the government’s failure to enact labor reform, the federally appointed financial oversight board charged with overseeing the island’s finances said on Friday, Reuters reported.
Lawmakers yesterday introduced new bipartisan legislation to make Puerto Rico the nation's 51st state by 2021, NBCNews.com reported. The bill, known as the Puerto Rico Admission Act of 2018 was presented by Puerto Rico’s resident commissioner, Jenniffer González-Colón, a Republican who authored the bill and is a nonvoting member of Congress.
“If we build labor reform, the jobs will come” might be a guiding principle of the Financial Oversight & Management Board (FOMB), inspired by economists of the IMF ilk, but Puerto Rico’s path to sustainable economic growth is predicated on a far more complex formula, according to an editorial in Caribbean Business.
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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.