The U.S. government is refusing some of Puerto Rico’s requests for federal loan assistance, citing the U.S. territory’s “higher than expected” cash holdings since a devastating hurricane struck four months ago, WSJ Pro Bankruptcy reported. The Federal Emergency Management Agency said on Jan.
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Puerto Rican Gov. Ricardo Rossello on Friday slammed the federal government’s response to Hurricane Maria, saying residents of the island, who are U.S. citizens, are being treated like “second-class citizens,” the Associated Press reported.
Puerto Rico’s governor asked justice officials to investigate allegations that critical power grid supplies were stockpiled instead of put to use rebuilding the U.S. territory’s infrastructure following a devastating recent hurricane, WSJ Pro Bankruptcy reported. Gov.
Aurelius Capital Management, a major Puerto Rico bondholder, asked a federal judge on Wednesday to throw out the U.S. territory’s historic bankruptcy, challenging the constitutionality of the board overseeing the island’s finances, Reuters reported. At a hearing in federal court in New York, Aurelius told U.S.
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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.