Puerto Rico must keep paying pension bondholders while the judge overseeing the island’s bankruptcy case decides whether the investors also have a right to retirement contributions made to government workers, Bloomberg News reported. Puerto Rico, which has about $3 billion of pension bonds outstanding, owes about $13.9 million each month in interest to holders of the debt.
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Puerto Rico’s government is running into resistance in Washington, D.C., on pending legislation affecting the island while its federal overseers try to tighten their grip over local policy decisions, WSJ Pro Bankruptcy reported. The Republican tax overhaul headed for a vote in Congress this week doesn’t grant any of Puerto Rico Gov.
The Trump recovery imprint has been far clearer in Gulf Coast states hit by hurricanes this year than on Puerto Rico, according to a New York Times editorial. A double standard in the law was quickly clear after the storm when a federal cap on Puerto Rico’s food stamps limited the amount of emergency food aid.
House Republicans on Monday night unveiled legislation that would authorize $81 billion in disaster aid for victims of recent storms, a move that quickly drew backlash from conservatives about its impact on the federal deficit, the Wall Street Journal 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.